Peer to peer lending sites are a great way to earn money, and there are a number of them. Choosing the right one can help you to maximize your earnings and minimize your risk. You can also diversify your portfolio and ensure higher returns. However, online lending can be a dangerous business. Make sure to find a reputable site and read its policies and reviews before investing.
Upstart is a popular peer to peer lending platform. It has a simple and easy to use interface. The site allows you to set up goals, allocate your capital, and track your investments. This helps you get a better idea of your risks, and helps you to make a more informed decision.
LendingClub is another good option. It provides investors with a number of tools to build a diversified portfolio, and their service has been highly rated. They also offer sophisticated risk management systems. As an investor, you can monitor your performance, and they have an excellent customer support system. In addition, they have a simple interface that makes it easy to create your own loan portfolios.
Robocash is another P2P lending platform. They focus on sustainable and ethical lending practices. Their loans are secured by a 60-day buyback guarantee. Investors can choose from loans offered by the Robocash Group, as well as loans from other countries. Since 2013, they have operated in the lending market.
MyConstant is a unique P2P lending platform. Users can borrow in fiat currency, as well as cryptocurrency. They also don’t require a credit check. These benefits have helped them to become a top choice. On their website, users can find loans from Spain, Jordan, and the Czech Republic.
Another reputable platform is Mintos. Although their interest rates are relatively low, they have some restrictions on how you can invest. For example, the minimum investment amount is $25. This means that you can’t lend more than 10 percent of your net worth. Investing a lot of your money without planning properly can result in a negative return.
If you are looking for a P2P lending site with low fees and high returns, you might consider Payoff. Payoff has issued over $9 billion in funding since its inception. To date, the average ROI is 5%. Loans are repaid in monthly installments. In most states, the minimum loan is $5,000. Borrowers are allowed to apply for up to $35,000.
Other platforms, such as SoFi, Upstart, and LendingClub, have a variety of different loan amounts. Some require accredited investors, while others don’t. You may also want to find a site that offers a pre-qualification tool, which does not affect your credit score.
While the process of choosing a peer to peer lending platform can be confusing, it’s important to do your homework and find a good one. Not all online lenders are safe, and you can lose money if a borrower defaults on a loan. Also, keep in mind that P2P loans are not insured by the FDIC.