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Guaranteed 5% P2P lending?

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  • Guaranteed 5% P2P lending?

    I saw an ad today for Constant P2P lending ( They said they guarantee a 5% APY and would give a $1000 for free trial (interest would be mine to keep at the end). What is more interesting was that they said money can be withdrawn anytime with no minimum balance. Interest would also accrue daily. Am I missing something or is this a better deal than high interest online saving accounts for emergency funds or maybe some extra cash? I am curious to hear your thoughts.

  • #2
    There are always multiple catches with these. In short, if it appears to be too good to be true...

    Also, random internet ads don't quite make my top 50 list of places to find investment resources/tips.


    • #3
      Sounds pretty ponzi schemish to me.


      • #4
        Hmmm. Maybe they guarantee the rate?
        Then you might have to cover the principal.
        That’s how it usually works. The borrower makes one payment and everything is fine. Even if you get a judgement, collecting is really expensive. Your got the guaranteed rate. It’s right the in the contract. Not one mention about payment.