Heads up fellas, I heard about this on NPR today and gave it a gander... interesting little model the former CEO of e-loan has put together here. I'm thinking about throwing a couple hundred in and seeing how well it works. Any of you guys seen or heard anything about it?
www.prosper.com
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Let me know if you are able to actually collect. Its an interesting idea, however how can you expect to collect your money? What recourse do you have if they don't pay it up? How do you know the people aren't bankrupt?
I think its a terrible idea from a philosophical view. We need to stop borrowing money and start saving for what we want to buy.
I've read a little about this... this guy thinks it's a bad idea for the lenders unless you go with a person with a great credit rating (=not as much interest). A growing trend, i guess, although Mr. Z's comment stands.
Amen Blake, every dollar we lend/borrow depreciates currency further...not a good trend to perpetuate.
I'm just looking for a quick buck! No, actually... well yes, but... ah crap. Seriously though, you bring up a good point: There is a passage in Exodus that I ran across once and made me stop and think.
Ex. 25 "If you lend money to one of my people among you who is needy, do not be like a moneylender; charge him no interest.
Then there is another in Leviticus:
35 " 'If one of your countrymen becomes poor and is unable to support himself among you, help him as you would an alien or a temporary resident, so he can continue to live among you. 36 Do not take interest of any kind [a] from him, but fear your God, so that your countryman may continue to live among you. 37 You must not lend him money at interest or sell him food at a profit.
But here is the kicker in Deuteronomy:
19 Do not charge your brother interest, whether on money or food or anything else that may earn interest. 20 You may charge a foreigner interest, but not a brother Israelite, so that the LORD your God may bless you in everything you put your hand to in the land you are entering to possess.
... so, what do yall think? Anybody actually studied this at length? And how does it relate now in a world/ country that has it's very foundations based on borrowed money?
(ps. Mark wake up!)
Another for your reading... in Ezekiel, describing (5) "a righteous man who does what is just and right":
8 He does not lend at usury or take excessive interest. He withholds his hand from doing wrong and judges fairly between man and man.
Blake... and by the way, as far as guarantees and collecting past due money: it's all explained in their "FAQ" section. Basically it's the same proccess as traditional lenders. I will agree though, people could and probably do get on there and tell a bunch of crazy lies to sucker you in... but that said, they only have a 3% rate of delinquency accounts (plus 3 months past due)... which is when they are sent to collection agencies.
??????????
I wonder what Grandma would have to say about this...
PS, I win
Let me give you a quick summary:
1)The Jews are behind it
2)The Catholics are trying to be behind it
3)Ted Kennedy should be shot (Not really tied to the discussion but just as a matter of course)
obviously we're not really sure Clayton...or at least I'm not.
But I know that in their old age both Thomas Jefferson and John Adams (opposite political parties) both thought bankers were the most dangerous group to the freedom of the country.
Don't know what that means now...although I'm sure some people would equate the foreigner/Israelite rule to business vs. private deals.
Part of the question is is also tied up in questions of need and questions of want. If one of you guys needs money to pay your rent so you dont get kicked to the street, I'll give it to without interest or the expectation of paying it back.
However just bc you want a fast car you can't afford and are a Christian doesn't mean you shouldn't be subject to interest charges from me for my money.
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