Let's talk about peer-to-peer lending!!

The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > Let's talk about peer-to-peer lending!!

SiGmA_X: May 3, 2004; SiGmA_X

Who would I write at the state legislature level to ask to allow peer to peer in Oregon? Any other Oregon goons want to spam mail the reps too?

# ¿ Feb 14, 2014 00:29

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# ¿ May 19, 2024 03:18

SiGmA_X: May 3, 2004; SiGmA_X

Alternatively, how.....would it be to register at my family vacation home in a different state? Is is based off of the state of my legal residence? I don't want to break the law, but I'd love to start playing with LC...

# ¿ Feb 14, 2014 04:58

SiGmA_X: May 3, 2004; SiGmA_X

baquerd posted:

Hypothetically, if you just lied there would be no verification.

Is there no way the IRS would find out? I know they don't enforce it, but if the person was up for an audit... Sketches me out. I couldn't do it because it would be an ethics violation, so I hope OR/WA get their poo poo figured out and allow P2P lending.

# ¿ Jul 8, 2014 04:59

SiGmA_X: May 3, 2004; SiGmA_X

I thought it was a state law thing. I know very very little about this aspect of investing... Could I simply use a PO Box in a different state?

# ¿ Jul 8, 2014 22:36

SiGmA_X: May 3, 2004; SiGmA_X

baquerd posted:

The restriction is there because you're obviously too poor to understand what you're investing in. You have now reinforced the idea you don't understand what you're doing by asking this question instead of clicking the other radio button.

Ah, got it! Thanks!

It's America, gently caress ethics?

# ¿ Jul 9, 2014 05:57

SiGmA_X: May 3, 2004; SiGmA_X

Gothmog1065 posted:

What does Lending Club use to calculate it's APR? I've got decent credit (~700), the wife and I make >70k a year, and I would like to consolidate my credit cards and possibly pay a little less a month than I am now, but when I do Lending Club's site, it will never give me anything below 25%. At this rate I'll just attempt a consolidation loan with my credit union, but that's kind of ridiculous it won't even look at giving me a decent rate.

e: I see where I asked a similar question, but it's kind of stupid that it's trying to shove 27% APR down my throat and my credit isn't even that bad.

Why don't you try to do a 0% credit card balance transfer?

# ¿ Mar 14, 2015 03:07

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# ¿ May 19, 2024 03:18

SiGmA_X: May 3, 2004; SiGmA_X

Gothmog1065 posted:

The only question is would this apply even if the balance is larger than the limit itself? That's probably the only real reason I haven't done that yet.

I guess it depends on your creditworthiness... If you were approved for a 4k limit, you could transfer 4k of the debt over. 10k, transfer 10k over. I'm not sure what card would be the best bet for a high limit, Chase has given me the highest limits of the various banks I have credit with and frequently has 0% offers I believe?

I think the key thing in any regard is that paying the card off faster will help a lot more than a lower interest rate, but if you're at 20%+ and can get 0% for 12-15-18mo for 0-3% transfer fee, depending on your balance and payoff time that can save you a fair bit of money.

From reading Chase's page, I think you want the Slate card as it offers 0% transfer fee if done w/in 60 days, and 15mo 0% interest. Get it paid off real quick and its worth it as it is (I expect) really low effort for a substantial interest reduction. https://creditcards.chase.com/credit-cards/slate.aspx

# ¿ Mar 14, 2015 05:26

The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > Let's talk about peer-to-peer lending!!