This has been in practice in India for years, may be centuries. But recently i was watching a program and they were saying that this is currently becoming popular in US. In India, every region has its own name, in US they call as peer loans. Since the banks interest rates are high and varies depending upon your credit score, lot of people are preferring this. its a win-win situation for the lender and the borrower. the borrower gets it at a comparitively lower interest and the lender gets more interest for the money, than if he deposits in a fixed account. there are a lots of websites to check and be part of this growing community. However for us, this is old school and we know how it ends!
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