dmarc117 Posted February 26, 2007 Share Posted February 26, 2007 http://www.prosper.com/ Quote Link to comment Share on other sites More sharing options...
wiegie Posted February 26, 2007 Share Posted February 26, 2007 It seems that there are people who want to borrow money at an interest rate of 20% so that they can pay off "High Interest Credit Cards". Quote Link to comment Share on other sites More sharing options...
MikesVikes Posted February 26, 2007 Share Posted February 26, 2007 If I don't get to break legs, than count me out. Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted February 26, 2007 Author Share Posted February 26, 2007 It seems that there are people who want to borrow money at an interest rate of 20% so that they can pay off "High Interest Credit Cards". no kidding.....plus the concept of loaning somebody i dont even know, with little or no collateral doesnt seem so appealing. but wait, their group leader will scold them and their rating will go down. Quote Link to comment Share on other sites More sharing options...
KevinL Posted February 26, 2007 Share Posted February 26, 2007 http://www.prosper.com/ Interesting. I may look into that further. Quote Link to comment Share on other sites More sharing options...
keggerz Posted February 26, 2007 Share Posted February 26, 2007 Interesting. I may look into that further. actually it is very interesting maybe sarge should take a look at this Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted February 26, 2007 Author Share Posted February 26, 2007 actually it is very interesting maybe sarge should take a look at this was thinking that, couldnt remember who was asking about small biz loans. for borrowing, looks interesting. but dont think i would lend. Quote Link to comment Share on other sites More sharing options...
keggerz Posted February 26, 2007 Share Posted February 26, 2007 was thinking that, couldnt remember who was asking about small biz loans. for borrowing, looks interesting. but dont think i would lend. takes the "when banks compete" to a different level Quote Link to comment Share on other sites More sharing options...
muck Posted February 26, 2007 Share Posted February 26, 2007 There is a HUGH market for non-bank lending ... whether its due to a borrowers' credit issues, untimely responses from the banks, odd-ball collateral, etc ... Quote Link to comment Share on other sites More sharing options...
muck Posted February 26, 2007 Share Posted February 26, 2007 It seems that there are people who want to borrow money at an interest rate of 20% so that they can pay off "High Interest Credit Cards". Well, if the CCs are charging someone, say, Prime + 15% because they were late once and the late payment coincided with being $14 over the credit limit ... and this borrwer can drop it down to 18% through something like this, great for them ... Again, there is a HUGH market for non-bank lending. Quote Link to comment Share on other sites More sharing options...
cdrudge Posted February 26, 2007 Share Posted February 26, 2007 no kidding.....plus the concept of loaning somebody i dont even know, with little or no collateral doesnt seem so appealing. but wait, their group leader will scold them and their rating will go down.When this thread was first started, I poked around on the site a little. The first one I read was from a long time financial advisor working near Wall Street that needed to borrow something like $10K@22% to help pay off some overdue bills. I would have a hard time lending any amount of money, no matter what the rate, to a financial advisor that fell behind on that much of bills. Quote Link to comment Share on other sites More sharing options...
wiegie Posted February 26, 2007 Share Posted February 26, 2007 no kidding.....plus the concept of loaning somebody i dont even know, with little or no collateral doesnt seem so appealing. but wait, their group leader will scold them and their rating will go down. There is some basic thoughts behind this idea that do have some value (as a matter of fact, the person who just won the Nobel Peace Prize is an economist who has set up a micro-credit bank). But the idea of group sanctioning there, seems like it will work a whole lot better than internet group sanctioning. I'm not going to lend any money here. The information asymmetries are just way way too high. Quote Link to comment Share on other sites More sharing options...
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