Peer to Peer loans … who knows about them?
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I am in the market for a personal line of credit not installment loan for my particular situation. But, while doing my research I found this new way (or not so new) of investing (lending) and borrowing money.
My question is if anyone out there has taken out a loan like this or lent any money through this. What were your experiences … good or bad. People who invested/lent money how was the return on your investment?
also … if anyone knows the best place to go for a personal line of credit for 25k – 30k for someone who was 750 fico.
thanks
I think that you will have trouble getting a loan that large. Most P2P lending is <10k. The reason it started was because many banks usually didn’t bother with smaller loans.
I think that most sites do not have a reliable way to verify a person’s credit, so it doesn’t matter if it is 750 or 500.
You might want to read this:
http://answers.yahoo.com/question/index;_ylt=Amse9XHnCFvza4IEv1KwEOHty6IX;_ylv=3?qid=20080306195257AAnMn5n
2 Responses to “Peer to Peer loans … who knows about them?”
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September 29th, 2009 at 1:29 am
Like other investments, there’s risk involved if you’re the lender. You get more interest than in the bank.
I have never been involved in P2P lending. I found this site from another answerer on YA: http://www.moneyscrounger.com/investing/peer-to-peer-lending/
References :
September 29th, 2009 at 1:37 am
I think that you will have trouble getting a loan that large. Most P2P lending is <10k. The reason it started was because many banks usually didn’t bother with smaller loans.
I think that most sites do not have a reliable way to verify a person’s credit, so it doesn’t matter if it is 750 or 500.
You might want to read this:
http://answers.yahoo.com/question/index;_ylt=Amse9XHnCFvza4IEv1KwEOHty6IX;_ylv=3?qid=20080306195257AAnMn5n
References :