Peer-to-Peer Lending
July 17, 2010
A way to get a much higher interest rate on your money is to join a peer-to-peer lending club. The borrowers are screened: good credit rating. They pay a higher rate to get a loan, now that banks are not lending. So, you get a much higher rate: sometimes double-digit. You do not get FCIC insurance.
There are several of these firms. Here is a list of them:
Lending Club and Prosper Marketplace are two of the bigger ones.
Take a look at the deals. By pooling loans, the lenders reduce risks of default.
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