Normally if you want to borrow money direct from the public, financial market laws require you to issue full disclosure information such as an investment statement and prospectus (or a product disclosure statement from 1 December).
Under exemptions in financial market laws, you do not need to prepare these documents if you are using a licensed peer-to-peer lending provider. Instead you will provide information about your loan request to your provider so they can present your request for investors to read.
Licensed providers are not obligated to accept you as a borrower. They will run some checks on you and if you've got a bad credit history they may decide they won't help you find money.
If you are accepted, you will become a client of the peer-to-peer lending service. The provider will ask you to sign a client agreement. The agreement will detail what you need to do so the provider can monitor and check you.
You will need to comply with the general fair dealing provisions in Part 2 of the FMC Act. The basic obligations you will have are:
The service provider can charge for their services.