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The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > Let's talk about peer-to-peer lending!!
 
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Konstantin
Jun 20, 2005
And the Lord said, "Look, they are one people, and they have all one language; and this is only the beginning of what they will do; nothing that they propose to do will now be impossible for them.

Briantist posted:

I borrowed from Prosper years ago, and I didn't have any trouble paying more than the minimum without contacting support and without permanently raising my payment. I paid the 3 year loan off in less than a year.

My experience way back then was that it was ridiculously easy to borrow the $6,000 I wanted. I didn't do a good job of reassuring lenders that it would be paid back or justifying my reasons for borrowing, I didn't post detailed income/expenses and it was still funded easily. I imagine that after the crash it's different now.

A lot of investors don't care about that, they make their investment decisions purely off of the numbers. If you have the right credit score, you can probably get a loan even if you say you will use it to become insanely rich in Vegas by using a foolproof system to beat roulette.

* # ¿ Jun 18, 2013 04:10
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# ¿ May 5, 2024 22:19
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Konstantin
Jun 20, 2005
And the Lord said, "Look, they are one people, and they have all one language; and this is only the beginning of what they will do; nothing that they propose to do will now be impossible for them.

Saint Fu posted:

My unscientific guess based on experience is that about one third to one half of the notes I order don't end up going through. I would guess that the rejection rate gets higher with higher rate loans since these borrowers are even less likely to meet LC's underwriting criteria.

Why would LC not issue loans if they have the funding for them? From what I understand they are just a middleman and lose nothing if the loan defaults, so what do they gain by refusing to process loans for people who don't meet some criteria?

* # ¿ Nov 1, 2013 08:09
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The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > Let's talk about peer-to-peer lending!!