/biz/ - Business & Finance

Here’s a random sample of a listing and some pertinent info

Sounds usurious

>>52922892
I am the jew now

Proper and Sofi are about to go bankrupt
Take out loans from them and DON'T PAY THEM BACK they WILL get dismissed

>>52922905
Source on them about to go bankrupt?

>>52922773
>>52922799
>>52922808
>>52922814
>>52922825
Sounds too good to be true.
I could opt for this instead of DT, and be guaranteed my gains through this app instead.
The app name is Prosper right? But which one is it, cause they have three separate apps all named with Prosper.
Gonna check this out before I call you out on bullshit. Not saying it is, but it smells like it.

>>52923397
Ended up finding out which one it was, I'll be reading up on it, as well as anons bankruptcy claim (and fyi you would most definitely need to pay it (the loan) back).

>>52923397
It’s prosper invest. They’ve been in business since 2006 and are highly rated from the BBB

>>52923397
They also have some bankruptcy protection in that the loans are held in a separate company

So who takes on the risk, Prosper or the investor?

>>52923517
Investor. Prosper doesn’t fund the loans they just provide the platform

>>52923550
This is some next-level judaism

>>52923563
That’s why I want in

I like the $10k loan for purpose "Other" 31.5% very nice

>>52924111
I’ll definitely invest in some of those high risk loans. Mostly boring safer loans though

You’re seeing a 8.95% 3 year term on a guy with a ‘stated income’ of $100k.
Ok but what’s the real numbers?
Are they giving him a 13.95%3 year term and they’re taking that 5% off the top + hitting you with a fee?
There’s got to be a lot of missing info

You basically have to trust Prosper's method of approval process for loans. If you have play money lying around you could try it but otherwise I'd stay away

No idea how taxes would work with this either

>give your money to people who can't get a loan from a bank
>expect to ever see it again

>>52924169
I’m not entirely sure. That example from OP says the fee on this loan is 1% not 5%

Yeah I'm thinking I should take out a prosper loan and never pay it back to fuck one of you wannabe judes over

>>52922773
I took a loan through this. IM NEVER PAYING IT BACK.

>>52922773
>app to become a professional jew

Great

>>52925663
Prove it

>>52925721
I'M STEALING FROM YOU.

Can you sell this debt afterwards?

>>52924185
Most banks wouldn’t give me a 25k loan when I applied to consolidate my credit score and I make almost 120k.

>>52925834
Most of the loan requests are from people consolidating debt.

>>52922905
haha lol big if true
no one told the retards at prosper and sofi that you have to be a jew with a money printer to make a micro-loan ponzi scheme fail proof.

>>52925888
trips of truth
this whole thing is jews outsourcing being a jew to non-jews. this is sort if like when the romans hired mercenary barbarians to guard the borders of the empire against their own barbarian brothers.
the collapse is near (two more centuries at the most).

>>52922773
>funding risky loans at the very beginning of a recession
Are you fucking retarded? The loans are going to go into default.

>>52926094
I could just buy fractional and spread my money out between multiple loans. Someone rated AA most likely isn’t going to default

>>52922773
Fucks sake. Are they trotting out this shit again?
Have a look at Wonga. It's already been done and it went tits up because they were giving loans out to anything with a heartbeat after promising full checks would be carried out then they charged eye watering interest and the government stepped in and capped the APR. Do you kids ever do any research?

>>52926128
I’ve done my research and I know that a 640 credit score is required. Also they’ve been operating for 15 years without being regulated

>>52926122
Fuck me. You kids are stupid. Why would anyone with a AA rating go to some shitty internet loan shark with massive interest rates when they could just go to a bank. This is as bad as collateralised debt options. Every single person is a nigger with shit credit, but they break the shit into 'tiers' so someone considered shit to the rest of the industry is considered AA when put against a homeless crackhead. Your losses from defaults will be massive and best of luck if you think they've got any assets.

>>52926164
i wouldn't give my money to anybody who doesn't have a credit rating of at least 750

>>52926183
Do you have any proof? The 640 credit score requirement disqualifies 90% of blacks

>>52926164
Research more. What are the default rates?
You think if someone found a pot of gold they'd share it with you? They'd borrow the money and do it themselves. They need your money because it's sketchy as fuck and nobody will lend to them to fund these loans

>>52926193
It lets you filter loans by credit score

>>52926204
They’re not sharing the pot of gold. They are making money without putting any of theirs down. They crowdfund the loan and take a %.

>>52926196
I've already given you proof. Check out Wonga.com
People thought they were spreading their risk into different pots from 'very safe' to 'high chance of default' and getting bigger returns for the risky bets. As it turned out, they were all crackheads and nobody paid. It was laughably stupid. People lost millions.

