Peer-To-Peer Lending: A Prototype For The Future Of Mortgage Lending

RE:Peer-To-Peer Lending: A Prototype For The Future Of Mortgage Lending

Donna — Wed, 16 Apr 2008 11:00:00 GMT

I need information about borrowing money from a lender to purchase a vehicle. How do I go about this? Is this a service that can help me? My credit score is only 600. The problem I am facing is the financing thru a dealership. I have a job that pays me in cash and also my SSDI income. The financing banks will not help me because to them it looks like I have 0 income. However, I make $1900/month.

RE:Peer-To-Peer Lending: A Prototype For The Future Of Mortgage Lending

Skeptical — Sun, 13 Apr 2008 11:00:00 GMT

Why can I find no comments from lenders or borrowers who have had a good experience with Prosper or Zopa? Any lenders who have received their money back yet much less the interest. Any borrowers who have received the money loaned and repaid it?

RE:Peer-To-Peer Lending: A Prototype For The Future Of Mortgage Lending

Rockboy — Sat, 05 Apr 2008 11:00:00 GMT

I keep seeing information about this new company launching called Loanio. Does anyone know about this one?

RE:Peer-To-Peer Lending: A Prototype For The Future Of Mortgage Lending

Bond — Thu, 28 Feb 2008 13:00:00 GMT

Not only in banking is this shift in paradigm happening. It's also becoming valid in terms of how people are insured, as can be seen at: http://www.peertopeerinsurance.com Obviously, the discourse is gravitating towards platform. As social media becomes more important, the solution will be defined in terms of who can provide a softer landing on simple services in a world that's becoming more and more connected.

RE:Peer-To-Peer Lending: A Prototype For The Future Of Mortgage Lending

J Dawson — Wed, 30 Jan 2008 13:00:00 GMT

The up and coming Prosper competitors are starting to slowly emerge in the US and from other countries. The two US based companies I have found have been loanio.com and fundmynotes.com There hasn't been much news aside from they are going to be launched sometime in early 2008.

RE:Peer-To-Peer Lending: A Prototype For The Future Of Mortgage Lending

Kenny — Thu, 03 Jan 2008 13:00:00 GMT

I borrowed $2500 through Prosper in Dec. 2006 and just paid the loan back early in Jan. 2008. The loan application process was rather difficult, having to fax documents and then verify my phone number, address, etc., but after getting through that, the loan was quickly funded and the money put in my account. Overall it was a good experience.

RE:Peer-To-Peer Lending: A Prototype For The Future Of Mortgage Lending

dave — Tue, 18 Dec 2007 13:00:00 GMT

Lenderwoman: Prosper "lenders" are really "loan purchasers" - Prosper actually issues and services the loan, and sells the promissory note to the individual "lender". Prosper ends up servicing hundreds of small promissory notes for a single loan. Any payment the borrower makes is distributed to the individual "lenders" proportionate to the value of their note. I haven't had a loan default yet, and my portfolio is skewed toward the riskier end of the spectrum.

RE:Peer-To-Peer Lending: A Prototype For The Future Of Mortgage Lending

jack — Sat, 23 Jun 2007 11:00:00 GMT

I like the idea except for the group one. I do not think it is a good idea to group people to lend/borrow money. It is a creative way to cut off middle man & leverage the P2P power

RE:Peer-To-Peer Lending: A Prototype For The Future Of Mortgage Lending

Lenderwoman — Sat, 26 May 2007 11:00:00 GMT

While these loans are unsecured or secured, they sound a lot like the 2nd Trust Deed businesses that were popular in the 1980's. Perhaps there are many companies inthat business. BUT - when a loan goes bad, and it has many investors, untangling who gets what (like the % ownership of a home after forclosure) can be a nightmare. So, any potential lenders should read the fine print and find out the who, what and how on a defaulting loan. For me - it's 100% ownership or none.

RE:Peer-To-Peer Lending: A Prototype For The Future Of Mortgage Lending

virginia — Sat, 11 Nov 2006 13:00:00 GMT

I think this is a great idea. Everyone wins, I have a feeling they are going to make it and be bigger than ebay or eloan. Keep up the good work.