Comments on: Peer-to-Peer (P2P) Lending and Bloggers Ethic http://www.moolanomy.com/484/peer-to-peer-p2p-lending-and-bloggers-ethic/ Personal Finance. Investing. Wealth Building. Sat, 20 Mar 2010 00:04:39 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Chrisfs http://www.moolanomy.com/484/peer-to-peer-p2p-lending-and-bloggers-ethic/comment-page-1/#comment-6666 Chrisfs Thu, 27 Mar 2008 01:37:44 +0000 http://www.moolanomy.com/484/peer-to-peer-lending-and-bloggers-ethic/#comment-6666 As far as unsecured loans, Prosper loans are actually rather decent ones for the borrowers. They are a fixed interest rate that never changes and there is no prepayment penalty, so if you find a loan with a lower interest, you can shift into that with no problems. If you don't get the loan, the inquiry doesn't show up on your credit record, so you're not hurting your credit by just asking. Any bank that offered those features would be called a good bank. Yes you shouldn't borrow more than you need to, but sometimes you need to borrow. As far as unsecured loans, Prosper loans are actually rather decent ones for the borrowers. They are a fixed interest rate that never changes and there is no prepayment penalty, so if you find a loan with a lower interest, you can shift into that with no problems. If you don’t get the loan, the inquiry doesn’t show up on your credit record, so you’re not hurting your credit by just asking. Any bank that offered those features would be called a good bank.
Yes you shouldn’t borrow more than you need to, but sometimes you need to borrow.

]]> By: Early Retirement Extreme http://www.moolanomy.com/484/peer-to-peer-p2p-lending-and-bloggers-ethic/comment-page-1/#comment-6594 Early Retirement Extreme Sun, 23 Mar 2008 16:32:10 +0000 http://www.moolanomy.com/484/peer-to-peer-lending-and-bloggers-ethic/#comment-6594 I would "recommend" (I don't generally recommend borrowing money, but if you must ... ) both p2p and payday loans from the borrowing side. As an investment i.e. as a lender, I don't like either of them. Just as being in debt sucks, being a lender to people in debt sucks. Well, at least I don't like it. But yeah, it's "funny" to see when blogger's p2p referral fees dwarf their personal p2p investment income which may even be negative. This would be considered a conflict-of-interest/unethical at least when it comes to professional investment analysts. It is essentially like hawking a poor stock because the main income is generated by commissions. Even though the broker may believe in the stock, objectively speaking, he can not have the best interest of his client in mind. I would “recommend” (I don’t generally recommend borrowing money, but if you must … ) both p2p and payday loans from the borrowing side. As an investment i.e. as a lender, I don’t like either of them. Just as being in debt sucks, being a lender to people in debt sucks. Well, at least I don’t like it.

But yeah, it’s “funny” to see when blogger’s p2p referral fees dwarf their personal p2p investment income which may even be negative. This would be considered a conflict-of-interest/unethical at least when it comes to professional investment analysts. It is essentially like hawking a poor stock because the main income is generated by commissions. Even though the broker may believe in the stock, objectively speaking, he can not have the best interest of his client in mind.

]]> By: Prosper Roundup — CBS Evening News Edition http://www.moolanomy.com/484/peer-to-peer-p2p-lending-and-bloggers-ethic/comment-page-1/#comment-6571 Prosper Roundup — CBS Evening News Edition Sat, 22 Mar 2008 14:51:22 +0000 http://www.moolanomy.com/484/peer-to-peer-lending-and-bloggers-ethic/#comment-6571 [...] Moolanomy defends Peer-to-Peer (P2P) Lending and Bloggers Ethic [...] [...] Moolanomy defends Peer-to-Peer (P2P) Lending and Bloggers Ethic [...]

]]> By: Carnival of Peer to Peer Lending #6 http://www.moolanomy.com/484/peer-to-peer-p2p-lending-and-bloggers-ethic/comment-page-1/#comment-6493 Carnival of Peer to Peer Lending #6 Thu, 20 Mar 2008 11:05:42 +0000 http://www.moolanomy.com/484/peer-to-peer-lending-and-bloggers-ethic/#comment-6493 [...] good? Pinyo, from Moolanomy, responds to the previous article in a point by point article titled, Peer-to-Peer Lending and Bloggers Ethic. His main observation is that Peer to Peer lending is a tool and is neither good nor bad, but as [...] [...] good? Pinyo, from Moolanomy, responds to the previous article in a point by point article titled, Peer-to-Peer Lending and Bloggers Ethic. His main observation is that Peer to Peer lending is a tool and is neither good nor bad, but as [...]

]]> By: Dana http://www.moolanomy.com/484/peer-to-peer-p2p-lending-and-bloggers-ethic/comment-page-1/#comment-6393 Dana Mon, 17 Mar 2008 04:15:40 +0000 http://www.moolanomy.com/484/peer-to-peer-lending-and-bloggers-ethic/#comment-6393 I'm a bit offput by this talk of how debt consolidation is bad because you're just moving the debt around. It really depends on what the debt is. If you're paying off credit cards and leaving the accounts open (and you really should leave at least a couple, and then swear off using them, if you don't want to tank your credit score--insurance companies judge you in part by how high that score is), then of course you're just moving it. But if you've got flat-out loans and can reduce your interest rate, that is a Good Thing(tm). Heh. I will qualify as a lender on Prosper long before I ever qualify as a borrower. That isn't necessarily a bad thing. I'm 34 and need to get my butt in gear planning for retirement or I am going to be in big trouble... I’m a bit offput by this talk of how debt consolidation is bad because you’re just moving the debt around. It really depends on what the debt is. If you’re paying off credit cards and leaving the accounts open (and you really should leave at least a couple, and then swear off using them, if you don’t want to tank your credit score–insurance companies judge you in part by how high that score is), then of course you’re just moving it. But if you’ve got flat-out loans and can reduce your interest rate, that is a Good Thing(tm).

