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Lending Club
Want to invest in stocks? How about becoming a lending banker? I haven’t signed up yet, but here you can sign up as a lender or a borrower. In essence, you can borrow money at less than what a bank charges from other people in the club. If you have some money, you can loan it to other users and it looks like collect a percentage of the interest.
Somehow it’s connected to Facebook, who, as I have already said is going to kick everyone’s ass at the social network business.
I haven’t investigated enough to see what happens when someone doesn’t pay, but they do have a credit check process which makes sure borrowers have a higher credit rating than 640.
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I registered as a lender there — Lending Club application in Money menu. Not too many loans but the interface is amazing — you just select your risk profile and they recommend you the whole portfolio of 30+ loans (5 loans were from people linked to me on Facebook). The question is whether enough Facebook folks would want to use this — the concept is pretty new still. Also, they do bank account verification, which took 3 days.