NSR: Maggot group on Prosper.com

[huck4bucks]

Prosper.com will let you buy your season pass, or gear without paying your credit card company 20%+ interest. Pretty cool idea.

Disclaimer: Although I have nothing to do with this company, this might sound like spam....if you are sensitive to spam, please click back immediately. People with spam alergies should come nowhere close to this thread.

Prosper.com is a new person-to-person lending site from the guy who started eLoan.com. It allows people to connect and lend each other cash for bill consolodation, home improvement, purchases, etc. You'll pay maybe 6-11% instead of the 17-24% that your credit card charges you.

I have started a borrowing group on Prosper.com for Maggots. Here's what I'm thinking...since groups will get lower rates on loans, it'll benefit all of us who need some extra cash for new gear, a big trip, a new business idea, or to cut down our debt. In addition, if a loan is processed within our group, the group gets a small percentage everytime that person makes a payment on time and a small fee when the loan begins. Personally, I think this money should go back to Maggotdom in a philatropic form...say a donation to Keep Winters Cool, or a 'Help a Mag in Need Fund'. As with everything else, we can take a vote on what to do with the proceeds....Maggots are a self-governing people.

Here's the link to our group.

The rates that we can get on cash are way better than you can get with a credit card, so you can buy your pass or that new setup using this method and save yourself some cash in interest payments.

I hope we get a bunch of mags to sign up for this, because the more people we have in our group, the lower the rates we'll all receive.

In addition, if you're in a position to lend money, you can endorse our group and make us look even better.

[joshbu]

Does prosper.com underwrite the loans? Do they send people to collections when they bail on the payments? Do they have a method for running potential borrowers credit report?

[huck4bucks]

Yes, Yes, Yes

[smmokan]

I can only imagine what this would do to your credit score. Sounds like thousands of lawsuits waiting to happen.

[huck4bucks]

The best part is if anyone from our group is late or defaults on their loan, we ALL hear about it. Talk about peer pressure.

[smmokan]

By "best", you mean "worst", right?

[huck4bucks]

Depends on if you like defaulting on your loans.