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[Nora_Lenderbee]

In short, if you qualify and buy the endorsement (under the terms specified), I give you the bid for free with no kickbacks.

You want a $50 endorsement on your loan. You contact me, we talk, and you send me $75 through PayPal. I bid $50 of that money on your loan with an endorsement and keep $25 for my time.

But you're not bidding with your own money; you're bidding with the borrower's money. If the borrower paid as agreed, you'd get "free" interest payments on top of your $25 fee. If the borrower defaulted on the loan, you wouldn't lose a dime. So you actually have no financial incentive to choose good borrowers.

It doesn't matter that you "would have" bid on the loan with your own money, if in fact you are using the borrower's money instead.

[bamalucky]

Nora,it's plain that he's lying.He's through with PMI as he only has 2 loans all year.

He will bid all day long with "your" money.

[bamalucky]

As far as it being also illegal.Here's proof.

State max rates are 36%.He's charging 50% for a bid on top of whatever interest rate the loan ends up at.

He's breaking the law by charging a 50% upfront bid fee.

[lazymanandmoney]

As far as it being also illegal.Here's proof.

State max rates are 36%.He's charging 50% for a bid on top of whatever interest rate the loan ends up at.

He's breaking the law by charging a 50% upfront bid fee.

There's a law about charging for an endorsement?  Show me.

[bamalucky]

You aren't charging for an endorsement.You are charging 50% interest to fund a loan.

[lazymanandmoney]

In short, if you qualify and buy the endorsement (under the terms specified), I give you the bid for free with no kickbacks.

You want a $50 endorsement on your loan. You contact me, we talk, and you send me $75 through PayPal. I bid $50 of that money on your loan with an endorsement and keep $25 for my time.

But you're not bidding with your own money; you're bidding with the borrower's money. If the borrower paid as agreed, you'd get "free" interest payments on top of your $25 fee. If the borrower defaulted on the loan, you wouldn't lose a dime. So you actually have no financial incentive to choose good borrowers.

It doesn't matter that you "would have" bid on the loan with your own money, if in fact you are using the borrower's money instead.

I'm pretty sure that it would be my own money.  I wouldn't be able to get the borrower's money into my Prosper account in a timely manner.  I heard there's a Facebook application that might be able to do it, but I'm not about use Facebook for Prosper.

[lazymanandmoney]

You aren't charging for an endorsement.You are charging 50% interest to fund a loan.

Then how come the post I wrote says, "buy an endorsement."

[bamalucky]

I hope you aren't this stupid.

[bamalucky]

For someone who claims to be a Mensa(expired member) you sure are pretty thick in the head.

[Urbi_et_Orbi]

SleazyMan's attitude is remarkably similar to that of RatLadder.

[112233]

lazyman, do you accept cameras?

[lazymanandmoney]

Awesome!  We are back to resorting to insults and name calling.  

I can't believe Tokyo Joe wonders why I wouldn't want to link to this website.

[lazymanandmoney]

lazyman, do you accept cameras?

Do you accept disco balls?  (In other words, what does this mean?)

[Cushie]

I think it means:  You've already defined what you are, now we're just negotiating price. 

Maybe I'm wrong, though.

[112233]

lazyman, do you accept cameras?

Do you accept disco balls?  (In other words, what does this mean?)

I got a brand new camera. Let's make a deal. You give me a dazzling endorsement and the camera's all yours. No questions asked.