Where can you get a Personal Loan

[DamnRena]

It's Impossible! I am trying to tell someone, and he just doesn't believe me......I mean you can't get an actual loan of $1000 with a credit score of 530. Maybe you can but you will be paying a 50% interest....so can someone just say...."Your right" and that will make me feel better!

 

[glenn beck]

Damn! Rena!

 

[DamnRena]

lol, yep

 

[YetioDoom]

If he has a job he can probably get a payday loan, but paying 50% interest would be a STEAL.

 

[ultimatebob]

There are some people on prosper.com who are naive enough to give him a loan with a credit score that bad... if he was willing to pay a 35% interest rate for a few months.

But, hey... with a credit score of 530, they shouldn't be too surprised if he stops making payments after a few months. Hell... I had a few accounts with "A" credit ratings who stopped paying me earlier than that!

See... the secret to scamming Prosper seems to be getting a small personal loan, paying it off for six months to "prove" that you're not a credit risk, getting an even BIGGER personal loan at a lower interest rate (because you've tricked Prosper users into thinking that you're a good borrower), and then disappear with the cash after the second loan clears. Sure, they'll file a charge-off on his credit report and he'll get calls from collection agencies... but with a score of 530, he's probably used to getting those!

 

[SirStev0]

I am sure there are still plenty of predatory banks out there. I mean hell, we just shoveled them money and did nothing to implement regulation.

 

[StageLeft]

Originally posted by: ultimatebob
There are some people on prosper.com who are naive enough to give him a loan with a credit score that bad... if he was willing to pay a 35% interest rate for a few months.

But, hey... with a credit score of 530, they shouldn't be too surprised if he stops making payments after a few months. Hell... I had a few accounts with "A" credit ratings who stopped paying me earlier than that!

See... the secret to scamming Prosper seems to be getting a small personal loan, paying it off for six months to "prove" that you're not a credit risk, getting an even BIGGER personal loan at a lower interest rate (because you've tricked Prosper users into thinking that you're a good borrower), and then disappear with the cash after the second loan clears. Sure, they'll file a charge-off on his credit report and he'll get calls from collection agencies... but with a score of 530, he's probably used to getting those!

I looked at prosper and with its return, according to wiki last time i checked, similar to a bond fund but with infinitely more risk (I still think the guys who own prosper could just take the cash and retire to bermuda) and accessing fund issues I've heard about I saw no reason to bother. If it was historically 15-20% returns I would.

 

[TwiceOver]

Parents?

 

[SandEagle]

Originally posted by: SirStev0
I am sure there are still plenty of predatory banks out there. I mean hell, we just shoveled them money and did nothing to implement regulation.

my credit is shot. one of the big banks here offered me a 6K loan at 24%

 

[FelixDeCat]

Prosper is a pyramid scheme. Everyone knows this.

 

[ultimatebob]

Originally posted by: Skoorb

Originally posted by: ultimatebob
There are some people on prosper.com who are naive enough to give him a loan with a credit score that bad... if he was willing to pay a 35% interest rate for a few months.

But, hey... with a credit score of 530, they shouldn't be too surprised if he stops making payments after a few months. Hell... I had a few accounts with "A" credit ratings who stopped paying me earlier than that!

See... the secret to scamming Prosper seems to be getting a small personal loan, paying it off for six months to "prove" that you're not a credit risk, getting an even BIGGER personal loan at a lower interest rate (because you've tricked Prosper users into thinking that you're a good borrower), and then disappear with the cash after the second loan clears. Sure, they'll file a charge-off on his credit report and he'll get calls from collection agencies... but with a score of 530, he's probably used to getting those!

I looked at prosper and with its return, according to wiki last time i checked, similar to a bond fund but with infinitely more risk (I still think the guys who own prosper could just take the cash and retire to bermuda) and accessing fund issues I've heard about I saw no reason to bother. If it was historically 15-20% returns I would.

Out of the 9 loans that I bid on Prosper, four of them went into collections within a year. I wasn't going for high risk loans, either... most of these people supposedly had "A" credit ratings.

That's why I recommended that Prosper scam, since I was a victim of it as a lender. One person I lended money to (to pay off high interest credit cards, supposedly) already had one loan she was paying off and had her credit recently upgraded from a "C" to an "A", so I thought she was a good risk. Six months later, she filed bankruptcy, and all of her lenders got screwed.

 

[alkemyst]

Has nothing to do with predatory...with a score of 530 that person has demonstrated they do not pay their debts. Anything under 580-600 is proof of that.

 

[SirStev0]

Originally posted by: alkemyst
Has nothing to do with predatory...with a score of 530 that person has demonstrated they do not pay their debts. Anything under 580-600 is proof of that.

Wonder how many low scores are caused by healthcare debt? Curveball!

 

[DamnRena]

LOL! Anyways i guess im half right half wrong......Might tell him to check out Prosper... what do you guys think? should i tell him not to do it and live life, work and pay his shit back?

 

[alkemyst]

Originally posted by: SirStev0

Originally posted by: alkemyst
Has nothing to do with predatory...with a score of 530 that person has demonstrated they do not pay their debts. Anything under 580-600 is proof of that.

Wonder how many low scores are caused by healthcare debt? Curveball!

Either way not paying bills is not paying bills. Out of those I have seen with medical collections, those were not all that was causing their scores to drop. People seem to think that since they aren't paying the doctors they can milk it for all their creditors.

 

[Sasiki]

A credit union may extend him the money in good faith. Regardless of the interest rate, he will have to take out a high interest loan or use a high interest credit card some day to get his credit score up.

 

[CRXican]

Mr. Soprano

 

[SlitheryDee]

Co-signer?