What a deal !!!
Now you too Mr and Ms America can get into the lucrative business of loan sharking !!!
Legally !!!
If you haven't seen the new eBay of the banking world you should check it out. It really looks like a great thing to try with a little bit of play money, or a way to get some play money. It was started by a founder of E-Loan and the website can be found at Prosper.Com .
It's pretty obvious that some of the people who are asking for loans will never be able to pay them back. So why would you agree to buy a piece of their loan? Got a social conscience? Some of the stories are absurd, some are sad but all are good reading. On the other hand you can get mobster like rates and the pay back schedules unlike high interest credit cards actually have a chance of being paid back. It's also a chance to let some people get a fresh start and that's what a lot of them are looking for.
Or, there are people who don't need the money who are looking for loans and willing to pay back at 7 or 9 or more percent. People with great credit so low risk and much better rates than your savings account, you know they don't even give you a toaster anymore when you open an account at the bank and then what can you get 3% ?
Worth looking at.
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