I predict he will poof his blog post today.
Do you really think that $75 will stop me from defaulting on a $20,000 loan, dragging your name in the mud in the process?
And he somehow couldn't understand this, and with disingenuity that would make a Batman villian blush, replied:
Why would my name get dragged through the mud? I’m pretty straight-forward that I’m trying to improve a system that I see a loophole in.
The funny thing is, he was a lot more straight-forward about collecting his 50% fee on the side than making any coherent argument for "improving a sytem"
Prosper not only ought to tell him to knock it off, they ought to ban him outright. What .org member among the many who have been banned were banned for any kind of financial impropriety? Zero, nada.
9 Responses to “Prosper Borrowers: Buy My Endorsement For A Better Loan Rate”
Kenneth LIn Says:
July 14th, 2008 at 10:57 am
I was at Prosper days too. I found the endorsement numbers to a great advantage for lenders who are paying attention.
What you are suggesting maybe grey but it may not be all bad. I believe one can argue the borrower who actually does contact you is slightly less risky because they are putting up money ($75) and taking the time to make their loan less risky. With that said, I think fraud is another story and not covered by my comment.
WealthBoy Says:
July 14th, 2008 at 11:27 am
An intriguing idea. For a second there, I wasn’t sure if I was reading a RateLadder post or a LazyMan post.
bamalucky Says:
July 14th, 2008 at 1:04 pm
What you are doing is a Prosper TOS violation & possibly even illegal. It is being discussed here.
[Editor’s note: URL removed… subscription required…]
Tokyo Joe Says:
July 14th, 2008 at 1:15 pm
This does indeed sound illegal…
Are you giving the borrower any paperwork?
Do you have a license?
Do you really thing that $75 will stop me from defaulting on a $20,000 loan, dragging your name in the mud in the process?
It’s a definite TOS violation.
Not smart…
Lazy Man Says:
July 14th, 2008 at 1:25 pm
Please explain the TOS that I’m violated here (note that I haven’t done it, just talked about it). Bamalucky’s URL didn’t work.
I have not mentioned giving the borrower any paperwork. What license do I need to endorse someone, I see it happening on Prosper all the time.
Why would my name get dragged through the mud? I’m pretty straight-forward that I’m trying to improve a system that I see a loophole in.
bamalucky Says:
July 14th, 2008 at 1:27 pm
Charge, or attempt to charge, any Prosper borrower any fee in exchange for your agreement to bid on a borrower’s listing, or propose or agree to accept any fee, bonus, additional interest, kickback or thing of value of any kind, in exchange for your agreement to bid on a borrower’s listing;
http://www.prosper.com/account/common/agreement_view.aspx?agreement_type_id=8FWIW you unlinked a free site
bamalucky Says:
July 14th, 2008 at 1:31 pm
For those of you new to Prosper lending lazyman aka technologyguy has 202 loans & 83 of them are late or worse.
http://www.lendingstats.com/lenders/technologyguy We tried to slow him down & tell him he wasn’t making the money he thought he was in the past.He refused to believe that his 1 month late loans were basically worthless.
[Editor’s note: I did slow down my lending… drastically. You can use Lending Stats to see how much I’ve loaned in the last six months or longer. Most (probably over 90%) of my loans were made before Prosper put it’s bidding guidelines into place. I’ve acknowledged making lending mistakes in the past. Sometimes you fall off the bicycle when you learn how to ride.]
Tokyo Joe Says:
July 14th, 2008 at 1:42 pm
Come on! You really didn’t understand that sentence?
Okay, I’ll explain it to you:
Your name will be dragged through the mud as an endorser as soon as the loan you endorse goes bad. If you endorse several that go bad, your name will becaome synonymous with promiscuous endorsing for profit…
Like I said, if I needed 20 grand as a cash-out, why would I care about the $75 I sent you, or your reputation? I’d take the money and laugh.
Assuming this scheme ever gets off the ground.
Tokyo Joe Says:
July 14th, 2008 at 2:06 pm
Why do you keep deleting my website from “my website”??
It is a field you ask for when you post comments, and that’s my website.
That isn’t very nice, or ethical-looking…
Prosper put you up to it?
