techentrepreneur Posted August 29, 2008 Report Share Posted August 29, 2008 Hey everyone, just curious if anyone here has tried peer to peer lending programs like Prosper.com, Lendingclub.com, Zopa, etc. They have been becoming more popular since the traditional credit industry is tightening their standards. The other cool thing is that you are getting money from other regular people and not a big faceless bank. They do qualify you, but you can almost guarantee getting a listing (at least on prosper). Probably 70% of the people on there are consolidating debt or paying off credit cards.At the very least it is something to keep in mind in these hard economic and financial times!They also have groups on there that are often started by people that work together, family, etc. It may make sense for us to start a group to help each other out if people are interested. Link to comment Share on other sites More sharing options...
isislc Posted August 31, 2008 Report Share Posted August 31, 2008 Some of us have already tried that route. Most here have found that if you have crap for credit, you will get no funding, if you're in a state that has interest restrictions, again, no funding. Yes for some, it is a good idea but most of the people on this website are here because they don't have the scores to even get a credit card. Link to comment Share on other sites More sharing options...
AboveAverage Posted September 1, 2008 Report Share Posted September 1, 2008 I like Prosper only to see how much of a letter grade I've gone up. Right now I'm a "C" but I started out a "E". As an E, I could not get funding for a $1000 because before they rose the allowable interest I was capped at 13%. Now I can go higher, but at this point....I dunno.....I would really need a good reason to borrow $1000 and at the high rate too. Link to comment Share on other sites More sharing options...
techentrepreneur Posted September 4, 2008 Author Report Share Posted September 4, 2008 That sucks! I guess its not as much of a dream come true as they make it seem. Still though, if you can, it seems better than dealing with a bank. Link to comment Share on other sites More sharing options...
AboveAverage Posted September 5, 2008 Report Share Posted September 5, 2008 That sucks! I guess its not as much of a dream come true as they make it seem. Still though, if you can, it seems better than dealing with a bank.Unless you are a AA (grade, not my initials...LMAO) with no delinquencies and are the "dream" debtor (e.g. there is no question that you will pay your loan back), it will be a b---h to get funded. I have pretty much given up on Prosper. It really is too much work and the price is just too high. Just like NACA, if I have to work that hard for it, I'd rather go the traditional route anyway. Link to comment Share on other sites More sharing options...
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