How much money would you borrow in a listing?
Submitted by Dan on Mon, 06/04/2007 - 21:30
Post here just how much money you would be looking for and for what purposes. Maybe even giving a hint as to what interest rates you would be expecting.
Depending on the rates available, I just might try to get a car loan upon graduation, as I will likely have a secure job, but need a reliable car.
Unfortunately, it seems like many of the Prosper.com listings are for people unable to get a decent loan rate, so I might end up better off at a bank. We'll see.
9 reponses to "How much money would you borrow in a listing?"
1. Personal Loan - Medical Reason
Hello,
I currently work full time and have steady income. I am looking for $20,000 at an interest rate of 8%. I had gotten behind on a lot of things due to a brain tumour operation and I have not been able to catch up since returning to work 11 months ago.
Please respond if you can help.
2. Up to 20K for debt consolidation
I am a person with good credit record but I end up with a huge debt after my divorce. I am looking to consolidate my debt and try to lower my interest payment. I can pay $2 per month for 60 months for every $100 loaned. It comes up as a 7.68% annual rate.
3. Would like to Borrow.
So here it is: I opened a day spa and then the economy went spiraling down. I ended up losing it, my house and in the end had to declare bankruptcy. I would like to do it again, but I no longer qualify for any type of commercial funding. I used all savings and family loans also. I am looking for private funding, in the amount of 50K+. This would be for a loan period of five to eight years and used for start-up costs and until cash flow stabilized. I currently have a government job, and am very unhappy as I miss the environment of the spa/salon.
My idea was good; had my business plan, years of research, marketing plan, cash flow estimates, started with a bang and the clientele was building. We received positive feedback from the clients and community. The spa won an award from the local chapter for Breast Cancer support.
People think and have said to me, what another spa/salon? Yes, I know my target and how to bring them in. There is money to be made in this service industry. Location is key, but also; the type of service, products and most important - the people who provide the services.
I learnt a lot from my previous experience, I just need a second chance.
Cheers.
4. First Nation Communities
I am looking to find Micro-financing for a Reservation. We have about 80-90 % unemployment.
We recently started a Market, but to help get everyone helping themself, we are looking for those who would potentially lend money to many individuals.
We have contacts to buy directly from Warehouses and Factories in Montreal Quebec,
Initially we would request
2-3 thousand dollars for each individual even potentially youth who wish to establish their own small business.
Thank you in advance for your serious consideration.
Carol Harquail
5. Loan for ads for a new biz - online ordering for restaurants
Hello,
Saw a local TV spot from Victoria, BC about these P2P community micro loans and I am very interested. I just created a new website http://www.ieatvictoria.ca which provides on line web ordering service for restaurants in Victoria, BC, Canada.
Have a number of restaurants signed up on a pay per basis.
Need a load to pay for advertsing (i.e. flyers, ads in victoria news, walking sandwhich board, maybe even local radio, etc.)
I am a web developer who has been out of work for some time and we are living on my wife's disability pension so money is tight and a loan would make this business talk off. I built this system over the last year and am proud to say its ready to launch and already have restaurants signing up and many more are interested and will be signing up soon.
Many larger corporate restaurants are already providing online ordering - With this system (i.e. ieatvictoria) - smaller restaurants can also provide online web ordering service at low costs. The goal is sell the service to smaller restaurants so they can keep up with corporate chains and to ultimately expand this to other cities. It is a great new biz and will be very big.
We just need a small leg up to pay for a advertising campaign.
I expect $5000 should be good enough - will provide a full business plan to any interested lenders.
Please email me at
info@ieatvictoria.ca
6. Borrowing Amounts
I'll likely be looking to get amounts in the $2K-$10K range (one time purchases like new appliances, car repairs), hoping to get rates in the 6%-9% range in order to get a slight edge over what I know I can get from a bank.
7. Why all these regulations?
Hi Dan and everyone, I am curious why all these regulations? I mean, if Gab Goldenberg want to borrow as previous message say, and I am willing to lend it to him, and we agree on the rate, then we have a contract. Offer, Acceptance, Consideration. (for those who are in law, those are requirement for contract). So I do not see why I cannot lend to Gab without getting into any legal mess. Please give me a hint on why IOU Central and CommunityLend need all these laws?
8. Watch Out, We're Dealing With Money Here!!!
Calvin: That's exactly the problem facing these companies in the online banking environment. The old rules really don't apply too well to this newer uncharted territory.
I guess the problem is that the regulators want to (or at least attempt to) consider these institutions are "brokers". Now, I suppose that one does need a license to broker some goods, but not others. Anyone can broker the sale of computer mousepads if they want, but some goods are considered "special". If these "marketplaces" are considered to be "trading" "securities", then that is a problem. If they are acting as something else, then that is okay. Like you say, you'd assume that an intermediary trading/moving contracts around should be fine.
And then you have to ask other questions, like, how is Ebay allowed to operate here? Why is agreeing to send goods in return for money different than agreeing to send money in return for a bit more money? How about online property? Didn't you need a real estate license to broker real estate and other goods? I think the thing is that if the regulators (not necessarily the government, but their quasi-judicial enforcement departments) wanted to shut down Ebay when it first expanded into Canada, there would've been a huge upheaval. But if they try to shut-down these small players, they can just say, well, they're small and sketchy (even though Ebay, Craigslist, etc. once were), with little negative fanfare.
Does this all make sense? I doubt it does to anyone at all. Another complicating issue is that in Canada, the securities regulators are all provincially based, what is ok in one place, isn't in another. Only the banks are federally regulated. Even the massive US has one securities regulator, the SEC.
Sooooo... anyone want to get friendly with the friendly regulators of PEI (I'm sure they're all nice people there), and start a service there? I doubt they'd try to crush a new employer too hard offering high-tech services and investment.
And yet throughout all of this, there are tons of payday lenders somehow charging over 60% per annum more than you get loaned to you, which I thought was criminal in Canada???
9. I'll be looking to borrow
I'll be looking to borrow sums I couldn't make personally within 2-3 months. So looking at 10K+, by the time it gets here... BTW, nice blog idea.
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