How to Make Money Micro Lending
Micro lending is a relatively new way to make money. A micro loan is a small to medium sized loan that is usually repaid in a short amount of time. Most micro loans are made person to person, also called peer to peer. This sounds risky, but done right you can make money consistently with micro loans. Learn how.
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Instructions
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Find a micro lending website. To make money with micro loans you need to get online and register with a lending website. Search the internet using terms like: peer to peer lending, person to person micro loans, p2p lending or any combination of those. Make sure the lending site you choose has multiple seals of approval from organizations like the Better Business Bureau.
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Make sure you understand all the qualifications you need to meet. Some sites require bank account information, others you just need a PayPal account. There may be minimum investment requirements or fund transfer fees. It's always important to read the fine print.
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Fund your lending account once you're registered. You'll need an initial investment to start making money with micro lending. You can transfer money in from your bank account or PayPal. You can also wire funds or send a check.
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Select a loan to fund. You can browse all the available borrowers to find the loan you are most comfortable funding. You'll notice different rates of return. The most qualified borrowers usually have the lower rate of return to you because they are less of a risk. If you want a high rate of return, you'll need to fund more risky loans.
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Fund the loan. Once you've elected to fund a loan, the money will be deducted from your account and transferred to the borrower.
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Start receiving payments. You will start receiving monthly payments on your loan directly into you bank account.
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Tips & Warnings
You can make money with micro loans if you are patient and diligent about investing.
Do not invest more than you can afford to lose. Micro lending has risks.
