Opinions on P2P lending platforms?

[ggmopa]

Seems a bit odd to me why anyone would lend money to strangers when it’s not secured. I imagine personal guarantees will mean zilch if the borrower and their guarantor ate broke anyway. Those two are a mystery to me. What is of interest however are the ones that are allegedly backed by properties and/or land as collateral. Can’t help put wonder if their is a major catch with that one.

Does anyone have any experience here as a p2p lender? What are your thoughts and experiences?

 

[polecat]

I did in the past tiny bit work as P2P but that was just between close friend so no risk between us all.

I have never used a service myself or something like that between close friends for example say someone Paypal was not working for reason or some short term money problem I would pay the expense for someone then they pay me back later on.

 

[ggmopa]

I did in the past tiny bit work as P2P but that was just between close friend so no risk between us all.

I have never used a service myself or something like that between close friends for example say someone Paypal was not working for reason or some short term money problem I would pay the expense for someone then they pay me back later on.

Yeah just trying to figure out what is running through people’s minds when they see strangers in need of thousands of your money, and your money has absolutely no backing and they think ‘hmm yeh, let’s do it’

 

[polecat]

Yeah just trying to figure out what is running through people’s minds when they see strangers in need of thousands of your money, and your money has absolutely no backing and they think ‘hmm yeh, let’s do it’

That's stupid I would agree but if someone actual friends I think okay normally.

I am talking little money like £50 to max of like £300