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Posted in Saving Money
Has anyone used peer 2 peer lending how does it work? positives and negatives about the process?
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Question By
Jtolson1

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I currently use lendingclub and couldn't be happier with them.  They were easy and all the terms were completely spelled out for me.  The only thing I wish they would modify is adding a payment option to online so you don't have to call in to make an additional payment.

Response by
srghc8

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I use lending club, I'm happy with it. You don't have to deal with the hassels of a big bank. You get a great rate if you have good credit, and the terms are fair and reasonable.

Response by
mbhamm

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I have been a lender and a borrower on prosper.com since September 2006 and a lender on lendingclub.com since December 2008. As a borrower, you get a potentially great rate with easy terms and repayment. As a borrower, over time, you learn how to really read loan requests and get an idea of actual risk, but your profits can be very rewarding (in the 10-15% range after defaults and fees).

Accept that, as an investor (lender), that this is a new world of investing, and it will take a little while to learn your comfort level.

Response by
travisbowlby

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Try lendingclub.com....  this is also a peer 2 peer lending set up.You can become a lender or borrower. You need to set up an account give them as much info as required, they check credit scores and catagorize your credit for borrowing. What ever web site you use do some extra home work on it. Some I believe are scams I'v been with lendingclub.com for a year now 

Response by
97biker

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