Forum

Peer to Peer Lending Anyone?
 

Just curious if anyone has used Lending Club or Prosper? Just got started on Lending Club. Will see how it works out.

Re: Peer to Peer Lending Anyone?
 

Used in what way, to lend money out for used them to get a loan.

Re: Peer to Peer Lending Anyone?
 

I have used zopa.com to lend money. Pretty easy but the returns are not great. Its worked out at about 3% over the last 8 months so I may be looking to shift the money elsewhere for a slight higher return come May

Re: Peer to Peer Lending Anyone?
 

I used Prosper last year, same with JamesNorth101, returns was about 5% after loan loses and their high fees. Wasnt worth it to return to it. I can get better yields with high paying stock dividends.

Re: Peer to Peer Lending Anyone?
 

To lend out money. I would rather live out of my car before I paid some crazy interest rate to borrow money.

Re: Peer to Peer Lending Anyone?
 

A mortgage is often a necessary thing these days. Much better to pay 3% on that than plow all the money into rent

It's also often needed for a business to grown.

I would agree when it comes to getting a loan to go on say holiday. That in my opinion is just money mismanagement

Re: Peer to Peer Lending Anyone?
 

What do those services charge as the rate of interest on loan?

Re: Peer to Peer Lending Anyone?
 

There is no set interest rate. It depends on the individual applying for the loan

Re: Peer to Peer Lending Anyone?
 

Ah ok - on credit score and factors, cool

Re: Peer to Peer Lending Anyone?
 

I'd borrow right now if I could!!!!

Re: Peer to Peer Lending Anyone?
 

They charge people a certain amount based on credit score and they charge investors 1-1.5% to "manage" the money. Crazy high management fees.

Re: Peer to Peer Lending Anyone?
 

Not all debt is bad, if debt used in the correct way it can be good. But most people dont use it correctly.

Re: Peer to Peer Lending Anyone?
 

“Compound interest is the eighth wonder of the world. He who understands it, earns it ... he who doesn't ... pays it.”

― Albert Einstein

Re: Peer to Peer Lending Anyone?
 

I've tried Lending club last year. IMHO they have big expectations on your credit score to give you a rate that is higher than what you can get from Capital One for example. So I just moved to private investor.