Peer-to-peer lending involves the act of lending money to other people or businesses in exchange for receiving interest on your money.
Basically, you’re acting as a bank and giving out a loan on which you are paid back your original amount, called principal, plus interest by the borrower.
You’ve probably heard your friends or colleagues chatter about peer-to-peer lending sites, like Upstart, Lending Club, or Prosper. Here’s my take on these sites, including their pros and cons from a cash flow and tax perspective.
[Read more…] about Top 7 Peer to Peer Lending Sites Paying the Highest Interest in 2022