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kenoodo
Lifeless Person
Joined: 17 Jul 2005
Posts: 1092
Location: MengDai
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 Posted: Wed Nov 28, 2007 9:34 am Post subject: Strangers loan money on Internet |
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| Quote: | Story Highlights
People are seeking loans from strangers online
Purpose is debt consolidation, small businesses, entrepreneurs
They post stories, photos in their appeals
The idea is to get better rates than from bank
(AP) -- Colin Nash, 35, was struggling with $12,000 in credit card debt late last year. Meanwhile, Michael Fisher, 24, was looking for a new investment. So, Fisher loaned Nash $200.
The two men, however, had never met.
Nash and Fisher are members of Prosper.com, the U.S. leader in a growing trend known as peer-to-peer lending, which facilitates loans between complete strangers.
Social lending has been around since the days when needy families turned to the richest man in town, but the Web is breathing new life into the practice. Loans on Prosper and Facebook's LendingClub have risen to $100 million this year from $27 million in 2006, according to Online Banking Report. By 2010, the report forecasts $1 billion in peer-to-peer loan originations.
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Get more here.
Have you ever think that you can borrow money from strangers? Or you are among these who are doing new investment like this?
I don't think it is a good idea to make a website into a bank. Bank offers you the credit card, and you spend more than you can pay for and now you get an other way to borrow money and pay for your bank bill. Oh, how much money are you going to put in you debt? I think that would only make things worse. And since the loan is between strangers, who are doing this through websites, who or what can guarantee the loan, or the investment, is safe?
We have already learned that to loan money to anybody would be a risk, and what it would be to lend your money to strangers? |
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marinaroz
Grey Scaled
Joined: 04 Mar 2004
Posts: 2876
Location: Israel
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| Posted: Thu Nov 29, 2007 6:14 am Post subject: |
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I think it's not such a bad idea, as long as everyone is honest. I mean, banks mostly rob you blind. Whether you're looking to take a loan or to invest, the bank ends up with a good chunk of your money. In this 'loan club' idea, everyone wins. As long as everyone is honest and people don't just take someone else's money and make a run for it. Which might be a problem.
The person who invests is taking a definite risk here. I wouldn't have done such a thing myself.
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kenoodo
Lifeless Person
Joined: 17 Jul 2005
Posts: 1092
Location: MengDai
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| Posted: Thu Nov 29, 2007 7:42 am Post subject: |
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| marinaroz wrote: |
The person who invests is taking a definite risk here. I wouldn't have done such a thing myself. |
 I see you point, and most of the people would be like you.
Get money from there is not a bad idea, but to put your money in, that is an other kind of story.  |
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M0ose
SPAMMING IST VERBOTEN!
Joined: 10 Nov 2004
Posts: 1552
Location: I am 48.
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| Posted: Thu Nov 29, 2007 10:22 am Post subject: |
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I've loaned out cash before. Nothing huge, but like $10. It's a risk, sure, but I hope someone would do the same for me if I needed it.
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Kovacs
El Caudillo
Joined: 12 Jun 2005
Posts: 1403
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| Posted: Thu Nov 29, 2007 11:03 am Post subject: |
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I once borrowed $8 from Logan. I still owe him it, but he insisted he didn't want it back. And now he isn't even active here, but Logan... if you see this I still owe you, so just cash in whenever 
I could e-mail him... but no  |
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Stwong
Lifeless Person
Joined: 25 Dec 2004
Posts: 1361
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| Posted: Thu Nov 29, 2007 11:09 am Post subject: |
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E-mail Logan an $8 bill, Kovacs. You know you want to.
Don't let the fact that you'll have to find some famous historical American figure's portrait and photoshop it in along with a thousand other things bother you. Photoshop an $8 and send it by e-mail to Logan.
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Perpetual
Narcissistic Megalomaniac
Joined: 02 Jul 2004
Posts: 1113
Location: In Your Head
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| Posted: Wed Dec 12, 2007 2:16 pm Post subject: |
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I have lent out around $6500 in the past year, only $1750 has been repaid. It has ruined a good friendship ($2600 loan) I have lost family over a $3000 loan to my biological dad.
