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December 16, 2015 at 4:28 PM #21813December 16, 2015 at 5:41 PM #792611gzzParticipant
Credit cards have 15 month intro offers at 0%.
Short term HELOCs are 2 or 3% right now.
If someone is willing to pay 6-12% for money backed by real estate, you are getting people rejected for HELOCs. I would not personally lend to such a person at 6%, probably not 12% either.
Reading between the lines, it seems like this company will not foreclose on defaulters, but “help you work it out” with the defaulter. You going to do that yourself? Do you just these guys to have performed a full title search to make sure LTV is really under 75%?
I keep my speculation to high yield foreign government bond funds, which I personally think are quite undervalued right now. Bought a few hundred shares of this fund yesterday:
December 16, 2015 at 5:51 PM #792612gzzParticipantAs for Lending Club, this appeared on their initial homepage:
xxx
Financial InnovationThe San Francisco company, which made nearly $100 million last year, is hoping to seize on the success of the online lending industry as it grows into a robust alternative to traditional loans, and validate the industry as a high-tech, quicker version of bank lending that is here to stay.
xxxBut Google Finance shows that the company had a net loss of $32 million, and an accumulated deficit of $80+ million on its balance sheet.
http://www.google.com/finance?q=NYSE:LC&fstype=ii&ei=eBNyVqGwJMOkjAGCiZP4CA
Now that’s a quote from a newspaper, not directly from the company. But the way they feature it right on the front of their home page, and not even close to accurate, makes me mistrust them.
Also the whole idea of some start up kids with a “P2P platform” outsmarting banks at consumer lending seems dumb.
December 17, 2015 at 6:46 PM #792657joecParticipantThe 2 terrorists in the San Bernardino attacks had a prosper loan:
Another concern is people getting loans and just ditching/leaving the country.
Not a loan, but I knew some Asian foreign students did this with their credit cards back in the day…
December 17, 2015 at 6:56 PM #792658scaredyclassicParticipant[quote=gzz]As for Lending Club, this appeared on their initial homepage:
xxx
Financial InnovationThe San Francisco company, which made nearly $100 million last year, is hoping to seize on the success of the online lending industry as it grows into a robust alternative to traditional loans, and validate the industry as a high-tech, quicker version of bank lending that is here to stay.
xxxBut Google Finance shows that the company had a net loss of $32 million, and an accumulated deficit of $80+ million on its balance sheet.
http://www.google.com/finance?q=NYSE:LC&fstype=ii&ei=eBNyVqGwJMOkjAGCiZP4CA
Now that’s a quote from a newspaper, not directly from the company. But the way they feature it right on the front of their home page, and not even close to accurate, makes me mistrust them.
Also the whole idea of some start up kids with a “P2P platform” outsmarting banks at consumer lending seems dumb.[/quote]
Maybe it could work on some really tiny loans, say, financing an entree into the dope dealing business?
December 17, 2015 at 8:42 PM #792659gzzParticipant[quote=joec]The 2 terrorists in the San Bernardino attacks had a prosper loan[/quote]
PR disaster… or opportunity?
“Listen team, it is only a matter of hours before the press is going to get wind of the fact that we loaned $25,000 to the perpetrators of the most deadly terrorist attack in America since 9/11.
We’ll need to get a statement ready that expresses regret for the victims, but at the same time tells the Prosper Story of peer-to-peer bank disintermediation micro-loan revolution.
Today is our biggest day ever, and will be millions of Americans’ first impression of the company, and an opportunity that only comes around every fifteen years.”
December 19, 2015 at 10:30 AM #792717AnonymousGuest[quote=gzz]the most deadly terrorist attack in America since 9/11.[/quote]
Sandy hook, VA Tech: Even more lives lost.
But they don’t even get on the scoreboard.
Now if the killers click “like” on the ISIS Facebook page, then the tally counts!
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