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Making Money Flipping, Investing, You Name it. Let’s discuss other ways of making money!

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Old 02-12-2017
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Default 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.
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Old 02-12-2017
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Default Re: Peer to Peer Lending Anyone?

Used in what way, to lend money out for used them to get a loan.
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Old 02-12-2017
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Default 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
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Default 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.
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Old 02-13-2017
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Default 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.
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Old 02-13-2017
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Default 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
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Old 02-13-2017
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Default Re: Peer to Peer Lending Anyone?

What do those services charge as the rate of interest on loan?
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Default Re: Peer to Peer Lending Anyone?

There is no set interest rate. It depends on the individual applying for the loan
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Old 02-13-2017
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Default Re: Peer to Peer Lending Anyone?

Ah ok - on credit score and factors, cool
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Old 02-13-2017
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Default Re: Peer to Peer Lending Anyone?

Quote:
Originally Posted by vogeltron View Post
To lend out money. I would rather live out of my car before I paid some crazy interest rate to borrow money.
I'd borrow right now if I could!!!!
__________________
What good is it for a man to gain the whole world, yet forfeit his soul?
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Default Re: Peer to Peer Lending Anyone?

Quote:
Originally Posted by rsot View Post
What do those services charge as the rate of interest on loan?
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.
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Old 02-13-2017
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Default Re: Peer to Peer Lending Anyone?

Quote:
Originally Posted by vogeltron View Post
To lend out money. I would rather live out of my car before I paid some crazy interest rate to borrow money.
Not all debt is bad, if debt used in the correct way it can be good. But most people dont use it correctly.
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Old 02-13-2017
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Default 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
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Default 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.
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