Have you heard of Prosper.com? This is a new way for consumers and investors who want to borrow money and invest money to connect online. Peer to peer private lending? Though it seems to me this might be a bit risky to say the least, especially for the investor, the fact remains that there are over 1,150,000 members and $264,000,000 in personal loans funded already. It reminds of Texas down payment assistance. If that doesn’t grab your attention, some of the creative ways this is being used will for sure.
Could this be an alternate solution for a lack of funds for new first time buyers needing some down-payment assistance? Might this help someone lower some debt with high interest payments on credit cards or other loans? According to Dealstruck, they have lower rates than most banks and other commercial lending sites. They have been doing this now for borrowers and investors for years. New York City Private Money Lending is a good option.
I’m always intrigued by these sites and concepts but will have to research this further before I can give you my honest opinion. In the meantime, you might want to be aware that this is available and do some research of your own. It could be just the thing you or your clients need to make a dream become a reality, or a way to yield a higher return on your financial investments.