GoFundMe for loans?

in Loans
5 replies 484 views
HomeOwner40HomeOwner40 Forumite
7 Posts
Third Anniversary First Post
Forumite
Hi,

Does anyone know of a service like GoFundMe but for loans? What I'm after is a peer-to-peer loan service but one which allows individuals to seek funds for arbitrary projects / causes. 

It seems like the peer-to-peer market has gone through a consolidation period over the last few years, and all the UK peer-to-peer lending services I can find are targeted are offering loans to small businesses. 

Many thanks,





Replies

  • [Deleted User][Deleted User] Forumite
    0 Posts
    1,000 Posts Second Anniversary Photogenic Name Dropper
    Newbie
    I think Zopa used to do something like that but if you need to borrow money, why not just use a normal lender?
  • HomeOwner40HomeOwner40 Forumite
    7 Posts
    Third Anniversary First Post
    Forumite
    That's great, I'll look into Zopa.

    Unfortunately a normal lender is not an option due to the personal circumstances of the someone applying, and what the loan is needed for.


  • edited 24 October 2022 at 5:08AM
    EmmiaEmmia Forumite
    1.9K Posts
    1,000 Posts Second Anniversary Photogenic Name Dropper
    Forumite
    edited 24 October 2022 at 5:08AM
    That's great, I'll look into Zopa.

    Unfortunately a normal lender is not an option due to the personal circumstances of the someone applying, and what the loan is needed for.


    This sounds massively dodgy, and that there is a strong possibility anyone investing on a p2p basis would lose their money.

    Edit: Could the OP perhaps outline the personal circumstances and the reason for needing the loan in general terms?

    Is it someone who is bankrupt, seeking to invest in crypto? (for example)
  • MalMonroeMalMonroe Forumite
    5.4K Posts
    Eighth Anniversary 1,000 Posts Name Dropper Photogenic
    Forumite
    Hi, did you mean something like a credit union? They are not for people who want large loans but there's some current info from this site in the following link -

    https://www.moneysavingexpert.com/loans/credit-unions/
    Please note - taken from the Forum Rules and amended for my own personal use (with thanks) : It is up to you to investigate, check, double-check and check yet again before you make any decisions or take any action based on any information you glean from any of my posts. Although I do carry out careful research before posting and never intend to mislead or supply out-of-date or incorrect information, please do not rely 100% on what you are reading. Verify everything in order to protect yourself as you are responsible for any action you consequently take.
  • [Deleted User][Deleted User] Forumite
    0 Posts
    1,000 Posts Second Anniversary Photogenic Name Dropper
    Newbie
    MalMonroe said:
    Hi, did you mean something like a credit union? They are not for people who want large loans but there's some current info from this site in the following link -

    https://www.moneysavingexpert.com/loans/credit-unions/
    Credit unions are not peer to peer lenders.

    OP wants to borrow money in a different way as traditional lenders won't touch them by the sounds of it, so they want to borrow presumably with the expectation the lender won't get the money back. If there is no mainstream lending available, they should revaluate their plans and save or cut back.
Sign In or Register to comment.
Latest MSE News and Guides

Did you know there's an MSE app?

It's free & available on iOS & Android

MSE App

Regifting: good idea or not?

Add your two cents to the discussion

MSE Forum

Energy Price Guarantee calculator

How much you'll likely pay from April

MSE Tools