Heh. I will qualify as a lender on Prosper long before I ever qualify as a borrower. That isn’t necessarily a bad thing. I’m 34 and need to get my butt in gear planning for retirement or I am going to be in big trouble…

]]> By: St. Paddy’s Day Roundup http://www.moolanomy.com/484/peer-to-peer-p2p-lending-and-bloggers-ethic/comment-page-1/#comment-6392 St. Paddy’s Day Roundup Mon, 17 Mar 2008 01:39:23 +0000 http://www.moolanomy.com/484/peer-to-peer-lending-and-bloggers-ethic/#comment-6392 [...] Then Pinyo responded with some good points of P2P lending. [...] [...] Then Pinyo responded with some good points of P2P lending. [...]

]]> By: Weekly Round Up - Prosper Blog Edition http://www.moolanomy.com/484/peer-to-peer-p2p-lending-and-bloggers-ethic/comment-page-1/#comment-6384 Weekly Round Up - Prosper Blog Edition Sun, 16 Mar 2008 14:59:51 +0000 http://www.moolanomy.com/484/peer-to-peer-lending-and-bloggers-ethic/#comment-6384 [...] - Peer-to-Peer Lending and Bloggers Ethic. Pinyo explains why P2P is just another financial tool, like credit cards, mortgages or anything [...] [...] – Peer-to-Peer Lending and Bloggers Ethic. Pinyo explains why P2P is just another financial tool, like credit cards, mortgages or anything [...]

]]> By: Living Off Dividends & Passive Income http://www.moolanomy.com/484/peer-to-peer-p2p-lending-and-bloggers-ethic/comment-page-1/#comment-6362 Living Off Dividends & Passive Income Fri, 14 Mar 2008 19:03:41 +0000 http://www.moolanomy.com/484/peer-to-peer-lending-and-bloggers-ethic/#comment-6362 true, I'd never recommend something I wouldn't invest it either. but I think for a few hundred bucks, you get an idea of how to judge investment "sales pitches", because thats what the prosper loan requests are. in the bigger picture of things, I think that's a very useful experience. of course, if you don't have discretionary investing income, then you shouldn't be lending money to others, which is why I never lend to people to relend it on prosper. thats just dumb true, I’d never recommend something I wouldn’t invest it either.

but I think for a few hundred bucks, you get an idea of how to judge investment “sales pitches”, because thats what the prosper loan requests are. in the bigger picture of things, I think that’s a very useful experience.

of course, if you don’t have discretionary investing income, then you shouldn’t be lending money to others, which is why I never lend to people to relend it on prosper. thats just dumb

]]> By: The Friday Gathering for 3/14/2008 http://www.moolanomy.com/484/peer-to-peer-p2p-lending-and-bloggers-ethic/comment-page-1/#comment-6350 The Friday Gathering for 3/14/2008 Fri, 14 Mar 2008 14:39:53 +0000 http://www.moolanomy.com/484/peer-to-peer-lending-and-bloggers-ethic/#comment-6350 [...] this week. Even one of the folks from LendingClub joined into the discussion. Pinyo from Moolanomy wrote an article providing his perspective, along with David from David Makes Cents. David found my article via StumbleUpon. Thanks to Ciaran [...] [...] this week. Even one of the folks from LendingClub joined into the discussion. Pinyo from Moolanomy wrote an article providing his perspective, along with David from David Makes Cents. David found my article via StumbleUpon. Thanks to Ciaran [...]

]]> By: Pinyo http://www.moolanomy.com/484/peer-to-peer-p2p-lending-and-bloggers-ethic/comment-page-1/#comment-6273 Pinyo Tue, 11 Mar 2008 12:55:08 +0000 http://www.moolanomy.com/484/peer-to-peer-lending-and-bloggers-ethic/#comment-6273 @StackingPennies -- true, but just like any dangerous tool, you need to learn how to use it safely before wielding it. The problem starts when people forget the safe part. @Fathersez -- thank you. (Mr. Gibble...LOL) @Patrick -- I believe we are on the same page on this topic. :-) @Glblguy -- Thank you. I like the "more control" part, and that's one reason why I like LendingClub.com better since borrowers have to have better credit history and FICO score to participate. @Ron -- If I were a woman, I would say that's me giving one to Gibble. :-) Thank you for sharing your perspective, I think it's great. @James -- Thank you for the supporting information. @StackingPennies — true, but just like any dangerous tool, you need to learn how to use it safely before wielding it. The problem starts when people forget the safe part.

@Fathersez — thank you. (Mr. Gibble…LOL)

@Patrick — I believe we are on the same page on this topic. :-)

@Glblguy — Thank you. I like the “more control” part, and that’s one reason why I like LendingClub.com better since borrowers have to have better credit history and FICO score to participate.

@Ron — If I were a woman, I would say that’s me giving one to Gibble. :-) Thank you for sharing your perspective, I think it’s great.

@James — Thank you for the supporting information.

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