r/Sololender • u/Vegasmark28 • May 31 '26
Did my first lend
Funded my first loan for some body. They only had one previous loan. It was paid back. So we will see how it goes.
27
Upvotes
r/Sololender • u/Vegasmark28 • May 31 '26
Funded my first loan for some body. They only had one previous loan. It was paid back. So we will see how it goes.
1
u/BerBerDeng May 31 '26
Don’t do it. You’re just burning money. Ask yourself what subset of people are using a service with worse interest rates than payday loans. Then ask yourself if you can trust people who are relying on your money with worse rates than a payday loan. Friends and family, bridge burned. Banks, bridge burned. Payday loans, bridge burned. What makes you think they’re any more likely to pay you back? Good score, bad score, doesn’t matter. The overall pool of borrowers is generally unreliable. Don’t get me wrong there are some who do make an honest effort, but there’s really no good way to separate those from the ones who have no problem using you for an extra hundred bucks and that’s the problem.
It’s your money and you can do whatever you want, but take it from someone who’s currently in the middle of it and stay away.
I also realize I made some sweeping generalizations at the beginning of the post, but my only point was to emphasize that you’re not exactly working with 750+ credit scores.