The likes of prosper.com, etc.
You lend or borrow money from other website users, and the website manages the loans for a percentage of the interest.
Have you used it? Would you lend money through such a venue?
The rates are 3 x higher than in savings institutions, but there is a risk factor involved. The website verifies identities and the credit score, and can also effect credit score, so for the borrower it's the same as borrowing from a financial institution, only with a lower interest rate than a credit card cash advance.
Experiences? Thoughts?
Full Version: P 2 P Loans Websites
You're better off giving ME all your money and letting me invest it in one of my brilliant schemes...
QUOTE(Kalashnikover_Rebbe @ Dec 11 2007, 09:21 AM) 
You're better off giving ME all your money and letting me invest it in one of my brilliant schemes...
What's the chance to get a return on the investment?
Seeing as this is a direct loan, I'd say it would be assur to do this unless you knew one of the parties was not Jewish, or if they were Jewish, signed a heter iska. Seeing as neither of those is likely, I can't see how a frum person can use this.
QUOTE(grend123 @ Dec 11 2007, 10:53 PM)
Seeing as this is a direct loan, I'd say it would be assur to do this unless you knew one of the parties was not Jewish, or if they were Jewish, signed a heter iska. Seeing as neither of those is likely, I can't see how a frum person can use this.
Being that it is a website on the Internet, obviously anyone who would consider using it is not a frum person.
QUOTE(YBS @ Dec 12 2007, 03:53 AM)
What's the chance to get a return on the investment?
Undoubtedly higher than the above idea...
QUOTE(grend123 @ Dec 11 2007, 10:53 PM)
Seeing as this is a direct loan, I'd say it would be assur to do this unless you knew one of the parties was not Jewish, or if they were Jewish, signed a heter iska. Seeing as neither of those is likely, I can't see how a frum person can use this.
http://www.hashkafah.com/index.php?showtopic=44287&hl=
I recall years ago, I asked a rav about disecting bodies in med school, especially ones that have a Jewish sounding name attached to their big toe. He sad something to the effect of that since you don't know for sure, and you never know for sure, it's no problem. I'm not sure about the logic here.
QUOTE(Kalashnikover_Rebbe @ Dec 12 2007, 05:41 AM)
Undoubtedly higher than the above idea...
You pay ribbis?
QUOTE(YBS @ Dec 24 2007, 05:17 AM)
You pay ribbis?
If I actually make money, there will certainly be a return on your investment......
And the chances of that, while not being very good are certainly higher than the above idea....
QUOTE(grend123 @ Dec 11 2007, 10:53 PM)
Seeing as this is a direct loan, I'd say it would be assur to do this unless you knew one of the parties was not Jewish, or if they were Jewish, signed a heter iska. Seeing as neither of those is likely, I can't see how a frum person can use this.
A shaala about borrowing on prosper was answered with a heitar.
QUOTE(Kalashnikover_Rebbe @ Dec 24 2007, 09:17 AM)
If I actually make money, there will certainly be a return on your investment......
And the chances of that, while not being very good are certainly higher than the above idea....
And the chances of that, while not being very good are certainly higher than the above idea....
Why do you think that that the chances of a return on Prosper are low?
QUOTE(shaya_getzl @ Dec 24 2007, 10:19 AM)
A shaala about borrowing on prosper was answered with a heitar.
Does it have to do with the wording in the contract that Prosper is the lender and not you?
It's not just wording the the contract; Prosper is actually repackaging the loans, does all the servicing and much more. I didn't ask for details, as piskei dinim are like bologna - sometimes, even I don't want to know ...
QUOTE(shaya_getzl @ Dec 24 2007, 10:19 AM)
A shaala about borrowing on prosper was answered with a heitar.
Would you say that prosper is a good alternative to keeping money in the bank?
The turnoff is that the money that you put in is gone without recourse for 3 years. Without even going into the topic of such new ventures being the greatest attraction for some scammer kid in the remote parts of Russia or China.
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