Lending Loop
I constantly think about finding new streams of revenue that make sense to me and don’t seem like scams.
Get rich quick schemes are around everywhere and I know them well since I, like most, have been constantly told about these pyramid schemes to get millions with no work. I remember when I was a teenager a friend of mine brought me to one of these. He’s fucking idiot and didn’t know any better but for a second when they told me about it I almost bought into it until my cheap ass senses kicked in and told me you don’t get money for nothing. So I’m very cautious about what I spend my money on.
I’ve been doing my research on Lending Loop and apart from being relatively new they seem like a good choice for small investors. So the business is giving loans to small companies that make a stable income for a percentage that is lower then that of any bank in Canada. The returns seem to vary with each project but I’ve heard of people talking about 12% returns which is nice but I have lower aspirations (8%). I intend to start an account with them putting in about 2k here for this year. If it goes well I’ll write it here and if it doesn’t I’ll write it everywhere.
My problems with this type of investing is that I won’t see a return for years, making the money that goes in basically gone for a long time. Although this makes me uncomfortable, as an intern and a broke bitch that lives at home, the money I make now means nothing.