Comments on: Person-to-Person Online Lending http://masteryourcard.com/blog/2008/06/10/person-to-person-online-lending/ The best Credit Card Debt Blog online Thu, 02 Feb 2012 13:31:13 +1100 http://wordpress.org/?v=abc hourly 1 By: Sofia Kim http://masteryourcard.com/blog/2008/06/10/person-to-person-online-lending/comment-page-1/#comment-2509 Sofia Kim Tue, 10 Jun 2008 19:30:22 +0000 http://masteryourcard.com/blog/2008/06/10/person-to-person-online-lending/#comment-2509 Credit card debt is on its all time high with today's economy. Hopefully people can obtain the help they need to get out of debt. Thanks for the article! Credit card debt is on its all time high with today’s economy. Hopefully people can obtain the help they need to get out of debt. Thanks for the article!

]]> By: Shannan @ 7M7Y http://masteryourcard.com/blog/2008/06/10/person-to-person-online-lending/comment-page-1/#comment-2506 Shannan @ 7M7Y Tue, 10 Jun 2008 17:08:34 +0000 http://masteryourcard.com/blog/2008/06/10/person-to-person-online-lending/#comment-2506 I took out a loan for a little under $5000 at one of these sites to pay some high interest debt. I was able to get a rate much lower than anything else I could get at the time. Most of the micro loans given to me were for $50-$100. The loan is only given if you are $100 funded for your requested amount. You are asked to disclose a good deal of information about your financial past and potential lenders can ask questions about your request and financial history before they decide to lend. I don't anticipate borrowing in this way again, as I can now get much better rates through other avenues if necessary. However, I do expect to micro-lend in the future. I took out a loan for a little under $5000 at one of these sites to pay some high interest debt. I was able to get a rate much lower than anything else I could get at the time. Most of the micro loans given to me were for $50-$100. The loan is only given if you are $100 funded for your requested amount. You are asked to disclose a good deal of information about your financial past and potential lenders can ask questions about your request and financial history before they decide to lend. I don’t anticipate borrowing in this way again, as I can now get much better rates through other avenues if necessary. However, I do expect to micro-lend in the future.

]]> By: Philip http://masteryourcard.com/blog/2008/06/10/person-to-person-online-lending/comment-page-1/#comment-2504 Philip Tue, 10 Jun 2008 16:55:49 +0000 http://masteryourcard.com/blog/2008/06/10/person-to-person-online-lending/#comment-2504 I like that this is taking out some of the regulation that is being put onto big banks by the government. This feels more like capitalism truly at work. However, I would have some serious concerns about forking money over expecting returns when someone needs something as small as $50. Seriously, if I needed another $50 then I would find some small work to do before going to a site like this. Go fix someones computer, cut some grass do anything. Secondly, what good does it do to take out a loan to pay a credit card? Unless you are getting a much better rate then you are transferring money around and that is not helping anything either, how are they going to pay YOU back? I would be more interested in this if it were targeted towards people trying to start a business, a group of people each loaning out $500 for a total $10,000 loan to someone would seem more reasonable. I like that this is taking out some of the regulation that is being put onto big banks by the government. This feels more like capitalism truly at work. However, I would have some serious concerns about forking money over expecting returns when someone needs something as small as $50. Seriously, if I needed another $50 then I would find some small work to do before going to a site like this. Go fix someones computer, cut some grass do anything.

Secondly, what good does it do to take out a loan to pay a credit card? Unless you are getting a much better rate then you are transferring money around and that is not helping anything either, how are they going to pay YOU back?

I would be more interested in this if it were targeted towards people trying to start a business, a group of people each loaning out $500 for a total $10,000 loan to someone would seem more reasonable.

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