Let's look at one of these loans.
Amount Requested $2,500
Loan Purpose Other
Loan Grade D1
Interest Rate 14.11%
Loan Length 3 years (36 payments)
Monthly Payment $85.58 / month
Funding Received $1,675 (67.00% funded)
Lenders 29 people funded this loan
Listing Expires in 8d 9h (12/19/08 3:39 AM)
Loan Status In Funding
Loan Submitted on 12/5/08 3:39 AM
Loan Description: "I currently work at a dealership repairing motorcycles and ATV's. I have a rare opportunity to buy their older shop equipment (tire machine,lifts,etc.) as they are upgrading. This purchase would allow me to do more repair work from my residence, and eventually work for myself."
So say you were to lend the full $2,500, if you were to add the interest
($2500 x 1.1411) = $2852.75
You would make $352.75 over that three year investment.
Would this be something you would find interesting?
If you were to have $2,500 in your hand now, how long would it take you to make that $352.75? Would it take you three years? More or less?