I am trying to increase my earning
By kingparker
@kingparker (9673)
United States
December 30, 2012 11:45am CST
I am start to saving some money, and at the same time, I will do my best to pay off my credit card debt. The problem I am considering, the saving I am with those big banks, the interest rate closed to 0, or none. I was thinking, and I did some reading on those Peer - to - peer lending service, like prosper.com, and lendingclub.com, if you heard any of them. You sign up to be an investor, and you might invest in $100 as try out, and select your interest rate, and term of return, let other people borrow your money, that might better than waiting for the interest earning from your saving account, or CD account. Have you ever tried it? I was considering it, and I am opening account with one of those peer - to - peer lending service.
5 people like this
10 responses
@maezee (41997)
• United States
31 Dec 12
I have not tried it but you have me curious. Just make sure they are not scams, would you? These sound very "fishy" or questionable. I haven't tried them but I am also trying to pay off my credit card debt in big chunks. I just sent them $550 which is a lot if you ask me. Only about $2,000 more to go! Best of luck to you and let us know how the lenders are.
1 person likes this
@stringer321 (5643)
• Kiryat Ata, Israel
31 Dec 12
How come you have a debt ? Did you spend too much money ?
If one borrows money, he needs to sign a contract that will make sure he will return the money back in the future. If some people can sign and guarantee the money will be paid, I think it's not risky.
Maybe, if you have a steady income, and you need to pay a huge amount of money in one time, you can ask the company to cut the amount into more pieces and you will return them each piece in a month, but, you will return a little more money.
In that way , your minus won't grow every month if the piece is smaller than the income.
@peavey (16936)
• United States
30 Dec 12
I have thought of it off and on but never done it. If I were to do it, I'd be very careful about the lending service. I don't know anything about lendingclub.com but I would make sure they screen the borrowers carefully. Even then, go into it knowing that there could be a default, and lending such small sums make collecting them nearly impossible. However, it can be a way to make a good return on your money if you're aware of the risks.
@kingparker (9673)
• United States
30 Dec 12
Thank you for your advice. I am well aware of the risk when the borrower default on their loan. But, that is an investment, and it may involve some sort of risk. I hope that the borrower I am willing to let them borrow will return the money bit by bit on time.
@cobalt20 (1318)
• Philippines
31 Dec 12
I think investing $100 in such site is a big risk. I have never had invest amount of that. I do invest in HYIP's but I am not into it. You should join free to join site like Mylot. No investment at all or find the legitimate ones.
@ReViewMeMedia (3785)
• United States
3 Feb 13
If you want to get out of debt, don't borrow anymore money. Also read total Money Makeover by Dave Ramsey, you can find it at your local library, and it can show you how to get out of debt. Also, use sites to earn online to get some extra money so you can put it toward your debt.
@stringer321 (5643)
• Kiryat Ata, Israel
31 Dec 12
Giving money to people , hoping they will be able to return it back is a risk in real life and even more risk on the internet.
If the website can promise it will give you the money back in case the borrower runs away, you are safe.
When you do it in real life, you better have some people to guarantee that the money will be returned to you as the contract says. The bank is the best guarantee but, the person who borrows the money must have that amount in first place and the bank will not allow him to touch that amount so he can give you that money in the future.
You better explore that area deeper and look for the contracts, read and ask more people if it works. I hope you won't lose money in that way. It will make you lose your trust with the system and the people.
@SuperShames (780)
• India
31 Dec 12
Hi kingparker.
Well that sounds quite risky tome. I do not think I would try investing as much as $100 in any online site. At least at this stage when I am not earning enough. But apart from the normal savings account there are lot of other options offline where one can invest their money and earn high interests in return like forex and stocks. I think you should consider them as well. Anyways have a nice day and wish you a very happy new year in advance
-=SuperShames=-
@prashu228 (37526)
• India
30 Dec 12
Hey King
I heard about those kind of sites long ago but never tried to invest nor tried to know as it is very hard to believe online investment sites we don't what will happen to the site next moment .Even branded banks and financial institutions are getting closed these days .So i suggest if u know it very well then you can go for it or if any of your friends are already registered members in that you can take their advice. Good luck and Happy earning advanced happy new year
@capricorn_love (66)
• United States
31 Dec 12
I've never heard of peer2peer lending. Good luck in what choose to do.
@ARIES1973 (11426)
• Legaspi, Philippines
30 Dec 12
Earning more than I did last year and controlling my expenses will be my focus on the next year. But still I am not ready for investment. About peer to peer lending, I was not able to experience it. It's a new thing for me.
Have a nice day!
@mariaperalta (19073)
• Mexico
30 Dec 12
I would not use those, most of those companies have hidden fees. Will cost you even more than you think at the end. You are better going to a bank and ask them. Many can really help you with cc debts..
