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peer-to-peer lending

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    #2
    MrMatisse
    Closed Accounts Posts: 1,743 ✭✭✭MrMatisse


    Hi electron,
    No its not really available at all. The problem is Irish legislation. In Ireland if you lend over €2,000 euro you have to register as a money lender which in Ireland is a very messy and cumbersome process making it unattractive for any company to service this country, unlike the uk where the pre registration limit is 25k sterling and lending amounts over that you have to register.

    I beleive its possible to lend on www.zopa.co.uk if you register a uk company and lend on it through that but you would have to be lending large amount in order to make it worth your while.


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    #3
    aphex™
    Closed Accounts Posts: 2,338 ✭✭✭aphex™


    Are those loans on Zopa/etc not incredibly risky? I am reminded of a friend of mine who in college took out CCs, overdrafts and travel loans and has only just paid them back (after several years). What I mean is some people just can't be trusted.


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    #4
    electron
    Closed Accounts Posts: 338 ✭✭electron


    thanks, Really-Stressed.
    good to hear from someone in the know. yeah i believe, money-lending, as it is in ireland, is a risky business. then again, on those websites you can see people's credit ratings, read their profiles, then make up your own mind. sort of like ebay's feedback system - makes it safer to trade.
    another option is, you can buy loans second-hand, so there's already an established payment history.
    pity we can't play this game :)


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    #5
    MrMatisse
    Closed Accounts Posts: 1,743 ✭✭✭MrMatisse


    It really is.

    I suggested this for that Big Idea campaign and it made their list but it wasnt one the Government picked up in their shortlist.

    Thought about trying to get around the legislation but there really is no way to do it that would be cost effective. The governement need to up the limit to 30k before people have to register as moneylenders.

    It would really get credit flowing again and the banks are not lending so i dont see why the gov would be against it.


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