Peer-to-peer lending as an income source

[Nomad]

Peer-to-peer lending means you use a lending platform where you can get funds from another user or lend funds to another user. When you borrow, you also have to pay interest apart from the principal amount, and when you lend, you earn interest as well as get back your principal amount. This can be both profitable as well as risky. While it offers a source of passive income, the online nature of such transactions poses a risk of losing money if the borrower disappears. Have you tried this method?

 

[Augusta]

if the borrower disappear, that's the huge risk there. How do you trace someone that's in a different country it is just too risky

 

[Stardom22]

l think the one that l had tried out is the one that is funded by groups of people whereby every user contribute on savings and takes loans as per their savings and they do guarantee on each other for the case of the security of loans.

 

[eLdavis]

I have heard about peer to peer lending before but I have never tried it, and to be honest I don't want to even take that kind of risk some persons can be so wicked.

 

[Fidelia]

If the peer to peer lending program has some sort of centralised authority that has sufficient powers to take punitive measures against offenders, I might consider and give it a trial. If it doesn't have, I am not even looking at it twice.