Abstract: Systems and methods of non-custodial peer-to-peer lending are disclosed. A method includes providing an online loan service. The method further includes receiving a request from a user for a collateral loan and modifying a digital ledger to include details of the loan request. The method further includes receiving at least one offer for the loan request and modifying the digital ledger to include details of the offer. The method further includes obtaining a collateral token used to secure the loan and modifying the digital ledger to include the collateral token and a smart contract specifying parties and terms of the loan. The method further includes providing a debt token to a borrower, allowing loan debt to be sold, and providing, to each lender, lender tokens that represent a percentage of the loan that each lender is owed and which allow loan shares to be sold.