So I have an idea that I'd be interested in getting some feedback on. Loaning money on ecc can be a really good way to make money, but there is such risk involved that many people completely stay away from the idea. My idea is to run a group for investors who wouldn't mind lending out a small amount of money but aren't willing to risk larger amounts. Obviously I would have to take the time to figure out some basics, like what the interest rate and length of loan would be. Also, I'd have to have a set procedure for who qualifies for a loan and what kind of application. But let's say we had a group of five investors all willing to invest 10K. Then a person wants to borrow 50k. Maybe the payback is 65k in two weeks. Assuming that the loan went fine and was paid back on time, we'd be able to split the 15k profit between the five investors, 3k each. If the loan was scammed, obviously there would still be a loss but the loss would only be 10k instead of 50k. What are your thoughts on something like this?
It's a neat idea but you may have a hard time finding 5 people that all trust the same person. I think it would honestly be more convenient for everyone if the person seeking a loan went to multiple people for multiple loans. Good luck though! Sent from my iPhone using Tapatalk
