My friend's prosper listing

[thepd7]

Originally posted by: alkemyst

Originally posted by: thepd7
If you are willing to lend her all the money why have you only bid $400? If you KNOW she will pay you back you should be bidding all $5k at 30%, that's a ridiculous return.

He said why.

Just because he has the $5k doesn't make it painless.

umm, if I KNEW someone was going to pay me back at 30% I would jump on it faster than anything you can imagine.

Think of if someone told you right now you can lock a CD up at 30% what would you do? You wouldn't be worried about whether the $5k is "painless" or not, would you?

Looks like this is riskier than Matt is letting on, signified by his willingness to only put in a few hundred. I've dealt with Matt and I trust him, him vouching makes me want to bid, but I am just so skeptical. I have friends that are bad with money and I LOVE them but I would never vouch for them. It's a tough situation.

 

[jpeyton]

If you're a US federal income taxpayer, you're already involved in a Prosper listing.

Wall Street banks with bad credit are about to get a $700+ billion dollar check from you.

So before you poke fun at the OP's friend, realize you (your children and your grandchildren) will be floating trillions to bail out banks with bad credit over the next decade or two.

 

[Tommouse]

Tell me if I'm crazy but is this even an idea?

Seems mjuszczak has a lot of faith in this person paying him back, yet doesn't have the funds to help her out all by himself. mjuszczak, why not get the loan yourself at a lower rate, and turn around and loan to her at a higher amount? Granted you would be at tremendous risk if she bailed, but you seem confident that she won't. So ... is that even an option? A good idea? Or legal? I have no idea I'm just throwing things out there.

 

[fire400]

Originally posted by: Tommouse
Tell me if I'm crazy but is this even an idea?

Seems mjuszczak has a lot of faith in this person paying him back, yet doesn't have the funds to help her out all by himself. mjuszczak, why not get the loan yourself at a lower rate, and turn around and loan to her at a higher amount? Granted you would be at tremendous risk if she bailed, but you seem confident that she won't. So ... is that even an option? A good idea? Or legal? I have no idea I'm just throwing things out there.

"I have no idea I'm just throwing things out there."

You have no idea. The family all together pulls in over 100K plus over time.

Cash the new Lexus, take the city bus. Make comprimises to survive with transportation.

You end up in the hospital, I bet they weren't thinking that far ahead, now were they? They're willing to ask for money, and just sit around?
-Why: 'cuz if all of them did part time work at a fast food, they'd pull in the income to pay it off in less than a year. But no, they do over time, so they can easily pay it off in less than two months, combined income.

I just don't get why people purposely make stupid decisions like this. Are they asking for a Hurricane Rita so that they can learn how to have ABSOLUTELY NOTHING? Thousands died because they simply didn't have a 24 hour spare-water kit.

There are people in worse situations than this, who're thousands and thousands of dollars behind, no job.

Fact: they have good paying jobs with over time.
Fact: only 5K, they make 100K/yr combined - that's nothing, make sacrifices, it's done.

Opinion: kid is wasting his time. you feel so damn sorry for this women? shouldn't the father be takin' the initiative? you act as the father, sell your damn car and take the bus, done.

Opinion: Op, women, husband, daughter are seriously on... start's with a "C," rhymes with Wack, second letter "R," - the C and R are capitalized, make no mistake.

I just don't get it anymore. Get off your wack brain cells and quit pan handling for 5K. If you can find a good job, you'd think you had enough cells to spare in scenarios like this one.

Good hell... take me away.

Don't lend your money, who cares if it's 30 perc. APR, they can figure it out their damn selves.

I've known a friend who's family was rich. Mom was on drugs, sold everything and became homeless. You sure she ain' on KRAK?

 

[Christobevii3]

What are the tax implications of the interest gained from lending money.

 

[imported_Lothar]

Originally posted by: Tommouse
Tell me if I'm crazy but is this even an idea?

Seems mjuszczak has a lot of faith in this person paying him back, yet doesn't have the funds to help her out all by himself. mjuszczak, why not get the loan yourself at a lower rate, and turn around and loan to her at a higher amount? Granted you would be at tremendous risk if she bailed, but you seem confident that she won't. So ... is that even an option? A good idea? Or legal? I have no idea I'm just throwing things out there.

