Peer2Peer Lending

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  1. #1
    Bigd41190's Avatar
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    Default Peer2Peer Lending

    Has anyone tested the waters with peer to peer lending? I've read good reviews on lending club and they seem to be providing a good service, their returns are also good for a savings vehicle. I'm not looking to earn a living off of this but instead of parking money in a typical savings account earning .75% why not put some on this lending platform. I also read on forbes that some instituions are beginning to invest in these accounts. Would be great if anyone has any feedback
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    I joined earlier this month and threw a couple hundred in there to see where it goes. First payment is due 3/4 for a whopping 0.83 cents. That's one note at $25 over a 36 month term. I'm curious to see how many folks payback the loans vs. default on them. I probably won't get too heavy into it until I see some returns / payments.
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    So about a 3% return in a little over a month on your $25 note or am I misinterpreting this? 3% is not bad for a savings vehicle like this, but like you I'm curious about the volatility of the returns and the default risk. I think I will experiment also with a few hundred.

    Quick question so since you only have this $25 note is your other $175 on hold for other notes?
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    Right, that was just one note. I have several others. Trying out different "reasons", rates, and terms to see which is more consistent in the long run. That one in particular is a 36-month term with a monthly payment of $0.83.

    We'll see what happens. I'll post back when payments are due / made.
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    Is this peer to peer lending as in 'collaborative consumption', lending to neighbors or other entities in a corporate park?
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    Lending club is a company you can look into. It explains everything
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