>>52926213
Mate, how many times! I've already told you this shit has been done and it's dog shit. You're going to get burned by some nigger buying rims or some crackhead feeding his next fix.

>>52926242
Why are you comparing wonga with prosper?

>>52926072
lol@
>two more centuries
i guess
>two more weeks
doesn't work anymore

>>52926234
Ask yourself why they won't put theirs down but are happy to take jew fees off you and a slice of the massive interest rate. It's a no lose game for (((them))) and you're the fleshlight that'll get creamed.

>>52926283
Because it's exactly the same thing with a different name.

>>52926299
so let me get this straight, the real way to profit is to make our own out jew the jew platform and charge fees?
any way we can incorporate nfts?

>>52926299
Because they can’t fund that many loans on their own. Why not let the goyim fund them and just take some off the top

>>52924111
How desperate do you need to be to take a loan at 31.9% how likely is it they're just about to turn their lives around and start going to church and dem programs working? Or maybe he'll just buy some crack and new rims and you'll be left wondering where your monthly payment is. This is fucking hilarious.

>>52926373
People under 25 regularly have 20-30% loans

This thread reads like a bad advertisement. OP lurking for about 8 hours now actively replying to any criticism. 23 Posts in this thread already.

As a lender of this garbage you're taking on all the risk, you're tying up your own capital, and in the end you're getting a mediocre payout. I'm sure there are huge origination fees not included in those numbers, on top of some % of the interest that go just towards the platform provider. Higher rates from the perspective of the borrower means higher risk for you as a lender, otherwise they'd go with cheaper competitors if they were able. Ask yourself, what value is the platform really adding here?

If anyone wants high yield income, I recommend just buying mREITs like AGNC. They arbitrage the spread between treasuries and agency mortgage bonds. These are government insured bonds. Since the Fed started QT and began dumping their own MBS balance sheet, spreads have widened a bit and so it's trading at a 14% yield right now. Better returns for less risk. If rates reverse and the spread shrinks back, shares will likely appreciate as well.
Alternatively just buy treasuries outright. 1Y is close to 5% right now.

>>52926364
Are you fucking stupid or do you get paid to post this shit?
>jew finds extraordinary business opportunity
>jew lets goyim in on the game
Nah mate, it works like this -
>jew gets all his tribe involved
>jew goes to jew bank and borrows 100 mill @ 3% and slices it into small loans with rates between 10-40%
Any bank or institution would be beating your door down to throw money at you with those sorts of returns.

>>52926412
I know I’m taking the risk. Is risk not allowed on /biz/ anymore? Have people stopped buying 2DTE options on here?

>>52926389
For "Home Improvement".....hahahahahahaha

>>52926430
Why can’t you understand that they don’t have the money to fund all of these loans. They’re using other peoples money to make money it really isn’t hard to figure out. They’re not being charitable like you seem to be implying

>>52922773
At least 50% of prosper loans never get paid back, it’s one of the things that redpilled me about poor people in my 20s

>>52926468
>At least 50% of prosper loans never get paid back,
Can you show me some proof to back that up? I couldn’t find anything to corroborate that

>>52926472
Personal experience

>>52926324
I suppose we could offer to give them a bored crackhead nft if they made at least 3 payments.

>>52926496
So nothing

>>52926519
Ok go throw your money away dipshit I don’t care

>>52926436
Dumb gambling is fine. That's a personal choice. Advertising is not allowed. You're sounding dangerously like a shill.
You've posted multiple interface screenshots of the app, made plenty of bullshit claims about the value/advantages of this trash, and completely disregarded any legitimate criticism of the risks in providing an unsecured loan to someone you don't even know the name of.

How much are they paying you?

>>52925734
here I go RUNNING to pay you back

>>52926457
If they could genuinely get 20-40% interest AND the borrower actually paid, then you've just found the Holy Grail of investment. Trust me, you wouldn't be dicking around trying to sell it on biz/ you'd be having a very nice lunch with venture capitalists and BlackRock and they'd be offering you all the coke you could snort and the finest hookers money could buy.
It's risky as fuck. Most loans are going to default. (((they))) still get the fees from you and a slice of the interest. They're scrabbling around for pennies and giving away billions.

Does that actually make sense to you?

>>52926539
I asked about peoples opinions and I responded to their replies. That’s not even close to advertising

>>52926583
Those are the high risk loans. You can go for something like 8% over 3 years. Hardly the holy grail of investing

>>52926594
You haven't answered my question. You haven't written or acknowledged a single negative about the product you're shilling. You deflect all criticism. You are a shill.
You are required to report any financial interests you have in the product you are shilling.

