Peer to peer lending

[gh]

Re: Peer to Peer Lending

Was is Emil or Emile? I know OLD steeplers are seldom wrong, but I believe it was Emile - what a great athlete !!!

Would you believe, D, none of the above?! He went by EMIEL.

But I believe that given that he's Belgian, w/ the Fleming/Walloon division, he may have been Emil on the other side of the line.

[malmo]

Re: Peer to Peer Lending

Was is Emil or Emile? I know OLD steeplers are seldom wrong, but I believe it was Emile - what a great athlete !!!

Would you believe, D, none of the above?! He went by EMIEL.

But I believe that given that he's Belgian, w/ the Fleming/Walloon division, he may have been Emil on the other side of the line.

I should have known better than to accept the word of an unlicensed lackey. It goes to show you, you gets whats you pays for.

[MJD]

Two articles in the USA Today today on this.

http://www.usatoday.com/money/perfi/cre ... pers_N.htm


http://www.usatoday.com/money/perfi/cre ... -min_N.htm


I have come to the conclusion of late that anything that can successfully compete with the house of cards known as the major banking system is a good thing. I am dealing with a banker right now who thinks he is doing me a huge favour because he is willing to lend me more than 50% of a PORTION of my own money back.

[malmo]

As MJD already knows I've been testing this "opportunity." Investing a small amount of money every month. It's fun in the sense that you get to see how good you are at picking horses. On the other hand, you wonder when you are going to get a DQ.

A perusal of the Prosper Lending stats shows you that being a greedy dot.com millionaire in no way equates to having a lot of common sense. Most of these guys would have been better off blowing their money on hookers and drugs. "Muleshoes" claimed he was making a "social experiment" by throwing away $400k on risky loans.

http://www.lendingstats.com/topLenders

A quote from the USAToday article:
"Ultimately, more competition among lenders could benefit a broad range of borrowers. The growth of the market, Leggett says, could be a "a potential threat to your unsecured lenders, primarily credit card issuers, (which means) they'll just have to become more competitive" with rates and rewards given to customers."

[malmo]

Two articles in the USA Today today on this.

http://www.usatoday.com/money/perfi/cre ... pers_N.htm


http://www.usatoday.com/money/perfi/cre ... -min_N.htm


I have come to the conclusion of late that anything that can successfully compete with the house of cards known as the major banking system is a good thing. I am dealing with a banker right now who thinks he is doing me a huge favour because he is willing to lend me more than 50% of a PORTION of my own money back.

I lent money to a guy who was seeking short term funds to complete a real estate deal. His loan would have had payments of 500 a month. He was also a lender, so I checked his stats, he was receiving 770 month from his Prosper loans, the decision was automatic.

[bambam]

The best businesses to be in are banking and insurance

malmo

I know you have a nice collection of finance books. I've been looking for a good book on history of banking upto modern day ( nothing overly technical ) to get a better insight. Have you come across such ?

If so, could you kindly post an Amazon link

Maybe not exactly what you're looking for, eldrick, but try An Empire of Wealth by John Steele Gordon.

http://www.amazon.com/Empire-Wealth-His ... 486&sr=1-1

[eldrick]

Many thanks Bam. I'll check it out.

[MJD]

This contrarian view is interesting-return to the gold standard. A friernd of mine buys into all of this stuff and it hasn't hurt him a bit. Far from it.

http://www.mises.org/Books/mysteryofbanking.pdf