We spend a lot of time talking about why Lending Loop is excellent, and we thought it was time to let some of our Lenders do the talking. Read on to learn more about Jesse’s experience with Lending Loop.
1. What drew you to Lending Loop?
I found Lending Loop after feeling frustrated by the investment opportunities provided by my local credit union, which were just mutual funds. I sat down one night and did a Google search on “alternative investments”. A number of interesting things came up, like buying wine or other collectibles, but what caught my eye was an American peer-to-peer lending company. This seemed like a great way to invest and also help out small business. I searched for and found the Canadian equivalent, Lending Loop. I think it took me all of about 5 seconds to decide to sign up.
2. What’s your primary goal on Lending Loop?
My primary goal, of course, is to make income, I’m preparing for eventual retirement, and looking for ways to fund that phase of my life, which I hope will primarily involve a lot of outdoor adventures.
3. Do you have an investment strategy?
When I first found Lending Loop I knew almost nothing about investing money, but I have learned a lot since then. My investment strategy is to be as diversified as possible. A little bit of everything!
4. What is your favorite part of the Lending Loop platform?
Of course, to begin with, I took quite a bit of time looking at each business before deciding what to invest in. I am partial to companies that are green or are unique in some way. I am from Saskatchewan originally and I like investing in companies from there. These days though, I let the automated functions on Lending Loop do most of the work for me. I like that I can choose a highly customized risk tolerance.
5. How has your experience been on Lending Loop and with peer-to-peer lending in general?
My experience has been great, I am earning a nice little sum every month, and the whole thing just kind of takes care of itself. I only ever had one minor issue, but customer service solved it quickly and effectively, so effectively that I can’t remember what it was now.
6. What business were you most excited to invest in?
There was a burger restaurant in British Columbia that really caught my eye. Maybe it was the picture of the burger and fries and I was hungry at the time. But I am excited about all of them. Small business is a very important part of our economy, and I would much rather support a small business than large corporations.