Peer to Peer Lending

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NLP's picture
NLP
Status: Bronze Member (Offline)
Joined: Sep 5 2008
Posts: 51
Peer to Peer Lending

I am wondering if any of the members here have done business with Prosper or LendingClub or another form of peer to peer lending?  If I am to believe what I am reading, this is fast growing and providing a good return on investment.  Any thoughts would be appreciated.  Thanks! 

Wendy S. Delmater's picture
Wendy S. Delmater
Status: Diamond Member (Offline)
Joined: Dec 13 2009
Posts: 1982
Re: Peer to Peer Lending

My sister patrially financed her closing on her house with that sort of lending. She worked with a Salvarorian woman who let her into their lending community, as their cuture routinely pooled resources to lend to members. No profit: these were strictly no-intrest loans. It was something the community did to enrich the comminity, and it worked.

NLP's picture
NLP
Status: Bronze Member (Offline)
Joined: Sep 5 2008
Posts: 51
Re: Peer to Peer Lending

Thanks for your reply and feedback.  I work for a small nonprofit and we have a small amount in a money market bearing next to nothing in interest.  I hit me; we might want to reinvest by offering our own microloans an alternative to bank loans.

agitating prop's picture
agitating prop
Status: Platinum Member (Offline)
Joined: May 28 2009
Posts: 854
Re: Peer to Peer Lending
NLP wrote:

Thanks for your reply and feedback.  I work for a small nonprofit and we have a small amount in a money market bearing next to nothing in interest.  I hit me; we might want to reinvest by offering our own microloans an alternative to bank loans.

The best use of money is to replace predatory pay day loans, and charge a rate of interest that reflects the risk. ...so higher than bank interest but way lower than charge cards.

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