P2P lending - Do they charge high interest rates just like payday loans?

You're talking about peer-to-peer lending. This is obviously better than payday loans. Here are a few reasons:

As Nelly said, interest rate is lower, which means you've to pay less. Such a relief!
You have to make a single monthly payment
There are no prepayment penalties or hidden fees
The money will be directly deposited in your bank account
The loan term is fixed -> 3-5 years usually

A loan from P2P Lending and payday loan is quite different.
A Lending Club loan has comparatively lower interest rates, which doesn’t increase even if you miss a payment. Such loans are available even in the states where payday loans are illegal. You also receive the borrowed amount within 6-7 days and usually you can repay the amount without any penalty.