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Social Lending?
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TOPIC: Social Lending?
Social Lending? 11 Years, 1 Month ago Karma: 0
Is there any scope for a social lending network in Singapore?

The idea is that rather than going to a bank, people borrow money from within a social, peer-to-peer network. The borrower gets a cheaper loan while the lender gets a higher interest rate than measly FD rates.

I guess it can work if the IOU contract is properly drawn up by a lawyer and a check on done via the Credit Bureau. Could be a biz idea as the facilitator, like Virgin Money in the US.

I'm not sure if there are any laws in Singapore that regulates something like this though.
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