peer to peer lending?

gelytot

hi , i have been searching for many weeks for a personal loan, banks, credit unions, family etc is not an option for me.i searched online for loan sharks but there are none and all i have come across online are scam artists who actually think ppl will send them money for fees/charges/solicitors to get a loan, its ridiculous. my circumstance are that i urgently need a loan of approx. 1600e to 2000e with interest of approx. 25% to 30% for approx. 8 weeks, i am getting a p.i. settlement soon and even though my solicitors were providing an undertaking the bank still wouldnt give a loan, does anyone know of or has anyone heard of a peer to peer lending service available in ireland? if not has anyone anyone any other sugestions or ideas?
thanks

YouBuyLocal

I think peer-to-peer lending is illegal here. Our credit systems, despite the hubris of the early 2000s, is very conservative and less innovative than the US & UK. If you ask me, peer-to-peer lending platform like fundingcircle.co.uk and others in the US & UK could play a big role in credit distribution over the coming two decades as people feel their savings are being hit be inflation and the pressure on the euro and look for a higher return.

But for now I think it is definitely illegal in this country.

antoinolachtnai

How is it illegal?

YouBuyLocal

Eh, lending at interest to other individuals? I am not a lawyer but if the transport sector is regulated I would presume the credit industry is. Even if I'm wrong its a safe bet that there are licenses involved.

But I would love to shown to be wrong, that would be fantastic.

HellFireClub

YouBuyLocal wrote: »

Eh, lending at interest to other individuals? I am not a lawyer but if the transport sector is regulated I would presume the credit industry is. Even if I'm wrong its a safe bet that there are licenses involved.

But I would love to shown to be wrong, that would be fantastic.

If I want to lend you 2K and you agree to pay me back 2.2K in 8 weeks, how is that illegal?!? This is why the country is in the mess it's in, people mistakenly think that everything is f*cking regulated and that there are rules and regulations pertaining to everything so nothing actually gets done!

OP, wait for your settlement and then use your own cash and don't be beholding to anyone. The only thing that you'll need to get your head around in this country is that if you want to start up or run a business, then you are on your own. If you can come to understand that, you'll more than half way there.

YouBuyLocal

Eh, I don't think that is the reason the country is in a mess and because I queried the legality of a peer-to-peer lending institution/facility says nothing about the legality of a one-off loan.

For this facility to be relevant it would have to work on a scale that would effectively make it a small bank, and as it would be competing with banks (who are given very privileged protection), I might then need a banking license. I don't know, just speculation.

But lots of things are regulated, like food & transport. To "get things done" you need to know what regulations apply.

But I agree now, peer-to-peer lending is probably perfectly legal so I would get right on that to create a fundingcircle.co.uk for the Irish market, there is your million euro idea.

MrMatisse

I think the reason peer to peer lending has never taken off in Ireland is that the limit for lending money to someone before you have to register as a money lender is really low, about 2k in contrast to the UK where it is 20k sterling.

YouBuyLocal

MrMatisse wrote: »

I think the reason peer to peer lending has never taken off in Ireland is that the limit for lending money to someone before you have to register as a money lender is really low, about 2k in contrast to the UK where it is 20k sterling.

Exactly, my intuitions are as infallible as ever :P

jhegarty

HellFireClub wrote: »

If I want to lend you 2K and you agree to pay me back 2.2K in 8 weeks, how is that illegal?!? This is why the country is in the mess it's in, people mistakenly think that everything is f*cking regulated and that there are rules and regulations pertaining to everything so nothing actually gets done!

What happens when I don't pay you back ?

TiGeR KiNgS

jhegarty wrote: »

What happens when I don't pay you back ?

Ever watch the Sopranos ?

antoinolachtnai

MrMatisse wrote: »

I think the reason peer to peer lending has never taken off in Ireland is that the limit for lending money to someone before you have to register as a money lender is really low, about 2k in contrast to the UK where it is 20k sterling.

I think the rules relate to the interest rate you can charge, rather than the amount loaned, although I could be wrong.

MrMatisse

I know for Zopa anyway if you lend over 20k you have to register, think its two here. Rates seem to be very low on those sites

newmug

How do you register, whats involved?

HellFireClub

jhegarty wrote: »

What happens when I don't pay you back ?

It's called capitalism. You're up sometimes, you're down sometimes... The trick is to be up more than you're down. Unless of course you are a failed banking institution in Ireland, then you get this thing called corporate welfare, where the state will keep you open for five years, at taxpayers expense, and then decide to close you down, yet at the same time will pay all your debts for you...

irishjig69b

this guy needs help with an answer not an education lesson guys

HellFireClub

irishjig69b wrote: »

this guy needs help with an answer not an education lesson guys

The thread was nearly a year old, i.e. dead, til you went & resurrected it today!

If you want to discuss it again, probably better to start a new thead with your own OP...

irishjig69b

HellFireClub wrote: »

The thread was nearly a year old, i.e. dead, til you went & resurrected it today!

If you want to discuss it again, probably better to start a new thead with your own OP...

Fair point hellfire club but I dunno how to start a new 1

HellFireClub

irishjig69b wrote: »

Fair point hellfire club but I dunno how to start a new 1

Click here: http://www.boards.ie/vbulletin/forumdisplay.php?f=106

Click on the "New Thread" button and then just post whatever questions you have...

DubTony

Actually, he needed help nine months ago. Assuming his claim came in, I'd say he's ok now.

dbran

Zombie Thread