Questions on Peer to Peer Lending in Canada
I've checked out Prosper.com (US company) a few times and have the following questions:
- Will these personal loans be reported to the credit bureau?
- For borrowers with AA and AAA ratings, would their loans be insured against default? For a certain European p2p lending company, 99.5% of low credit risk loans was insured against default.
- Is there a cap to the amount you can borrow? Will TDSR and GDR factor into play for this kind of financing?
- Will the interest income be taxable?
- How are payments to creditors made?