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Anyone tried p2p lending? Most of the websites says ~7% + returns ? Did anyone try and how much returns did you get ?
What about people not paying back loans
So you will be getting like 15% interest and in the first year will be bragging about your high returns but then 10% will default and you will actually realize a 5% return because you lost 10% of your money. If you are lucky. You might only get a 3% return.
Used lending club. Downsides are its hard to get out. I've been trying to cancel my account for the last 2 years but cant liquidate my final loans because they are under water. Returns are fine if you hold long term. I prefer real estate.
Used lending club for like 4 years its not worth it. Its worst then SNP or any other good index fund. My return is like -1.5 percent after 4 years.
Just buy corporate bonds. Much less risk and good returns.
Any good one which you had experience with ?
I just buy a basket of BBB rated corporate bonds from my brokerage account and hold them to maturity. I also buy some T-bills but those have lower returns. FYI T-bills yields about 2.4% per year right now. BBB rated bonds yields around 3.5% to 4% per year right now.
I didn’t change default settings on LendingClub, get 4.25% a year. 7% is too much risk IMO. You can also check out muni bonds (ETF:HYD) - 4.45% return, no federal tax
I am getting 5% return in practice. Put enough there to avoid getting annual fee in an IRA and now thinking of getting out. Taxes at a real b*tch so seriously considering doing it with IRA if you decide to go for it.
Keep in mind that 3-4% has been the average rate in the. I’m years of the last decade. When a recession arrives the default rate spikes. I expect many investors to see a negative return then. You are not TBTF.
[Blind] Check out this post! P2P lending 40% APR, immediate medical need - lending club (Misc.) https://us.teamblind.com/s/qvNrO6pz
Taxes as income though, right?
And horrible to calculate so I only went into it with an IRA. Plus there were some adverse rulings around how to deduct defaulted loans which make it less attractive. Use IRA or don't go in at all. Save taxable account for things that earn capital gains instead. If only to save yourself a headache trying to figure out how to file the return.