Experiences?
Why or why shouldn't I throw a majority of my savings into it
pls
Seems pretty damned difficult to get a loan from them no matter how any times they mail me begging to do so. I really don't understand what market niche these alternative lenders are looking to fill. If your credit was great, wouldn't you just go to a real bank?
>>1030716
I don't understand peer to peer lending either
It's just the cost of making a small loan to a lot of is pointless considering the underwriting costs of a $5mn loan is the exact same as a $250k loan. The only thing these personal loans are valuable for is collateralizing them and turning them into securities.
So I understand why this market would exist
>>1030626
Guys why aren't you using Fundingcircle.com?
It lets you lend to actual business rather than loser people. ACTUAL. BUSINESSES. Much better than funding little Jimmy's credit card debt.
>>1030716
>>1030761
They generally offer better terms than the banks.
As an investment it's relatively risky but also very easy to get in to, which is why it's perfect for younger investors to lend out their pocket change and burn their fingers early.
As you might expect, the returns aren't that amazing, especially when people start defaulting
>>1030805
>It lets you lend to actual business rather than loser people. ACTUAL. BUSINESSES
Because they have limited liability.
>>1030809
>They generally offer better terms than the banks.
That hasn't been my experience. The one time I was actually approved, it was for $500 at 39% interest. While I have some debt (looking to consolidate), it's not a horror show. I could go to any bank and get quadruple the limit at half the cost without even trying.
>>1030810
That's why you lend only to businesses with a guarantor (most of them) or sole traders, in which case they do not have limited liability.
>>1030945
Personal bankruptcy laws are far more lenient than business bankruptcy laws.
>>1030805
From what I understand they only accept investments from accredited investors. 99% of the people on this board probably wouldn't qualify.
