Starting a Peer lending site?
@johnscoolplace (389)
United States
October 11, 2011 7:58am CST
Does anyone know any official rules on this? I'm trying to start a new peer lending site with a twist. Like prosper when they started they lended to people with no credit I beleive that this probably is the best way to go. "No Credit =High risk" Yes that is true but if you give them a chance to build there credit up they should be good borrowers. Yes prosper did have alot of defalts but thats because they were handing out loans like candy. Anyone know any rules in peer lending that could possibly help me figure out what i can legally do or not, and sources of these rules thanks, Jon
1 response
@petersum (4522)
• United States
11 Oct 11
You appear to be in the USA so I would say that it would not be feasible from there.
Almost all such sites are "off-shore". You should register a company abroad, host the site abroad, do your banking abroad, and become invisible yourself!
Of course, no one would trust you then! But if people are desperate...
