I have recently been investing in some notes on the Lending club social lending site and I am quite startled at the volume of requests for debt consolidation loans often at rates that make me feel uneasy given my unpleasant crawl of paying off credit card debt years ago.
When put your own money at risk you can sometimes understand why banks charge the rates that they do on unsecured debt.
Full Version: So many Debt Consolodation Loans at The Lending Club
QUOTE (JOLTY @ Sep 26 2009, 12:56 PM) 
I have recently been investing in some notes on the Lending club social lending site and I am quite startled at the volume of requests for debt consolidation loans often at rates that make me feel uneasy given my unpleasant crawl of paying off credit card debt years ago.
When put your own money at risk you can sometimes understand why banks charge the rates that they do on unsecured debt.
When put your own money at risk you can sometimes understand why banks charge the rates that they do on unsecured debt.
I put some real money into lending club, and I was going to put more until i read somewhere that 40% or so of these loans go bad!!!
Prosper has an offer for investing, I was going to put 100 into prosper, however everybody bags on prosper, why is it so bad? Is lending club any better or is it at 40% chargoff?
thanks
QUOTE (frank10b @ Oct 25 2009, 10:22 PM)
everybody bags on prosper, why is it so bad?
Check out their default rates.
I put money into prosper not long after they started out.
I helped finance three or four loans and all of them defaulted in less then twelve months.
I helped finance three or four loans and all of them defaulted in less then twelve months.
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