>>52926625
So now you agree the 31.9% loans are indeed high risk. I'd still say those 8% loans would be considered high risk by any high street lender. So just because you're getting less return doesn't translate into a safer bet. As I mentioned earlier, it's like CDO's when you get a great big pile of shit and because some shit is not as smelly it gets reclassified within the shitpile as grade A....shit
It's still shit and don't delude yourself you're lending to people with jobs or incomes or assets.

>>52926676
I put $25 in this morning. That’s it.
>You haven't written or acknowledged a single negative
I have, I said the risk is on the investor. I’m a big boy I can decide if i want to spread out some money and earn interest. If you throw 100% of your money into 30% rate high risk loans than that’s retarded. You don’t have to like it but I’m gunna give it a try. Once some time has passed and I’ve added more money I’ll document my progress

>>52926728
>$25 this morning
That's not going to buy much crack.

>>52926726
You’re denying there are different levels of risk? The rate is 30% because the borrow has strikes on their credit report like delinquencies or amount of credit used or number of inquiries in last 6 months. The rates are 6-8% when the borrower has good credit and No strikes. The levels of risk are completely different

>>52926747
Whatever your jew internet loan business is offering would be beaten by any high street lender for someone with good credit. Internet loan sharks are the very last resort of the desperate. They're not likely to show up in the online 'best buy' loan tables are they. The only winner is the jew sat in the middle taking fees like a flea on the dogs back. If you're not the flea, you're going to get burned

>>52926816
I’ll let you know how it goes. I just don’t believe someone with no delinquencies in 7 years years will suddenly just default on their loan and completely destroy their credit. I’m not convinced

>>52926747
So you might as well be offering 200% interest rates because you've got as much chance of getting that money back as 31.9%
31.9% looks just about believable to a novice investor with his little greedy eyes thinking he's found some secret route to wealth. It's such an old scam I'm surprised it's still going on.

Before anyone 'invests' a penny in this dog shit have a chat to your parents and they'll tell you all about this steaming pile of shit.

>>52926873
you don’t have to invest in those high risk loans. Why can’t you grasp this concept?

>>52926858
They haven't got delinquencies because nobody would lend to them. It really is that simple. High street lenders are cautious because it's THEIR money on the line. When you're parcelling up the loans and selling them on you don't give a fuck. It's all about the fee for selling the loan.

Really try and think about what I'm saying. This is exactly what CDO's were.

>>52926887
Because you shifty little jew that's the screenshots you posted. And now suddenly you don't want me to talk about them? You really are fucking parasites.

>>52926922
>They haven't got delinquencies because nobody would lend to them
Do you not understand how credit works? It shows you how many credit lines they have open and their bank card utilization. If they have credit cards and no delinquencies that means they are paying their credit cards on time. That’s what I want to see

>>52926942
I'm not American so not sure what I'm looking at there.
>17 open lines of credit
Is that 17 loans and/or credit cards?
>Total credit lines 34
Again, is this 34 credit cards?
Are they robbing Peter to pay Paul (using one card to pay another?)
I need a fat burger to break this down for me. Our credit reports are very different.

>>52927000
It could be anything. Credit cards, loans, mortgages, car loans, healthcare loans. The fact is the lender hasn’t been delinquent on any of those accounts in 7 years

>>52926942
> public records 0 = good
> delinquencies none = good
> inquiries last 6 monts = good
all this tells me this guy is either a goody-two-shoes or he knows how to play the game
>first credit line 2002 = 20 years credit history = guy is not a noob
> open credit lines 17 = so probably 17 active credit cards or loans at banks
that's a lot, most people have 2 or 3. this guy definitely knows what he is doing and is probably actively chasing new credit cards for their entry bonus and probably also is not afraid to take out loans to consolidate credit debts.
> total credit lines 34! (unusually high)
this means he had more than twice the open credit lines but they are now closed which means he paid them off (which is good) BUT how the fuck did he do it?
>revolving credit balance $11.7k
>revolving credit balance 12%
these two points tell me that this guys is carrying around a way too high balance (above 5% is high) yet for somebody who had 34 credit lines in his history his credit line is way low (with that many lines his credit line should be 100k).
>has mortgage yes = house owner
>credit to income ratio 46%! (unusually high)
these two points tell me this guy is some angry hummer driving reverse cap wearing douche bag living with his wife and one kid in a mac mansion and he's moving credit card debt around, opening and closing accounts, but never actually paying off his debt ot growing his credit. as a lender this could be an ok gamble as he might pay off his loan eventually but he's one of those guys who's going to default eventually so just don't be the last one lensing to this guy.

>>52926213
Is there anyone in the 820-850 category? or even the 800-819 category? just curious

>>52928841
17 open credit lines is below average retard

>starts conversation with 30-40% gains
>get challenged on ridiculous claims
>moves conversation to 6-8% returns
So basically it's a pile of shit with very average returns for a lot of risk or higher returns with massive risk. Thanks for clearing that up, jew.

