prosper.com: anonymously make phantom camwhores financially dependent on you!

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http://prosper.com/public/lend/listing.aspx?listingID=101755

so depresso

― Del Monte Young (ex machina), Wednesday, 21 February 2007 15:04 (nineteen years ago)

entrepreneuro

― temporary enrique (temporary enrique), Wednesday, 21 February 2007 15:06 (nineteen years ago)

I take it the prosper.com gets a cut of everything?

― Maria :D (Maria :D), Wednesday, 21 February 2007 15:11 (nineteen years ago)

FAQ?

― Del Monte Young (ex machina), Wednesday, 21 February 2007 15:13 (nineteen years ago)

Amateur loan-sharking.

― Ed (dali), Wednesday, 21 February 2007 15:17 (nineteen years ago)

See also

http://www.zopa.com/

― Ed (dali), Wednesday, 21 February 2007 15:19 (nineteen years ago)

wtf

― nathalie (stevienixed), Wednesday, 21 February 2007 15:26 (nineteen years ago)

i never read the fine print, how is that difft from other lenders?

― temporary enrique (temporary enrique), Wednesday, 21 February 2007 15:28 (nineteen years ago)

These jack off to your pic.

― nathalie (stevienixed), Wednesday, 21 February 2007 15:29 (nineteen years ago)

win/win

― Captain Purple Items (nu_onimo), Wednesday, 21 February 2007 15:29 (nineteen years ago)

God bless modernity

― they be stealin' kingfish's bucket (kingfish), Wednesday, 21 February 2007 15:30 (nineteen years ago)

welcome to the future

― TOMB07 (trm), Wednesday, 21 February 2007 15:33 (nineteen years ago)

Good god, the 'winning' loan is 22%!

So, let me get this right, I as a 'donator' loan this girl £1000 e.g., in the hope of earning myself £220 per year...

And this website shuts down 2 weeks from now and off to Nigeria with the proceeds...?

― M Grout (Mark Grout), Wednesday, 21 February 2007 15:35 (nineteen years ago)

after seeing a news report on it I checked the site out and it seems like a good business model. Not only loans have an interest rate that high. A borrower has to submit for a credit check and are then assigned to a category based on risk. obv the higher your risk the higher the loan rate.

― Ms Misery (MsMisery), Wednesday, 21 February 2007 15:37 (nineteen years ago)

Yea, like any biz on the internet couldn't do that? xpost

― Del Monte Young (ex machina), Wednesday, 21 February 2007 15:37 (nineteen years ago)

Yeah, but ...

― M Grout (Mark Grout), Wednesday, 21 February 2007 15:38 (nineteen years ago)

not surprised to see the rates way up above prime. when economist did a story about prosper and zopa they were talking about how low the rates were, especially in prosper's "groups," compared to similar consumer loans from banks. This was from the perspective that such a model was unsustainable for the lenders - so now it's all hovering around 20%, which makes more sense. It's funny/depressing that people are so incredibly fucking dumb that they'd "consolidate" their credit card debts to one big loan that's 4-5% more than their APR. Whatever.

― TOMB07 (trm), Wednesday, 21 February 2007 15:40 (nineteen years ago)

in the one linked above the girl is keeping her loans on 3000 of the 6000 she owes because she has better rates than with prosper. I suppose it all depends on how deep your shit is, and who with.

― Captain Purple Items (nu_onimo), Wednesday, 21 February 2007 15:42 (nineteen years ago)

http://prosper.com/listing_images/100426/1678424635_medium.jpg

Dunno who would jack off to that picture.

This is totally the hott or not site in disguise.

― nathalie (stevienixed), Wednesday, 21 February 2007 15:42 (nineteen years ago)

"Prosper charges a 1% or 2% loan closing fee each time a loan is funded. The amount of the fee depends on the borrower's credit grade, and is paid by the borrower at the time a loan begins. In addition, Prosper charges lenders an annual loan servicing fee of 0.5%-1%, depending on the borrower's credit score, which accrues daily along with the loan interest."

― Maria :D (Maria :D), Wednesday, 21 February 2007 15:43 (nineteen years ago)

if you have the spare change to lend somebody and want to take your chances on extremely high credit risks this sure as hell beats the returns on any mutual fund.

which is the problem - this is just giving middle class folks the opportunity to profit by disabusing the poor of money they don't even have. I wonder if PS' employer has taken a look at this shit. Pay-Day Loan!

― TOMB07 (trm), Wednesday, 21 February 2007 15:45 (nineteen years ago)

I can't decide if I think it's evil or good. It's another form of micro-lending.

― Maria :D (Maria :D), Wednesday, 21 February 2007 16:37 (nineteen years ago)

the social component of it is creepy

― Del Monte Young (ex machina), Wednesday, 21 February 2007 16:52 (nineteen years ago)

yay for the power of the market

― they be stealin' kingfish's bucket (kingfish), Wednesday, 21 February 2007 16:53 (nineteen years ago)

in a way it's better that people are doing this to each other than the fucking banks. it's neat to see how the groups thing on prosper pretends they can enforce some kind of control on a wholly imaginary trust network - the thing is, that kind of thing is actually pretty effective as a placebo! look at the rates you get as a veteran!

the social component of usury has always been fucking creepy, jon. now everybody gets to see how bankers fuck us, maybe the bankers won't have so much room to fuck us so hard after a while.

― TOMB07 (trm), Wednesday, 21 February 2007 16:59 (nineteen years ago)

I believe this is marketed as a solution to the horror of pay-day loans.

― Ms Misery (MsMisery), Wednesday, 21 February 2007 17:16 (nineteen years ago)

yeah but how many payday lender ~~customers~~victims are on the series of tubes and can join an appropriate group?

― TOMB07 (trm), Wednesday, 21 February 2007 17:33 (nineteen years ago)

series of tubes

?? Is this new slang for the interwebs?

― Ms Misery (MsMisery), Wednesday, 21 February 2007 17:40 (nineteen years ago)

http://prosper.com/public/lend/listing.aspx?listingID=101072

― Del Monte Young (ex machina), Wednesday, 21 February 2007 21:48 (nineteen years ago)

this sort of thing could be great down the road when more people get involved and the rates drop lower than banks cause low overhead etc.

obv a lot of kinks have to be worked out along the way.

also it'll fuck banks/credit card companies!

― jhoshea (jhoshea), Wednesday, 21 February 2007 21:54 (nineteen years ago)

REBizGuy is a cock.

― milo (milo), Wednesday, 21 February 2007 22:20 (nineteen years ago)

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