Be Smart With Your Person to Person Loans
If someone on the street asked you to borrow money, what would you want to know before lending them cash?
If they don’t have the right answers, they don’t get the loan! It’s the same case with borrowers on sites like LendingClub and Prosper, don’t lend them any money unless they’ve met all of your criteria for a borrower.
Many times people asking for money on peer lending sites forget that they’re trying to show lenders that their loan would be a reasonable risk. The borrowers don’t include enough information in their loan listings and sometimes provide data that doesn’t seem to make sense.
Take these Prosper listings for example, only $675 a month for housing in San Francisco or how about someone who is in desperate need of money but still spends $80 a month on their cable bill?
The bottom line is to be picky about who you lend money to. Make sure you have all the facts you need about a borrower before lending them money.
No Comments, Comment or Ping
Reply to “Be Smart With Your Person to Person Loans”