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Radeky
 
I'm game for this.
Old 02-21-2007, 03:44 AM Radeky is offline  
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#16  

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ZQ
 
i don't have any to loan, or a need to borrow, but i'll join up in the case that i need/can do one or the other.

is this considered for credit? seems a bit too 3rd party.... like a loan eBay...
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Old 02-21-2007, 12:13 PM ZQ is offline  
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#17  

Radeky
 
It says that borrowing will influence, because they actually do a credit check on you, etc.
Old 02-21-2007, 01:27 PM Radeky is offline  
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#18  

Talenos
 
Yeah for borrowing it's the same as a regular loan that you would take out and it gets reported if you default as well.
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Old 02-21-2007, 09:28 PM Talenos is offline  
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#19  

V.valo
 
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I have 6 accounts, my whole family does this.
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Old 02-22-2007, 04:30 AM V.valo is offline  
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#20  

V.valo
 
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I have, got a loan for 5k actually for a car.
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Old 02-22-2007, 04:33 AM V.valo is offline  
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#21  

Trachei
 
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Quote:
Originally Posted by V.valo View Post
I have, got a loan for 5k actually for a car.

was your rate better than a bank offer? How did your experience and loan compare to a regular bank loan?
Old 02-22-2007, 12:54 PM Trachei is offline  
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#22  

mathlete
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I will watch this for a couple months before I consider joining. It's very tempting though, I have a lot of money that's only making 5% interest.
Old 02-22-2007, 12:57 PM mathlete is offline  
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#23  

The Meat King
 
Scammer potential seems gargantuan
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Old 02-22-2007, 01:46 PM The Meat King is offline  
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#24  

L1n34r_3urn()
 
Quote:
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Scammer potential seems gargantuan
That is really whats worrying me the most. Is there any type of insurance for someone lending money?
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Old 02-22-2007, 02:40 PM L1n34r_3urn() is offline  
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#25  

ceejamon
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It's an interesting idea, but there's no way I'd loan anybody money on it. Borrow? Sure, I guess. But the thing is, people with good credit can get better rates elsewhere. Here are 2 articles that weight the possibilities:

http://www.finance-weblog.com/502267..._will_fail.php
http://www.finance-weblog.com/502267...ll_succeed.php
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Old 02-22-2007, 05:09 PM ceejamon is offline  
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#26  

mathlete
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Quote:
Originally Posted by L1n34r_3urn() View Post
That is really whats worrying me the most. Is there any type of insurance for someone lending money?

No, that would defeat the purpose. You can't profit without risk so easily.
Old 02-22-2007, 05:18 PM mathlete is offline  
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#27  

Don
 
Quote:
Originally Posted by L1n34r_3urn() View Post
That is really whats worrying me the most. Is there any type of insurance for someone lending money?

sure, but it'll probably eat all your profits.
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Old 02-22-2007, 05:42 PM Don is offline  
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#28  

Dan
 
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Quote:
Originally Posted by The Meat King View Post
Scammer potential seems gargantuan

Theres default potential, of course

But that person is then subjecting themselves to ruining their credit report preventing any future credit and having collections after them

Its not as simple as just take the money and run
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Old 02-22-2007, 06:49 PM Dan is offline  
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#29  

odd
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Yeah, plus I think that you spread out the loan in little amounts to different people so if someone defaults you really don't lose that much. ie instead of loaning one person $50 bucks, you loan $10 bucks to 5 different people.
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Old 02-22-2007, 08:15 PM odd is offline  
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