Social Lending (Rainfin)

[Petrichor]

I read this article and found it to be rather interesting and thought provoking to a certain degree.

http://www.iol.co.za/business/busine...last-1.1341644

What is your thoughts on the concept presented by Rainfin ?

Would you consider lending money to others through a channel like this?

[Dave A]

Consumers would be able to lend and borrow money at more competitive interest rates than they could get from the banks and without the excessive bank fees.

A report by TechCrunch, a global company that reviews new internet products, said peer-to-peer loans in the US had reached more than $1 billion (R8.3bn) since 2006. In the past 30 days, the two biggest lending marketplaces in the US issued 5 600 new loans totalling nearly $64 million, with a borrower average interest rate of 15.81 percent

Given current interest rates in the USA, that's a pretty steep interest rate