With CD and savings account rates plunging to record lows every week, it may be the time to consider a more lucrative alternative — social or peer-to-peer lending.
This is where you loan money directly to worthy borrowers through a Web site, rather than putting your money in a bank and allowing its loan officers to pick the investments.
It’s possible to earn a better return than you’d ever get from a bank.
Lending Club, for example, says the net annualized return for its investors has been over 9.5% since 2007 — and yes, that includes the losses on loans that don’t get repaid.
For the rest of this month, Lending Club is also offering a $50 bonus to Bankaholic readers who sign-up to be new lenders.
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