Yakezie.com - Topic: Social Lending Club?

Tushar @ Everything Finance on Social Lending Club?

Wed, 24 Aug 2011 06:04:58 +0000

Maybe, this is the push I need to get into Social Lending.

Do you guys have a preference of whether to use Prosper or Lending Club?

Please advise.

mbhunter on Social Lending Club?

Tue, 23 Aug 2011 22:05:01 +0000

If you pool resources and profit, how do you claim the gain/loss on taxes? The only real way is through a partnership, LLC, or corporation.

Plus, if the thing gets too organized and gets too much publicity, I can guarantee Lending Club and Prosper will sick the SEC on you. They both went through untold hoops to be able to do what they do. They're not going to let other folks waltz in to compete with them.

But if you're just talking about which loans to invest in, then that's different. You all go for the same ones, and presumably do better than you would acting alone because you're sharing knowledge.

MoneyIsTheRoot on Social Lending Club?

Tue, 23 Aug 2011 13:27:14 +0000

Though I wonder if there is a law against investing in with other people... that I would be willing to do!

MoneyIsTheRoot on Social Lending Club?

Tue, 23 Aug 2011 13:26:25 +0000

Im in the same boat as Beating Broke...I have to buy off the secondary market because P2P lending isn't legal in Michigan yet.

ggmillar on Social Lending Club?

Tue, 23 Aug 2011 10:46:51 +0000

Seems like a great idea. If there is anything you need from an information or research perspective about the industry or about Prosper, do not hesitate to ask. We, at Prosper, like the Yakezie network, have sponsored multiple times and look forward to working with you.

SweatingTheBigStuff said:

I'm clearly in love with social lending and I'm going to be doing more posts about the topic in the near future, but I was wondering if any of you were interested in doing a sort of social lending club where we can share loans that we think are good and get some feedback about what we're doing.

I think it would be a great way for beginners to learn and for advanced users to get tipped off to quality loans without putting in the effort. If 10 people each find one loan a week, you can pick and choose from quality loans instead of sifting through them yourself.

The more input the better I think we'll be! Let me know if you're interested! I don't know how formal it would be, depends on interest and what all of our goals were!

Please give me feedback and let me know what you think!

BeatingBroke on Social Lending Club?

Mon, 22 Aug 2011 20:06:26 +0000

Wish I could participate. Unfortunately, my state is one of the ones that still has the social lending blocked, so I have to resort to buying through the foliofn marketplace on lending club.

MyJourneytoMillions on Social Lending Club?

Mon, 22 Aug 2011 19:20:56 +0000

I think that is a really cool idea. There are a TON of sites already trying to do that but if you can build one from the ground up with some people it could be a fun and hopefully profitable venture

SweatingTheBigStuff on Social Lending Club?

Mon, 22 Aug 2011 18:04:49 +0000

I'm clearly in love with social lending and I'm going to be doing more posts about the topic in the near future, but I was wondering if any of you were interested in doing a sort of social lending club where we can share loans that we think are good and get some feedback about what we're doing.

I think it would be a great way for beginners to learn and for advanced users to get tipped off to quality loans without putting in the effort. If 10 people each find one loan a week, you can pick and choose from quality loans instead of sifting through them yourself.

The more input the better I think we'll be! Let me know if you're interested! I don't know how formal it would be, depends on interest and what all of our goals were!

Please give me feedback and let me know what you think!