This chapter first examines the challenges in P2P lending from the perspectives of a lender, a borrower, and a platform service provider. In this respect, it analyzes the potential benefits and drawbacks of integrating favorable features of a mutual funding scheme into the current Vietnam’s P2P lending. The chapter highlights that the lack of professional management of loans and borrowers may discourage potential lenders from participating in P2P lending. To address this, it argues for the introduction of legal requirements ensuring that platform service providers possess sufficient qualifications to manage pooled funds professionally. These qualifications would help build P2P lenders’ confidence and trust. In view of this, the chapter explores practical measures to address challenges in P2P lending schemes, including the proposal of a new contractual model for lending and insights drawn from the experiences of the United States and Japan. Following this is suggestions on possible solutions that could be provided by the law for mitigating the risk borne by P2P lenders in Vietnam.