David spent ten years in consumer lending before the distaste of selling families into high-interest loans and associated insurance products left him unsatisfied.
He now works, through the church setting, helping people with various life problems including financial problems. He is a seasoned investor.
I actually stumbled into peer lending. I was reading an article where the individual made a passing remark at peer lending and the rates that could be earned.
It peeked my interest as I had never heard of peer lending prior to this point. I did a little research and it intrigued me. After reviewing the more prominent sites I put a little money into LendingClub and have continually added to it thereafter.
As with any investment junkie “the game” is always interesting. How much can I make and how fast can I do it. I violated what I already knew from underwriting loans in order to get the highest rate of return.
I subsequently had a few notes charged off. However, I did spread my money across as many notes as possible so the effect overall was not that bad. However, I quickly realized that proper underwriting is key.
While I pay attention to my own underwriting I am subject to the underwriting and verification of the information that is being provided. To me, Peer Lending is a very reliable source of higher than normal interest.