Community Lending: The New Revolution in Banking

Virtual banks are the new frontier of managing finances, and because many people do not trust big banks anymore, online banking and banking apps are simply not enough. Puddle is a type of virtual banking that actually involves no bank at all; it is actually a transaction facilitated between friends or at least within a benevolent community. There are no fees, and the users collectively determine what they deem to be fair interest rates. Members of Puddle actually get to share in any profits made from interest rates.
Puddle is a revolution in banking and is accessible to the average joe. The idea is based on the belief that it is not the people who cannot be trusted; it is the banks that cannot be trusted. When individuals can come together and finance each other, the element of distrust is not present nor should it be. It is essentially a social network that happens to provide support for people who may need it; it has been said to help improve people’s credit and reduce debt. It is uncertain whether community lending operations like Puddle will be the future of banking, but it’s nice to know that the option exists!

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