Bought an industrial unit with one such loan last year, the money was there unsecured within a week of asking. After weeks of arse scratching the bank had offered half secured against that unit and everything else we own so I was able to tell them to fuck off.

good for you, bill

How much do you want?

Think I'll stick to the bookmakers.

How much do you want?

I'm asking about investing not borrowing hatters. do you have any experience?

I've never heard of this. but my advice would be to make very large loans only. that way, when the borrower defaults it will be worth it to take him to court.

It’s done through an intermediary site usually.

yes, I was thinking of: Zopa, Funding Circle or Ratesetter

What happens if one of the above goes bust after you've invested a few grand?

They're regulated by the FCA, PRA and Peer-to-Peer Finance Association so I assume the same as other finance houses?

this was interesting -- especially the part about "what happens when a borrower stops paying"

https://www.financialsamurai.com/what-happens-when-a-p2p-borrower-stops-paying/

thanks bro, very interesting, I have a few grand I can invest but I'm not yet convinced

You're right to be cautious, Peacock from the lender's point of view it can be a nice little earner though not so if things go wrong. The high rollers get to cherry pick so the smaller investor gets the riskiest business. The intermediaries have nothing at stake so probably aren't too fussed if things go wrong.

I’m all for it conceptually, but as always the devil is in the details.