Neither be a borrower near a lender be

[royalfan5]

so right now on CNBC their are talking to a company who is trying to be the e-bay of personal loans. I.e. It is a service where you can loan your money to people who want borrow it via the internet. They are aiming for small personal loans. I don't loan people I know 50 bucks, let alone loaning it to random people on the internet. Conversely, if need a loan and can't get it from a reputable bank, I probably shouldn't be getting the loan in the first place.

Here's the company http://www.prosper.com/public/welcome/default.aspx

[NormanPride]

Stupidest. Idea. Evar.

[mdklatt]

If you want to make money off of loans put money in an interest-earning bank account.

[yermom]

if they insure the loans somehow, that could be interesting...

i'm sure there are plenty of people out there that need to build credit again, or for the first time that might take a pretty exorbitant rate on a loan, even 5% would enough to get more than any savings account i've seen around

[mdklatt]

if they insure the loans somehow, that could be interesting...


A service that lets you earn interest on your money by loaning it out while at the same time protecting that money for a nominal share of the profits--you mean like a savings account at a bank? ;)

[yermom]

yeah, but if you can set your interest rate that is a lot more than a savings account


all you need is Guido to go rough people up when they don't pay ;)

[IronSooner]

Is that the same one where people trade favors? I'd read about another where people who, say, kickass at fixing up guitars, will trade that service for someone who's good at repair washing machines. Interesting to see how that works.

[LoyalFan]

I've never been a borrower 'cept for one occasion when I wanted to see if a certain "friend" was, as he proclaimed, a true friend. I borrowed 1200 bux, but insisted on leaving my best deer rifle as security. We named a date for repayment with the proviso that if I was late HE kept the rifle, no matter what. No partial payments. Lump sum, or else.

I waited until the very last tick of the clock and appeared with the money. It was, in fact, the same cash he'd handed me a month before. I'd only transferred it to another envelope.

When I handed the cash to him, having added another hundred as uncalled-for interest, he actually cursed. He really wanted that rifle! I never spoke to him again, save for courteous greetings when we met on the street.

His wife called some weeks later to ask why I hadn't been around. I asked her to guess why...she did, and agreed with my assessment of his "friendship". She said she'd already guessed that and was sorry for his behavior.

On the other side of the ledger: If I could collect, without interest, all the money that I've lent and has never been repaid, I'd be several thousands richer. This includes amounts varying from 10 bux to 5700 bux (lent to an MD who skipped town within a week.)

To be fair, I've had about a 75% recovery rate over the last few years. Repayments have been far more common among those who struggle the most to do so. Somehow I'm not surprised.

I'll have to admit I'm the male equivalent of Ado Annie..."I caiiiin't sayyyyy noooooo."

LF

[mdklatt]

I've never been a borrower 'cept for one occasion when I wanted to see if a certain "friend" was, as he proclaimed, a true friend.

I thought only chicks did stuff like this.

[LoyalFan]

Nope, not when the guy had been telling me for two years that I was his best bud and that no favor was too much to ask. A mutual bud had his doubts about the guy and we hatched the plot. Suspicions confirmed.

LF

[Stitch Face]

Too many "be"s.