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Peer-to-peer lending surges in US

Such online platforms offer borrowers better rates than conventional banks

New York

JOSH Smith, a 30-year-old blogger on finance, was in the midst of a career change in 2009 when he sought to refinance US$8,000 in credit card debt. "At the time, I was making the transition to freelance," he said. "When I asked the bank, they did not want to lend me the money...

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