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Main Idea and Supporting Details Videos 20 videos

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TSI Reading: Identifying the Main Idea of an Informational Passage 30 Views


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Description:

Peer-to-peer lending, or social lending, is a new process of connecting an individual borrower with lenders without using traditional banks to obtain an unsecured loan. Potential borrowers can post a request for a loan, along with a brief description of how they will use it. The borrower and lenders are strangers; their only knowledge of each other is through the website. Although the idea seems very informal, a peer-to-peer loan contract is a formal, legally binding agreement between two parties.

This passage is mainly about

(A)peer-to-peer lending as a social agreement
(B)how a formal agreement is created by peer-to-peer lenders
(C)different types of loans available through traditional banks
(D)borrowing money from friends


Transcript

00:02

All right sy reading shmoop er's another set of paragraph

00:05

for is a little different because here we have to

00:07

read the passage Choose the best answer to the question

00:09

that's the best answer not the right one for say

00:14

all right peer to peer lending or social ending is

00:16

a new process of connecting individual borrowers lenders without using

00:19

traditional banks to obtain an unsecured loan Potential borrowers can

00:22

post a request for a loan along with brief description

00:24

how we'll use it to power and lenders are strangers

00:26

there only knowledge of each other through the website although

00:28

the idea seems very informal appear to pure loan contract

00:31

the form a legally binding agreement between two parties Okay

00:34

well it sounds like they're just explaining kind of how

00:36

this whole thing works right So let's think about this

00:39

we'll peer to peer lending is a formal binding agreement

00:43

Kind of like when you meet a lot of crackers

00:45

in a banana and do it the borrowers get to

00:48

bypass traditional banks and score their loans online Well they'll

00:53

still legally be required to pay the money back So

00:55

the answer is b it's about how a formal agreement

00:57

is created by peer to peer lenders right Loser ball

01:00

Yeah peer to peer lending allows people to apply for

01:03

loans from their bunny slippers but it isn't a casual

01:05

arrangement According to passage It's Still legit legally binding right

01:09

peer to peer loans aren't available through banks but through

01:11

websites and borrowers and lenders are usually strangers So yeah 00:01:15.647 --> [endTime] money from friends like get really

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