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I've been looking at this site as a valid way for people to lend and borrow loans under $25,000 between each other with a minimal fee paid to an intermediary to play the "bank" role...but it it not as onerous as an actual bank and this is not fractional reserve lending, which I think is good for all of us.

Does anyone have any thoughts or experiences on companies like this? This seems almost lkie what a credit union should be, only with a lower overhead.

Just trying to stick it to the big Banksters;)
 

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Ringin Your Gong From 600
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Not myself, but I think I had heard some friends of mine using this for real estate investing purposes. No more info other than that. :(
 

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I looked at the site. And I am not so sure. THey say they have lower rates for personal loans than banks because they cut out the bank. But the advertised rates I saw are the same as or higher than my bank on a personal loan. And they suck your payment out of your account automatically. With a bank you can still write a check if you want. You don't have to give a stranger access to your accounts. It seems that the people"investing" are getting a little greedy and charging the same rates as a bank but doing this so they get all the interest. Which in itself is not bad. I don't mind people making a profit, but if they are saying that it is a cheaper way to get a loan, it is not as far as I can see.

It sounds like a good idea if they actually did have better rates.
 
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