A Fool and His Money

There is a new way to take out a loan in America. As the economy is a little shaky at the moment people are turning to a new breed of lenders – their neighbors, their “peers”.

Think of it as joining up to Myspace, Facebook or Youtube but only this time you pay a little to join up. Richard Branson was quick to notice the rapidly growing area of lending and purchased Circle Lending then re-branded it Virgin Money. There are already a few more sites like www.lendingclub.com and www.prosper.com which match lenders with borrowers who need money.

The online peer to peer lending is a means to exchange money at 10 to 20% .Whether it’s for a hair transplant or for a pony, these sites are used for all sorts of borrowing.

Although there have been some who have delayed their payments from 30-120days (which isn’t going to do their credit history any good ) there isn’t anyone yet who has defaulted their payment on these sites.

More information at KansasCity.

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