Peer-to-peer (P2P) lending has disrupted traditional financial intermediation, offering an alternative credit system that enhances financial inclusion and investment accessibility. Despite its rapid growth, challenges related to trust formation, risk mitigation, and platform governance persist, raising concerns about its long-term sustainability. This study conducts a systematic review of P2P lending through the affordance actualization perspective, examining how digital platforms facilitate trust-building via transparency mechanisms, algorithmic risk assessments, and regulatory governance. Employing Main Path Analysis (MPA), we trace the intellectual evolution of P2P lending research, identifying key shifts from borrower-lender dynamics to machine learning-driven credit scoring and platform regulation. Our findings highlight the role of technological affordances in reducing information asymmetry and strengthening lending ecosystems. However, regulatory inconsistencies and emerging risks necessitate further research. This study provides a comprehensive synthesis of P2P lending’s development, offering insights into trust actualization and future directions for sustainable digital lending models.
Huang et al. (2026) studied this question.