entrepreneuro
I take it the prosper.com gets a cut of everything?
FAQ?
Amateur loan-sharking.
See also
wtf
i never read the fine print, how is that difft from other lenders?
These jack off to your pic.
win/win
God bless modernity
welcome to the future
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...?
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.
Yea, like any biz on the internet couldn’t do that? xpost
Yeah, but ...
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.
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.
Dunno who would jack off to that picture.
This is totally the hott or not site in disguise.
“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.”
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!
I can’t decide if I think it’s evil or good. It’s another form of micro-lending.
the social component of it is creepy
yay for the power of the market
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.
I believe this is marketed as a solution to the horror of pay-day loans.
yeah but how many payday lender customersvictims are on the series of tubes and can join an appropriate group?
series of tubes
?? Is this new slang for the interwebs?
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!
REBizGuy is a cock.