Borrowing to lend on Prosper is almost a losing proposition. Makes little sense.

 

[manlymatt83]

Someone else bid. Hopefully Monday will be a good day for the listing. Perhaps not. Time will tell.

http://www.prosper.com/lend/listing.aspx?listingID=402439

 

[OrganizedChaos]

Credit profile is outright brutal....

 

[ultimatebob]

Originally posted by: Lothar

Originally posted by: alkemyst

Originally posted by: Lothar

Originally posted by: mjuszczak

Originally posted by: Lothar
30% APR?
I'll be walking away from this one by using "common sense".

What's so bad about that? Payday loans are much higher. Universal default rates at credit cards are sometimes higher. People are willing to pay higher rates in times of serious financial need. And plus, she started it high in the hopes that it would get bid down. But if it doesn't, it doesn't.

But not sure where you're "common sense" practice comes in.

The default APR on all my credit cards are nowhere near 30%.

I don't lend to subprime borrowers. Not in this kind of market.
Everything listed on her credit report screams "walk away".

In case you haven't noticed, no one else has but a bid on her loan besides you and it's been up for 3 days now.

First, you are hardly a 'lender'...the types that would take this 'bet' are few and far between.

The APR is fair for the risk.

Right now most aren't looking to lend money though...it's more a market thing than the person.

According to Prosper, I am.

And if the APR is "fair for the risk", why haven't you bid for it? Why hasn't anyone else bid for it?

Personally, I won't bid on any loans with a credit rating lower than "C" no matter how good the APR is. I want to keep my perfect track record for Prosper loans being paid on time if possible!

 

[manlymatt83]

One last try....
http://www.prosper.com/lend/li....aspx?listingID=407684

 

[imported_Lothar]

Originally posted by: ultimatebob

Originally posted by: Lothar

Originally posted by: alkemyst

Originally posted by: Lothar

Originally posted by: mjuszczak

Originally posted by: Lothar
30% APR?
I'll be walking away from this one by using "common sense".

What's so bad about that? Payday loans are much higher. Universal default rates at credit cards are sometimes higher. People are willing to pay higher rates in times of serious financial need. And plus, she started it high in the hopes that it would get bid down. But if it doesn't, it doesn't.

But not sure where you're "common sense" practice comes in.

The default APR on all my credit cards are nowhere near 30%.

I don't lend to subprime borrowers. Not in this kind of market.
Everything listed on her credit report screams "walk away".

In case you haven't noticed, no one else has but a bid on her loan besides you and it's been up for 3 days now.

First, you are hardly a 'lender'...the types that would take this 'bet' are few and far between.

The APR is fair for the risk.

Right now most aren't looking to lend money though...it's more a market thing than the person.

According to Prosper, I am.

And if the APR is "fair for the risk", why haven't you bid for it? Why hasn't anyone else bid for it?

Personally, I won't bid on any loans with a credit rating lower than "C" no matter how good the APR is. I want to keep my perfect track record for Prosper loans being paid on time if possible!

I don't bid on loans that have higher APR than credit cards.
That's part of the reason I said..."30% APR? I'll be walking away from this one by using "common sense".

Even if someone with an "AA" credit rating had a 30% APR, I would never bid on such a loan.
Why not just get a freaking credit card?

Like you, I also don't bid on anyone with less than a "C" credit rating.

 

[manlymatt83]

The listing is at 22% funded. Much further along than the last 3. I figured I would give this thread one more bump to see if I could guage any interest from ATOTers. Thanks.

 

[manlymatt83]

Now its 37% funded -- ending in 3 hours. Over 10 bids that aren't me.

One last try ATOT. Thanks for anyone who can help us/her out.

http://www.prosper.com/lend/li....aspx?listingID=407684

 

[mallik]

Originally posted by: ultimatebob
Personally, I won't bid on any loans with a credit rating lower than "C" no matter how good the APR is. I want to keep my perfect track record for Prosper loans being paid on time if possible!

Earlier in the thread you said you have lent many times and never had a problem. What do you look for? Do you just go by rating? How often have you lent out money?