All of the lenders on our site filled out a form saying "Yes, I'm a private lender." They went on to indicate their amount to lend, interest rate, etc. Once they register, we verify their contact information and approve their listing.
Please note that we do NOT verify availability of funds or perform extensive background checks on lenders. We strongly recommend that you do your own due diligence and check a lender’s references and credentials. A quick way to screen a lender is to do a Google search to get helpful information on any lender you choose to work with.
We block any lender who is reported to request personal information such as social security number, drivers license, or credit card information prior to funding. We also block lenders who request upfront money prior to closing. If you communicate with a lender who fits this criteria, please disengage and report the lender to us immediately. Never send upfront money to a lender, especially moneygrams, wire transfers or other methods that do not leave a paper trail.
Some tips for screening lenders:
- Don’t judge a person or company by their website; flashy websites can be set up quickly.
- Don’t invest in anything you are not absolutely sure about. Do your homework on the lenders to ensure that they are legitimate.
- Check out other websites regarding this person.
- Be cautious when responding to special investment offers, especially through unsolicited e-mail.
- Be cautious when dealing with individuals/companies from outside the US.
- Inquire about all the terms and conditions.
- More on this topic here (source: FBI)
We hope this information is helpful to you when considering how to conduct business with the individual lenders.