>>52928841
>all this tells me this guy is either a goody-two-shoes or he knows how to play the game
Having multiple lines of credit open and no delinquencies means he pays his debt every month. You can’t play the game

>>52931990
Earning 8% APY is better than -17% spy did this year.

>>52929822

This is stupid just be a loan shark irl and hire two big enforcers to go get your money if someone refuses to pay. Don't fix what ain't broke.

So what happens when they default? Can you send it to collections? Do you know the names and addresses of the people you’re loaning to? Can you place liens on their shit or garnish their wages? Banks play this game because they have ways to get the money back, but how can one little goy get his money back?

>>52932097
You forgot to mention the fees or the default rate jew.

>>52932132
The bank sends it to collections and reports it to the credit bureau
>>52932136
The main fee is taken directly from the borrowers loan amount. Then they get 1% of each payment.

>>52932132
It would cost you more in legal and court fees to chase the debt. Most of these crackheads have zero assets. This is why deliquent accounts are all but impossible to sell because no agency wants them. They're not even worth a few cents on the dollar.
Wonga.com did exactly the same business over a decade ago and the horror stories are plentiful. Do a Google search and you'll see what I mean. A lot of people lost millions because they were too stupid or greedy to see what was obviously a scam.

>>52932157
>Sends it to collections
And they chase your money for free?
>Report to credit bureau
You think crackheads care?

>>52922773
Debtmaxxer here, is this worth checking out? Is it only US? I have credit reports in 3 countries, what sort of credit check do they do?

>>52932171
>>52932188
Yes. The people with great credit and no delinquencies that apply for these loans would care. Crackheads simply couldn’t get approved for a prosper loan. You need a higher score to get a prosper loan than a mortgage

>>52932189
Only In the US

This is like selling naked call options / scalping with leverage LMAO, getting measly interest until one day you get absolutely destroyed.

>>52933367
i can't imagine anything more retarded than participating in crowdsourced loans. banks pull it off because they have legal counsel working on salary and in-house debt collectors. if some broke nigger defaults on his 26.60% debt consolidation loan (wtf even is this loan), you're fucked because your only recourse is wasting more money to likely collect nothing.

>>52926445
Makes sense if they need to fix something real quick and can repay it within a month or two, no big deal.

>>52933422
Yeah, only the truest of all retards would actually go for this shit. Not even 100x leverage / naked options degens would touch this steaming pile of shit.
Risking so much just to get an 8% payout, it is literally easier to go to the casino, martingaling your way to 8% gains in an instant. At least when you get wiped out, it will still better odds than having a broke-ass crackhead default on your loan.

>>52932103
Nice, what is the APY on this one?

>>52933457
6%

>>52933422
>>52933451
>crackhead
they don’t give loans out to anyone with a score under 640. Crackheads couldn’t hope to be approved for a prosper loan. It just isn’t happening

>>52926213

direct to customer subprime lending. what could possibly go wrong.

>>52934242
>Crackheads couldn’t hope to be approved for a prosper loan. It just isn’t happening

you're pretty confident for someone who lives in a world where 2008 happened.

>>52934484
Yes and if you did research you would know that prosper self-regulated themselves by submitting to the SEC in 2009. That’s why now they require atleast a 640 credit score, a score that is in achievable for the type of person you keep suggesting will be given loans

>>52934421
Not much could go wrong if you spread your money out. Better than the market in current year by a long shot

>>52925579
They tag their loans with a 1% origination fee and maybe some others, if memory serves. I did a little googling yesterday.
What I was asking though is if their loans are basically issued through them and the re-sold to whoever is 'investing' in them, and if that's the case is it just something like this:
>Prosper issues a loan to Borrower @ 12% interest + 1% orig for 60 months
>Prosper sells that loan to you as a derivative @ 8% for 60 months
Prosper keeps the 4% yield + the 1% kicker, you assume the risk and get 8%

Couldn't you basically throw $10-20 each in hundreds of loans and earn a juicy APY with very little risk?

>>52934421
Is that woman wearing a shock collar?

>>52934792
Not really because at some point the averages are going to play out and that's all correlated to the APY being offered. It's also the asset class itself that is risky.
Lending is dumb unless it's collateralized, the money is literally made up (fractional reserve banking), or both.
Also, why are any of you even interested in this? I very much doubt that most of you have the kind of capital where it makes sense to be LARPing as a banker.
When have you ever heard about someone making it from lending?

>>52934802

no it's a smile collar, she's smiling.

Seriously though why would anyone take a loan from something like this that isn't a bank if the borrowers intention isn't simply to rook the lender?

>>52934887
Based. Women like being electrocuted.

>>52934792
Yep