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Originally Posted by BRISK
Maybe it will be a higher interest rate?
Maybe people rejected by banks will flock to a site like that? Maybe they will get approved for a loan, but the interest rate will be 15% whereas a person with good credit could get the same loan from a bank at 8%?
Where there is risk, there is reward.
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OK, I understand what you're saying but...
There are hundreds of agencies that advertise to people who have low or poor credit rating and can't get a bank loan. If the people wanting to borrow from this website can't get one from them, do you really want to lend your money to them?
I know i'm being a bit pedantic but i'm financially anal. Everyone I hear with a bad credit rating always has some kind of story about how's it's not their fault or something happened. I'm sceptical of the kind of people who want loans but can't get them through traditional means.