Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Saving Money
Profile Image

Question By
Jtolson1

0 Contributions
0 People Helped
Has anyone used peer 2 peer lending how does it work? positives and negatives about the process?
All Responses

Results 1-4 of 4Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
1 Contribution
1 Person Helped
Most Helpful Response

Helpful to 1 out of 1 people

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.

1 Contribution
0 People Helped

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 

1 Contribution
0 People Helped

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.

2 Contributions
0 People Helped

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.

Results 1-4 of 4Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Reply to this Question

Write your response:
Enter Your Comments
 

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.