What I have learned is not to loan money to people I know or care about because it only creates problems and an empty bank account.
Its kinda sad when you loan your father money and he turns around and tries saying "you didnt loan me anything". Even though I have his signature on the cashed check and has stated in writing that the money is owed...but anyways.
My new favorite quote is "No I won't lend you money, I want to continue to be your friend"
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martinz
Grandmaster Poster
Joined: 01 Oct 2007
Posts: 287
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| Posted: Thu Dec 13, 2007 2:01 am Post subject: |
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I tend to agree that lending out money is easy, taking back the amount is tough. This is my experience and thats why banks and financial institutions require declarations of individuals creditability before the loan process.
While banks and financial institutions can have much resources to pursue bad debts, individuals lending the money out do not. How can they be assured to get the money back? |
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clpo13
Zarkin' frood
Joined: 18 Nov 2005
Posts: 1210
Location: Washington
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| Posted: Thu Dec 13, 2007 5:13 am Post subject: |
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Solution: don't get into situations that require you to borrow money.
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M0ose
SPAMMING IST VERBOTEN!
Joined: 10 Nov 2004
Posts: 1552
Location: I am 48.
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| Posted: Thu Dec 13, 2007 12:50 pm Post subject: |
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| clpo13 wrote: | | Solution: don't get into situations that require you to borrow money. |
That isn't always easy. Sometimes we all need that little helpful sum. I know my family has.
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Perpetual
Narcissistic Megalomaniac
Joined: 02 Jul 2004
Posts: 1113
Location: In Your Head
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| Posted: Thu Dec 13, 2007 3:13 pm Post subject: |
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| clpo13 wrote: | | Solution: don't get into situations that require you to borrow money. |
I remember the days of living paycheck to paycheck, I remember borrowing money numerous times. You would run into those times that rent/mortgage was due, bills due and an unexpected problem arises. Maybe something like out of work because of sickness, car breaking down or the such...not much you can do about it.
Only real solution is to get a better education and a better job. But then even people that have high paying jobs still take out loans.
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nepsydaz
Lifeless Person
Joined: 16 Mar 2005
Posts: 873
Location: kathmandu
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| Posted: Sun Jan 13, 2008 1:00 pm Post subject: |
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I never would take such a risk to borrow my money to just some strangers on the internet. We can never be sure that we will get our money back. And I never would take a loan on the internet too because I do not need to take a loan at the moment and I do not want to pay the high interest rate.
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RohitMalhotra
The Crazy One
Joined: 14 May 2005
Posts: 856
Location: __________ ~~/[[[zzz::: Some Where In The Northern Sector :::zzz]]]\~~________
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krt
...
Joined: 11 Jan 2005
Posts: 4765
Location: Down Under
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| Posted: Sun Jan 20, 2008 2:04 am Post subject: |
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| RohitMalhotra wrote: | | any body willing to loan me money .. you have nothing to gain .. just the satisfaction of giving me money .. ehat an interesting thought |
Favours are often returned, even in the low form of interest for monetary loans. However, I am unsure about doing this online and with strangers. |
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coralvalley
Lifeless Person
Joined: 17 Nov 2004
Posts: 918
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| Posted: Mon Feb 18, 2008 9:35 pm Post subject: |
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| In theory I do not think it is a really bad idea and I do think that the person who is lending the money is probably putting out more of a risk than the person who is borrowing money from another person. However, I would imagine for someone who is down in their financial situation, this might be the chance to get back on their feet again without all of the terms that goes along with a big bank and their tacked on interest charges and more hounding you. I suppose if people were really honest and on the up and up with the whole practice, it might be a very good thing. Of course there is always the chance that someone could run off with someone else's money and the person looking to invest in something takes a major loss. It's a bit of a gamble and while it is not necessarily something for me, it does sound like a novel idea to say the least. |
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