P2P Credit (Peer-to-Peer Credit) is the name given to business and personal financial services that are offered directly between individuals without the intermediation of a bank or traditional financial institution. Online P2P Personal Lending and P2P Personal Loan sites, such as Prosper.com (in the US), are currently allowing people to connect with one another to transact - with real money, and without banks.
P2P Credit allows personal loans without banks.
Loans can be made between individual users (or between large numbers of lenders making a loan to one borrower). The lack of a bank, with its high overhead, skimming off the transaction, provides for much lower fee structures than traditional financing products.
P2P Credit allows for many types of loans.
Many different types of loans can be made through P2P credit providers, for any purpose: For example, green loans for environmentally conscious purposes, or intra-military loans for those who wish to support members of a particular branch of service by making a military loan. It's even possible to combine your existing credit card debt into a consolidation loan - all with P2P credit.