peer to peer lending
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Thread: peer to peer lending

  1. #1
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    peer to peer lending

    P2P lending in Canada is dead unfortunatley (as far as I can tell). Is it possible for a canadian to access this type of investment through the US or the UK?


  2. #2
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    Arnt credit unions kinda like peer to peer lending ?

  3. #3
    Senior Member Barwelle's Avatar
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    Not really. Credit union is like shared ownership of a bank where ownership is limited to those who bank with the institution.

    P2P lending is like loaning your friend money and expecting it back, with interest. Except it's a stranger, not a friend. And there's a middleman that facilitates the deal.

    http://en.m.wikipedia.org/wiki/Peer-to-peer_lending
    Last edited by Barwelle; 2013-01-17 at 02:27 AM.

  4. #4
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    I just don't understand this at all. With the internet so full of scammers how in the world do you ever see your money again? Is it really an honor system where you lend money to strangers that you haven't even met and know nothing about? Wouldn't you be just murdering your poor money this way?

  5. #5
    Senior Member Barwelle's Avatar
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    Quote Originally Posted by feetfats View Post
    Is it really an honor system
    Yep.

    Quote Originally Posted by feetfats View Post
    Wouldn't you be just murdering your poor money this way?
    Maybe, maybe not.



    You can choose small amount loans so that the amount you are risking is low. But it is a high risk "investment". At any rate, I don't think there are any P2P lending sites in Canada... CommunityLend gave up because of regulations.

  6. #6
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    This is the main one in the UK I think. Not sure if it's the only one but it's the one I came across.

    http://uk.zopa.com/

    I decided to put 100 into an account with them just to see how it works.

    The money is essentially written off but I do feel the money is safe with them. You can chose your investment risk of who to lend to. If you need your money back then it will cost you a premium but you are able to resell your loans to gain access to your cash.

    For example my 100 is loaned out in 10 chunks. So Per 100 my risk is spread between 10 other individuals.

  7. #7
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    Do they accept Canadian lenders?

  8. #8
    Senior Member Echo's Avatar
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    Lending Club is the big P2P lender in the US but it doesn't look like it's open to foreign investors - http://www.lendingclub.com/public/ho...g-works.action
    Boomer & Echo - Financial Freedom At Any Age
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  9. #9
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    Quote Originally Posted by andrewf View Post
    Do they accept Canadian lenders?
    Not. You must have a UK address / bank account.


    Eligibility and registration
    To register with us you must meet our Eligibility Criteria. This means that
    you must be an individual, at least 18 years old, living in the United Kingdom; and
    you must have a current account in your own name with a bank in the United Kingdom.

  10. #10
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    Is this a type of "peer to peer" lending? I've thought of investing into this co-op grocery soon to be opening in Hamilton. More out of the idea of helping them out, not so much for the return, since it's not much considering there is risk involved.

    http://mustardseed.coop/investing/


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