Ask Reddit. Since 2011, a section of the site, r/borrow (and its predecessor, r/loans), has matched users looking for quick credit with lenders willing to put up cash. Most loans on r/borrow charge very high interest rates—usually between 10 and 25 percent, to be paid back over weeks or months.9 May 2016
How does Reddit borrow work?
Using the subreddit r/borrow, people who want to borrow money post a request. The request outlines how much money they want to borrow, how the money will be spent and how much the borrowers will repay.
What is Reddit borrow?
5.7 Found at https://www.reddit.com/r/borrow/, r/borrow is a money lending subreddit, aimed at connecting money lenders with users who need to borrow money. Users from all over the world send and respond to loan requests within the group.
Can you borrow money on Reddit?
To avoid this suite of unattractive choices, some borrowers are asking strangers for money on Reddit instead. Since 2011, a section of the site, r/borrow (and its predecessor, r/loans), has matched users looking for quick credit with lenders willing to put up cash.9 May 2016
How does borrow work?
Understanding How Borrowing (and Lending) Works Usually, lenders are reimbursed by ongoing, monthly payments made by the borrower until the total amount owed is received. In return for lending the money, the lender charges the borrower a percentage of the amount borrowed, which is known as an interest rate.
Is 5KFunds a legit loan company?
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Is upstart safe and legit?
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Is Reddit borrow legal?
But one reason why r/borrow's loans come with such high interest rates—which in turn explain why users like Kevin can profit so handsomely—is that the subreddit has no legally binding enforcement mechanism. No contracts are signed, no collateral is requested, and no credit reports are pulled.9 May 2016