patioar Posted November 13, 2006 Report Share Posted November 13, 2006 I may wind up loosing this in court, as they have the contract, and it states that they arranged the financing, but did not finance it...Even though the checks were made out to them and the return endorsement on the back was from them. I'm waiting for my Atty's thoughts. I could settle out of court for about 1/2 of what they might get in court...if it comes to that...but I don't have the $$, and am just looking at possibilities.In the mean time I received an invitation to join an online group of private lenders...where they bid on your loan...for more info please see my post on the loans & financing forum.Where can I check out if this is legal and reasonably safe??? Thanks,Patti Link to comment Share on other sites More sharing options...
admin Posted November 14, 2006 Report Share Posted November 14, 2006 You mean the "prosper" group in credit boards? It looks legit - but you have to remember this group is making money - so it is a business. It's also not regulated by the banking industry. I haven't heard complaints yet. Link to comment Share on other sites More sharing options...
direred Posted November 15, 2006 Report Share Posted November 15, 2006 I don't know how well Prosper is going to do, but I happen to be fascinated with the concept.Borrowers are rated based on their Experian ScoreX (AA, A, B, C, D, E, High Risk, or No Credit). I'm currently an E.Information about them is summarized. For example:Now delinquent: 1 (unpaid chargeoff)Delinquencies in last 7y: 17 (since I have 4 negative tradelines, I'm assuming this counts each instance of lateness)Public records: 0First recorded credit line: Mar-1992Total credit lines: 50Inquiries in last 6 months: 7Debt to income ratio: 13%That's what the lenders see, so your request for a loan should address the derogatory information. Link to comment Share on other sites More sharing options...
patioar Posted November 15, 2006 Author Report Share Posted November 15, 2006 Yes, it's the Prosper group. I spent 6 hours online checking it out, and when my bank couldn't help me to the extent I needed....I answered the invitation.My request is almost funded (92%) in less than 12 hours. I followed their advice when writing my listing. The rates are high, but there is no prepayment penalty. As it stays on longer people can bid down the interest %. It is a new concept....but if they can take a chance on me, I can on them also. Link to comment Share on other sites More sharing options...
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