So I decided to try a loan "service" that I have heard about. www.prosper.com This site is basically where average people lend to other people with an entity (Prosper) being the middle man and holding the money. Here is how it works.
I create an ad that has my credit rating (only a C right now), how much I want to borrow ($4,000), the percentage I am willing to pay (16.27%) and a list of my income, debt and reasons why I am looking for the loan.
At this point people with money review or search for the different kind of loans available and bid on them (bidding means they are saying they will lend you a certain amount of the whole and what percentage they are willing to pay). This means that someone might lend you $20 or $100 or $500 or more depending on how they feel about the loan. For lending the money the user gets the interest from the loan. Think about that, if you feel the person is going to pay you can make 10 - 20% on your money. As god or better than any mutual fund out there.
If I can get this loan I should be able to clear out all of my outstanding delinquent credit. This should raise my credit score at least 100 points and put me into either a B or an A rating. At this point I might be able to get a car loan for Patti. Also if this works out I hope to be able to pay off some of Patti's delinquent credit and get her to a point where we can refinance the mortgage and save at least $400 a month JUST ON OUR MORTGAGE!!!
10 days left of bidding on my loan. If any of you join please let me know so that I can make some money off of it. I will split what ever I get with you!
I create an ad that has my credit rating (only a C right now), how much I want to borrow ($4,000), the percentage I am willing to pay (16.27%) and a list of my income, debt and reasons why I am looking for the loan.
At this point people with money review or search for the different kind of loans available and bid on them (bidding means they are saying they will lend you a certain amount of the whole and what percentage they are willing to pay). This means that someone might lend you $20 or $100 or $500 or more depending on how they feel about the loan. For lending the money the user gets the interest from the loan. Think about that, if you feel the person is going to pay you can make 10 - 20% on your money. As god or better than any mutual fund out there.
If I can get this loan I should be able to clear out all of my outstanding delinquent credit. This should raise my credit score at least 100 points and put me into either a B or an A rating. At this point I might be able to get a car loan for Patti. Also if this works out I hope to be able to pay off some of Patti's delinquent credit and get her to a point where we can refinance the mortgage and save at least $400 a month JUST ON OUR MORTGAGE!!!
10 days left of bidding on my loan. If any of you join please let me know so that I can make some money off of it. I will split what ever I get with you!
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