Quote:
Originally Posted by james_clickmemedia
And the couple of thousand you lent, did you get paid back ? What interest rate did you get ?
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It varies, you decide based on your risk tolerance. I went with 10 - 15% rates with mostly A- to B rated people. So people who had little to no credit issues in the past and had an ok dti. I think I broke even. Of the 10 or so loans I did 4 of them went default at varies stages of repayment. This was started about 3 years ago. All of the loans now have been repaid or went into collections and I got nothing. I wouldn't touch lending money to the public right now if the person had perfect credit even for 15% return. Way too risky. A lot has happened in the last 3 years and these type of loans are not secured and will be the first to go into default when people lose their jobs or get in over their head.