Please Close Major Loophole for Deadbeat Lender/Group Leaders | P2P Lending, Peer to Peer Lending, People to People Lending

#1Eric Pon 02.27.07 at 12:41 pm

Hmm.. to add it or not to add it :)

#2JR on 02.27.07 at 8:07 pm

Do all of the 2,492 lender/group leader(GL) & borrower users have an income stream on Prosper? I’m wondering if the 5% number is overstated, and if so by how much, if the borrower has simply taken a role, but not lent or has no GL income.

#3Kevinon 02.27.07 at 8:30 pm

It might be overstated… These are all borrowers with loans and roles as lenders/GL. I will cross reference against lenders with loans and make a new post.

#4TXpreneur on 03.01.07 at 11:10 am

You need to break out which are GLs and which are Lenders. Grouping them together does a disservice to the Borrower/Lender group because we know that there is no quality control or commitment required to be a GL.

#5RateLadder.comon 03.02.07 at 7:50 pm

[…] Well, Prosper has responded via Prosper Andrew […]

#6Joshon 08.10.07 at 8:41 am

Boo Frickin’ Hoo. Some of you bet on a speculative market and are getting the hose. That’s the nature of the market. You were cool with it when you were thinking about the payback and writing checks to prosper.com.

#7Patrickon 04.02.08 at 8:57 am

On principle it sounds like the right thing to do. But would it be legal? The way I understand it, the borrowers/lenders are lien holders on the loan they are receiving payment from, and Prosper is just the facilitator of the debt.

Would it be legal for Prosper to redirect payments and money they do not own to pay an obligation that is not their to pay?

Don’t get me wrong, I am all for it. But is it legal under the current structure? And if not, can it be made so?

#8Living Off Dividends & Passive Incomeon 04.02.08 at 12:45 pm

I never lend money to people who want to become lenders on prosper.

thats the stupidest idea ever. if they have internet access and they borrow money from their rich uncles or aunts who don’t no anything about the internet, thats one thing.

but otherwise, they’re just creating more competition for me by bidding on high interest paying loans. Prosper should ban borrowers from lending money.

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