The United kingdom has created their own style of peer-to-peer payday loans online. Within the United States, people put their cash into a savings account producing them a few cents in interest. This U.K. program has people producing around twelve percent on their money. Some U.K. institutions are enabling people to make use of their funds to invest in peer-to-peer payday loan lending practices.
People put their cash into an account that is used to finance payday loans. Those who borrow the cash pay back their debt in a few weeks later repaying money plus double digit interest rates. Much of the interest can get relayed back to the initial owner of the money, receiving much greater earnings on their cash. People with extra cash in the U.K. are increasingly being drawn to smaller financial institutions trying to find the most return for money. Traditional savings accounts are losing the race as more individuals have tired of banks and financial firms growing richer year after year.
Yes, traditional financial institutions will keep your money safe, but they will use your money to invest in their loans and shell out pennies for the use of your hard earned money. The individual is clearly not getting much of the rewards brought in from the lending industry.
Some will have a moral dilemma with this practice, and others fear the privatization of loans can cause lots of non-guaranteed loan problems.
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