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Have you ever given a loan to somebody on Kijiji?

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  • Aug 2nd, 2018 9:02 pm
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Member
Jan 29, 2008
465 posts
69 upvotes

Have you ever given a loan to somebody on Kijiji?

I am 90% sure this is a sketchy idea, but I would like to hear some input from anyone who has experience. There are countless people on Kijiji looking for a loan. I always like to diversify my investments and in a perfect world I would do this and get the 10-20% return. But of course this is not a perfect world. Is there anything that will make me 100% safe against fraud? Or is it just a risk I would have to take and find out?

Anyone ever lend money to people seeking loans on Kijiji?

Looking forward to your response :)
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May 11, 2014
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Have you considered LendingLoop.ca ? You lend to small businesses but at least you have some visibility and accountability on the loans. I know some on RFD have used them with good returns.
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Jun 28, 2018
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fix23 wrote: Is there anything that will make me 100% safe against fraud? Or is it just a risk I would have to take and find out?
Nothing is truly 100% safe... the closest to 100% safe would get you about 0.05% - 2% from a chequing/savings account.

A kijiji,Reddit, etc loan would basically be a personal loan... if you can get some sort of contract for it then all the better, but how will you enforce it? What if the person skips out on you and you never find them again?

Lending Loop as other mentioned is a possibility. Rates vary and like anything else, you do need to be careful. I've got a bunch in delinquency and will likely go into default, which will wipe out any gains made over the last year and a bit.
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Apr 27, 2015
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Lending Loop as other mentioned is a possibility. Rates vary and like anything else, you do need to be careful. I've got a bunch in delinquency and will likely go into default, which will wipe out any gains made over the last year and a bit.
Curious what rates can you get there? In any case, I prefer to lend to solid REITs or stocks like ENF. KEG.UN, BPF.UN and get 6-9% yield
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Oct 19, 2016
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Toronto
Nothing is 100% safe from fraud.

Lending to randon people online is high risk.. but potentially high reward also.

fix23 wrote: I am 90% sure this is a sketchy idea, but I would like to hear some input from anyone who has experience. There are countless people on Kijiji looking for a loan. I always like to diversify my investments and in a perfect world I would do this and get the 10-20% return. But of course this is not a perfect world. Is there anything that will make me 100% safe against fraud? Or is it just a risk I would have to take and find out?

Anyone ever lend money to people seeking loans on Kijiji?

Looking forward to your response :)
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Feb 19, 2010
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I think the term to be used when giving money to people you find on Kijiji is not "lending". It is "gambling" or "gifting".
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Feb 5, 2017
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is this a serious question u are asking ????

unless you have friends in the underground world, I would never ever give a personal loan to a random dude on kijiji..
is there a camera somewhere !??
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Jan 19, 2005
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I'd lend money if they let me hold their collateral worth twice the amount of the loan principal :)
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Aug 20, 2015
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xgbsSS wrote: Have you considered LendingLoop.ca ? You lend to small businesses but at least you have some visibility and accountability on the loans. I know some on RFD have used them with good returns.
Pretty much this. Lending loops notes range from 8.8% to 21%. They take a 1.5% cut, but it's better than trying to vet random strangers online.
Deal Addict
Nov 10, 2014
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Ottawa, ON
I have no interest in trying to collect loans from people with the shittiest credit history. I took a look on the local Kijiji page out of curiosity, and I got a migraine from reading the posts.

Think about what kind of people would go to Kijiji for a personal loan instead of a bank or a credit union. Possible return of 10~20%.year does not even come close to compensate for the risk and the headaches involved. I think playing with out of the money options on meme stocks, or buying random shitcoins is probably a "safer" investment with less headaches.
Last edited by Tadalafil on Aug 2nd, 2018 2:23 pm, edited 1 time in total.
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Apr 23, 2009
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fix23 wrote: I am 90% sure this is a sketchy idea, but I would like to hear some input from anyone who has experience. There are countless people on Kijiji looking for a loan. I always like to diversify my investments and in a perfect world I would do this and get the 10-20% return. But of course this is not a perfect world. Is there anything that will make me 100% safe against fraud? Or is it just a risk I would have to take and find out?

Anyone ever lend money to people seeking loans on Kijiji?

Looking forward to your response :)
You mean lending to people who wouldn't even give you their name or address and will only meet you up at Tim Horton's. Sure why not?
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Nov 13, 2013
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tsingoo wrote: Pretty much this. Lending loops notes range from 8.8% to 21%. They take a 1.5% cut, but it's better than trying to vet random strangers online.
This is all to small businesses not individuals though right?

An individual loan is even riskier let alone one to a complete stranger.
Member
Sep 21, 2017
483 posts
502 upvotes
Vancouver
Way too risky, I mean these people are looking for loans on Kijiji if they are not scammers, which they probably are, then it means they couldn't get a loan anywhere else. If you did this I would consider the money to be gone. There's so many better investments out there.
Good luck.
Member
Jan 29, 2008
465 posts
69 upvotes
Thank you everyone. Pretty much confirming what I feel.

Anyone have experience doing it though?

Also if I hypothetically try it, I would be meeting at their house, getting copies of their ID, making them sign a contract, and potentially getting collateral. Not sure what else I could do.

I will look into Lendingloop. I feel the rate just wouldn't really be worth it probably.

Thanks again.
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Sr. Member
Aug 20, 2015
517 posts
307 upvotes
Toronto
fix23 wrote: I will look into Lendingloop. I feel the rate just wouldn't really be worth it probably.
The rate s are exactly in the range you initially quoted, 10-20%.
fogetmylogin wrote: This is all to small businesses not individuals though right?

An individual loan is even riskier let alone one to a complete stranger.
Yeah this is to small businesses and you have their financial data for the past couple years. This is my point exactly, why go to a random stranger for 10-20% when you can go through lending loop for 10-20% for small businesses with actual financials. Also if they default lending loop will go through the hassle of trying to get your money back instead of doing it yourself.
Sr. Member
Nov 17, 2014
807 posts
281 upvotes
tsingoo wrote: The rate s are exactly in the range you initially quoted, 10-20%.

Yeah this is to small businesses and you have their financial data for the past couple years. This is my point exactly, why go to a random stranger for 10-20% when you can go through lending loop for 10-20% for small businesses with actual financials. Also if they default lending loop will go through the hassle of trying to get your money back instead of doing it yourself.
Have u given out loans thru the Lending Loop yourself? If so, what is your actual annual rate of return after accounting for defaults, days when your funds sit idling without interests, etc?
Sr. Member
Aug 20, 2015
517 posts
307 upvotes
Toronto
Beefeater wrote: Have u given out loans thru the Lending Loop yourself? If so, what is your actual annual rate of return after accounting for defaults, days when your funds sit idling without interests, etc?
I started a couple months ago only put in a few hundred so far. Don't plan on putting anymore into it just wanted to see how it worked.

Current gross yield is 13.3% (11.8% after fee), my actual rate of return is so far is about 8% including idle money. As time goes on my actual return should reach closer to 11.8%, but haven't had much time for anything to default yet.

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