We all try to earn the highest return we can on our hard-earned money, right? If you have some cash on hand that you know you will not have an immediate need for, but still wish to earn a decent rate of return, consider checking out prosper.com to become a lender and earn a higher rate of return on your money. Currently I'm earning just over 17% on my money that I lent out through the site. Show me an account that does that.
Prosper.com provides a way for lenders and borrowers to connect with one another. Folks who lend money basically become note holders and typically earn a much higher rate of return for their money than what a bank would offer on a long term savings account. People who borrow money might find better interest rates than what a bank would normally give them. In some instances, prosper lenders might provide funding when conventional financial institutions would not lend money to borrowers at all. What I like is that you can pick and choose who you lend money to, (based on credit information that is provided)and your rate of return depends on the negotiated interest rates which are bid upon by other lenders.
Keep in mind that you should only lend out money that you will not need in the short term. Typical loans run from 36months or longer depending on the amounts involved, so don't expect instant access to your money. You are repaid on a monthly basis based your "share" of the loans that you and others collectively fund. Potential Lenders are hereby advised to read all terms and conditions carefully on the website before signing up or lending any money.
Check out the site at: prosper.com to learn more.