The internet gives us so many options. Not only can you check movie times, look at houses, and find out about your favorite celebrities; now you can lend money. Its a new trend called person to person lending and the web makes it easy to do.You go to a lending website and search among borrowers that are looking for loans. I skimmed the Prosper website and found a person looking to consolidate high interest rate credit card debt in anticipation of a new baby. Another person is expanding his business and wants to pay off the company truck. Credit ratings and debt to income ratios are provided so that you can determine the likelihood of being paid back.
Its a great concept. I may try it myself. If so, I'll write another post about it in the future.
Click here to read more about person to person lending.
Person to Person Lending Sites:
http://www.prosper.com/
http://www.lendingclub.com/
http://www.lendingcircle.com/
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