P2P lending question

secretdebt · 19 May 2017 at 11:57AM

Hi all

Just something that came into my head, and not sure if this is the right place - I'm sure it is.

Does anybody know of a site here you can lend money out at a rate that you determine? Reason being, say I wanted to lend money to a friend officially but only charge a small nominal interest rate (or even none at all). I know some of the p2p lenders have certain rates, but I am thinking more of being able to choose who you lend to and at what rate.

I'm not sure if this would allow you to get around the need for a credit licence so probably not, but would be good to know if there was one.

Thanks

EdGasketTheSecond · 19 May 2017 at 1:31PM

If its a friend, why pay the middleman to set it up? Just write an agreement between the two of you.

secretdebt · 19 May 2017 at 1:44PM

Thanks - Agreed, and I understand that point.

But...Specifically I am asking if there is a place? There is no friend in reality. Say I wanted to lend somebody some money out of the kindness of my heart.

Again, the situation is hypothetical, but I more wondered if there is a site/product available that would mean that one person wouldn't need to go get a credit licence to lend their money out at a low/none interest rate.

I know that people wouldn't, and I certainly wouldn't of course. But...is the option out there.

JohnRo · 19 May 2017 at 2:15PM

Have you considered contacting your local credit union?

bigadaj · 19 May 2017 at 10:17PM

secretdebt wrote: »

Thanks - Agreed, and I understand that point.

But...Specifically I am asking if there is a place? There is no friend in reality. Say I wanted to lend somebody some money out of the kindness of my heart.

Again, the situation is hypothetical, but I more wondered if there is a site/product available that would mean that one person wouldn't need to go get a credit licence to lend their money out at a low/none interest rate.

I know that people wouldn't, and I certainly wouldn't of course. But...is the option out there.

Not aware of such a site, many p2p lenders have specific loans to individual companies rather than the pooled options of the larger providers like Zopa and Ratesetter.

You can also get a simple contract set up for a loan between individuals, stating terms, repayments, security etc either from templates or going to a solicitor.

Gambler101 · 19 May 2017 at 10:28PM

If family or friends ask for financial assistance, and you want to help think of it as a gift, as its often not repaid.

This way it doesnt break the relationship.

If you are not happy to gift the amount, don't lend it, let them go to a proper lender.

P2P lending question

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