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The competitive relationship between peer-to-peer lending and traditional lending: evidence from Estonia
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Resumo(s)
Peer-to-peer (P2P) lending is an alternative to traditional bank lending. Using data from the
Estonian P2P lending platform Bondora, this paper examines the competitive relationship
between P2P lending and traditional bank lending in Estonia. It is shown that P2P lending
appeals to a broad segment of the population. Based on individual level data for each loan
granted through Bondora in the past twelve years, various regression analyses are performed.
The results suggest that P2P loans and bank loans tend to be substitutes for individuals with
good credit ratings. Individuals with poor creditworthiness, instead, tend to use P2P loans in a
complementary way.
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Peer-to-peer lending Alternative finance Loan markets Competitive relationship Consumer credit