Comments on: Peer to Peer Lending: Harvard Business Review Breakout Ideas of 2009

By: Robin

Robin — Sat, 14 Mar 2009 14:23:21 +0000

Last year (2008) I wanted to put some money in a savings and watch it grow. I wasn’t thrilled with the 1.5, 2 or 3 percent that CD’s offer so I stumbled upon Prosper.com Little by little I invested and quickly learned my way around. I absolutely loved it. Then they shut down and I have been waiting for them to start up again. In the mean time I have looked for another P2P lending club…to no avail.

Does anyone know of any that are up and running with a similar platform of Prosper?

By: James

James — Mon, 09 Feb 2009 15:44:25 +0000

Sounds like a Credit Union, my CU keeps reminding me that I’m an owner/member… Just a first impression.

By: thomas

thomas — Sat, 07 Feb 2009 06:38:40 +0000

Haven’t dipped my toes into P2P lending. I just don’t feel comfortable lending my money out this way.

By: Jim

Jim — Fri, 06 Feb 2009 19:19:16 +0000

Thank you for correcting me, you’re not “that guy,” I am thankful there are readers like yourself who can correct me when I’m wrong because I’d rather be correct than to continue with incorrect information.

By: My Journey

My Journey — Fri, 06 Feb 2009 18:56:30 +0000

I hate to be “that guy” but the gift exemption amount this year has been increased to $13K/yr/recepient.

I just an input on the family loan situation – the AFR (Applicable Federal Rate) is at all time lows, why set up a 7 or 8% loan when you can do 1.98% interest only?

By: Suburban Dollar

Suburban Dollar — Fri, 06 Feb 2009 18:11:49 +0000

If I get to a point where my Emergency Fund is comfortably large enough I will probably try my hand at P2P lending, but without a lot of “expendable” cash I don’t know that I am willing to assume the risk of lending to people without any real collateral, and I definitely think it would really be something I would pursue after I start a LLC or other official business.

By: Chuck

Chuck — Fri, 06 Feb 2009 17:54:34 +0000

This is hilarious. It’s not a breakout idea. Peer to peer lending is the original point of banks! Remember George Bailey’s Savings and Loan? But banks are out of hand, and have investment divisions, brokerages, hedge funds, and other nonsenses that have nothing to do with depositing or lending. Credit unions are a little better in that regard. But right now, Lending Club is the cheapest middle-man to consumer lending and borrowing, so they’ve got my business.

I’m testing it out with $1000, but if it shows signs of continuing success, I will probably send over much of my intermediate-term (3 year) deposits, because bank savings is a lost cause.