Looking for a site like Posper.com and others out there?

You can lend me 30k!

That's got to be frustrating man..

But check out this UK based p2p lend-&-borrow: http://www.zopa.com/
They claim they're about to launch in the states soon as well.

For me, as an EU citizen, Zopa fills a gap as Prosper only work with US lenders/borrowers

there's a new one launching in the future... hopefully Q4/2006. already seen some of the backend & biz plan/model. I'm not a current owner or investor in the company... was allowed a walk-through. but looks like a healthy & lucrative alternative to Prosper & Zopa.

I'll post when it's launched.

.

bump bump!

I would imagine they are struggling thru growing pains like with any new company they are bound to have them. Prosper has been doing incredibly well and I am sure they could not imagine their explosive growth.

Sorry to hear you're having these problems though.

DH

Just a Q... what happens if your loan dosen't get paid back... are you fully responsable of the risk?

I read up on them a lot while i have been waiting for them over the LAST 6 WEEKS! So i know how they work i just cant use the damn site.

Prosper lends the money to the person, you basically have a deal with prosper, not the person. If the person defaults you get to put a collection agency on them, which will keep a % for their services. It is not uncommon for people to default, so that is why everyone spreads the risk by lending $100 here $200 there etc.. you don't lend the entire amount to 1 person.


I understand growing pains. If i sent them a question asking them to explain to me how the site works, etc.. and they are too busy to get back to me i am fine with that. God knows i probably do that to some people here (sorry ). BUt when i send you my SS#, copy of my license, etc.. i just feel you owe me a little more, you have the responsibilty to at least let me know what is going on when you got that kind of information about me . Not keep my information and never reply back to me, makes me feel like a scam then.

goodluck will, im sure they will get it worked out for you

Ok so the worse that can happen is the collection agency buying off your debt for a % ? Or they only pay you back uppon collection ?

yeah, well actually the collection agency will try to collect for a period of time, i guess 3 - 6 months or something like that. If they collect they keep % of the money they collect. If they can't collect there is another company that buys default loans, so you will get something but i hear its not much, like 30 cents on the dollar.


They give you an experian historical default scale you can use as a guide based on the persons credit grade. AA,A,B pretty much only default like 1% of the time, C was like 3% and D %6, E was 10% and HR was like 16%. (trying to recall from memory so i might be a little off)




This concept is awesome, thats the only reason i put up with the BS so long waiting to get approved, i love the idea. THIS WILL BE the way of the future for lending and will eventually put a dent into the money that credit card companies make. If no site challenges them soon they will be on the level of paypal in a couples years.

BTW, before starting this thread i sent them a really nasty email, and i CC the email to everyone i could think of, abuse@ ceo@ support@ investors@ help@ sales@ etc... and only 1 bounced . Got a phone call today from someone high up and my account was approved right away.

Zopa.com is live now