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gregrobbins |
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#21
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Member: Team NARP ![]() ![]() ![]() Group: Members Posts: 1,515 Joined: 23-March 04 From: Arizona Member No.: 1,844 Region Association: Southwest Region ![]() |
Funny, I work for Chase Home Finance and California law requires that we disclose a borrower's score with each application. We have special forms that are printed and mailed out with the scores for each customer. I have done Home Equity Lines of Credit (HELOCs) for members here againt their primary homes for them to purchase cars. Rates are based on the Prime Rate and check with your tax advisor, but the interest could be deductible. Done right, security shouldn't be an issue on the web. All major banks have on-line banking. Key is that the security part is done right |
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boxsterfan |
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#22
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914's are kewl ![]() ![]() ![]() Group: Members Posts: 1,776 Joined: 6-June 03 From: San Ramon, CA Member No.: 791 Region Association: Northern California ![]() |
For those interested, our web site has officially launched. We have gone through a name change from CircleOne to Prosper. You can visit http://www.circleone.com and be redirected or visit http://www.prosper.com directly.
I strongly encourage you to read through our site if interested. |
Elliot_Cannon |
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#23
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Senior Member ![]() ![]() ![]() Group: Retired Members Posts: 1,922 Joined: 26-March 03 From: Orange County Ca Member No.: 480 Region Association: None ![]() |
I do all my banking with Lagos Bank and Trust in Lagos Nigeria. (IMG:http://www.914world.com/bbs2/html/emoticons/laugh.gif)
Cheers, Elliot |
Speedster07 |
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#24
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Member ![]() ![]() Group: Members Posts: 177 Joined: 20-September 03 From: Indy Member No.: 1,177 ![]() |
If you need money or a better interest rate, that’s what I do.
I have a Commercial Lending, and Residential Lending Company Although I'm just gettin my feet wet, (IMG:http://www.914world.com/bbs2/html/emoticons/cool_shades.gif) for 22years now (IMG:http://www.914world.com/bbs2/html/emoticons/screwy.gif) I think I have a pretty good handle on it. I've been every thing from a processor, loan officer to an underwriter, and an AE. I've done everything except loan my own money. Wait thats not true. Well not over 100K yet. Soon So you need some money do ya. (IMG:http://www.914world.com/bbs2/html/emoticons/wacko.gif) Don't feel like this (IMG:http://www.914world.com/bbs2/html/emoticons/pray.gif) Let me see what I can do for you (IMG:http://www.914world.com/bbs2/html/emoticons/type.gif) If your in Indiana I also own a Title Insurance Company to close your loan. For non-914club non-members (IMG:http://www.914world.com/bbs2/html/emoticons/wavey.gif) I'll cover your closing cost. (IMG:http://www.914world.com/bbs2/html/emoticons/smilie_pokal.gif) Why is it a non-Club? (IMG:http://www.914world.com/bbs2/html/emoticons/confused24.gif) Craig |
Brando |
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#25
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BUY MY SPARE KIDNEY!!! ![]() ![]() ![]() ![]() Group: Members Posts: 3,935 Joined: 29-August 04 From: Santa Ana, CA Member No.: 2,648 Region Association: Southern California ![]() |
thanks for bumping this. I forgot to call a while ago.. The fit hit the shan, so to say.
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boxsterfan |
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#26
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914's are kewl ![]() ![]() ![]() Group: Members Posts: 1,776 Joined: 6-June 03 From: San Ramon, CA Member No.: 791 Region Association: Northern California ![]() |
No problem. For people who are interested, I think the most powerful aspect of the site is the group concept. In particular, the Group Rewards which can best be described by reading here: http://www.prosper.com/public/help/topics/...ps-rewards.aspx
If you search for groups, search for "914". You'll notice that I have the group rewards set to 100% shared. I think a little about me may help some of you out there. *- I am not the most active member on this board, but yet active. *-I am currently 914-less (used to have 4702902769, but had to sell it last year after a divorce). I currently am driving a 911 if that helps. *- I do work for the company mentioned here (Prosper Marketplace, Inc.). *- I created the group "914 Restorers Group" on the site because I really like 914's and everything about them. |
redshift |
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#27
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Bless the Hell out of you! ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() Group: Members Posts: 10,926 Joined: 29-June 03 Member No.: 869 ![]() |
I'd not like to do that.
Anyone stupid enough to loan me money at a rate I'd bite on, must be scamming someone. M |
boxsterfan |
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#28
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914's are kewl ![]() ![]() ![]() Group: Members Posts: 1,776 Joined: 6-June 03 From: San Ramon, CA Member No.: 791 Region Association: Northern California ![]() |
Many thanks to the people who have contacted me with interest in what we do. For those who are concerned about the legitimacy of the site, it is the real deal.
For those who inquired, you can find our state license numbers at http://www.prosper.com/public/legal/states...d_licenses.aspx |
grantsfo |
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#29
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Arrrrhhhh! ![]() ![]() ![]() ![]() Group: Members Posts: 4,327 Joined: 16-March 03 Member No.: 433 Region Association: None ![]() |
Cool! So what kind of standards do you have to assure money isnt being loaned to terrorists? Do you do a banned parties screen, etc?
I'm also interested in what kind of recourse a lender has if a borrower defaults. Do you facilitate asset recovery etc? Or do the parties just go to court and slug it out with each other? And if one person in the group defualts what do you do? Sounds like a great idea, but potentially very messy. Hope you guys have some very good legal council. I have been with some startups that are scary. This one tops anything I have seen. Maybe you could start another company where laywers and clients bid for each other as well. (IMG:http://www.914world.com/bbs2/html/emoticons/biggrin.gif) |
boxsterfan |
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#30
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914's are kewl ![]() ![]() ![]() Group: Members Posts: 1,776 Joined: 6-June 03 From: San Ramon, CA Member No.: 791 Region Association: Northern California ![]() |
Hello grantsfo, I will attempt to answer some of your questions, with the disclaimer that I can't give you every nitty-gritty detail for security reasons.
We use several external/internal database mechanisms to to fraud/identity/credit checking. I believe we mention Experian on the web site which allows us to check against the OFAC database.
Our information on managing defaults is here: http://www.prosper.com/public/help/topics/...e_defaults.aspx Late fees are not set by the bidder (ie. lender). They are set on the platform and described here (because they can vary by state): http://www.prosper.com/public/legal/states...d_licenses.aspx As far as group members defaulting on loans, the group leader has an opportunity to contact a member if they are late on a payment. Overall, if members of your group are defaulting on loans it can effect the rate at which future loans me be bid out at for your group. Conversely, if everyone is paying on time, this can have a positive effect on your loan rates (meaning lower). Here is some more info on the group leader role: http://www.prosper.com/public/help/topics/...r_activity.aspx |
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boxsterfan |
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#31
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914's are kewl ![]() ![]() ![]() Group: Members Posts: 1,776 Joined: 6-June 03 From: San Ramon, CA Member No.: 791 Region Association: Northern California ![]() |
...even 914's get mentioned in the NY Times.
This is an article on www.prosper.com, but even 914 aficionado's get a mention... http://www.nytimes.com/2006/02/13/technolo...ei=5090&partner |
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