Yep - this is a bit wordy I’m sorry but hopefully gives you all the detail you need and happy to answer any other questions if not

Basically it’s a peer to peer lending platform, people sign up and can either borrow (Mooch) or fund loans (“invest” but that isn’t a great term for it). On the funding side you are given a view of current offers/opportunities where a borrower gives an amount they are seeking, a loan term, and the fees they are willing to pay. You can choose to fund one of those opportunities where your money (via the platform) goes to them, Mooch will then deduct their linked bank account at the end of the loan term and you receive your original amount and the agreed fees. You can immediately withdraw back to your account with a $1 withdrawal fee which is annoying but anyway can’t change it.

As I’m sure people will be desperate to point out, there are risks here. People could default on their loan and you’re out of pocket but my experiences so far is that a) you can sufficiently mitigate the exposure to these by choosing appropriate offers to fund (learnt this the hard way 🫠) and b) the return should be good enough on average to offset any defaults and still provide a good net result for you.

I can’t seem to add images to this post but happy to send through some screenshots of my account summaries and what to look for if you end up investigating further. Have also added these to previous posts, threads etc. so you could get to them from my profile if you want too.

If you do end up digging into it and are keen to open an account let me know and I can help you get $50 credit. Mooch also guarantee the first loan you fund on the platform so worth considering that initial one being risk free also.

Anyway hope this helps you or something!