Sounds interesting, does peer to peer lending work?
I have tried out a couple of the places, most notably lending club that I was using extensively and actually had a full review written up about that I ultimately had to throw away because they are now semi defunct. In my experiences with both Lending Club and Prosper (another one of the most well known sites) it has worked very well. On the lending side, lending is fairly easy and straightforward. You can have money transferred in from your bank and be ready to go in a couple days. Default rates are a bit higher than regular lending, but a lot of this is because you can get a loan on (at least Prosper) with basically completely wrecked credit. Whether or not anyone funds you is a whole different story. There ARE collections agencies that are used so even on default there are odds of recouping your money. On the borrowing side it is a little more involved but still fairly no hassle. You give out information and people decide if they want to fund your loan or not based upon the informati
