One of the interesting things that I’ve been thinking about recently is how to get the best return out of my own money. Whether this be through investment, or just a high-interest savings account. Given the news that Santander is slashing its interest rates, options are becoming more and more scarce.
In the past I’ve considered the idea of joining a service that allows people to lend money to others in a ‘crowdsourcing’ kind of way. The idea being that a service offers an amount at percentage x, then people can lend their money into that pot with a return percentage of y … where y < x. This allows the service to take some revenue out of the loan, and at the same time offer interest payments to users.
Obviously this is over a long period of time, and the service do all relevant credit checks etc.
I think, at least in the long term, this is going to be a great way given the current climate for people to earn return on their money. Would this sort of thing be a potential for Mondo? Perhaps with people being able to put their money towards an “overdraft” pot, or similar?
Just some thoughts.