Social Lending - The end of Bankers power

[mcgraw_wv]

Hey guys, recently I have just stumbled apon LendingClub.com, it got me thinking. I can borrow from other people at rates lower than banks, and I can lend money at rates better than CDs / Savings Accounts...

All without any MAJOR bank involved.

This got me really thinking... If we can push the social lending ideas, we as a community can wean ourselves off the Bankers power system of interest and debt. I much rather be in debt to my fellow Americans, than some heartless power broker.


To me...
Social Lending is to the Banking System as youTube is to the Mainstream Media


I hope to use LendingClub.com for all my borrowing needs for the rest of my life, and all of my disposable income will become available to loan to my fellow patriots.

I jsut wanted to tell everyone about it, becuase I think it really is the answer to the revolution in regards to marginalizing the banks, and the Feds power. Let's simply stop using them to live.

If you have credit cards, cash them in with a social lending fund, anything that you are paying insane rates, and no hope of getting out of, why not be in debt to someone, most like 120 someones, rather than the system...

 

[me3]

Reads like spam to me...

 

[mcgraw_wv]

P.S. If anyone is interested, send me a PM.

 

[mcgraw_wv]

Reads like spam to me...

I knew it would....
But it really is a way to remove ourselves from the bankers control... is it not? Return the power back to people for the people, by the people...

 

[me3]

I knew it would....
But it really is a way to remove ourselves from the bankers control... is it not? Return the power back to people for the people, by the people...

We don't need you to spam for that.

P.S. If anyone is interested, send me a PM.

Now you are using this forum to conduct business through.

*REPORTED*

 

[mcgraw_wv]

First off...

I am not affiliated with that site in any shape form or fashion...

It does fill a need that MANY on here have a large issue with and that is the strangle hold mega banks, and the federal reserve have over us as a society.


So take it for whatever it is... don't whine... jsut don't read it if you don't like it.

I for one am very concered with the Federal reserve, and debt, and slavery of Americans, so for me, when I found this, this was a huge win... so im passing it on.




Your response is reason #235 why these boards have gone so far down hill...
I would heop we as a movement look for things that can help shocase change in the status qou and challenge the tradional powers at all angles.

 

[Shink]

me3 is eternally posturing for a moderator position, don't pay too much heed to it. The point of your post appears to be to discuss private lending. I think it's a very good idea. An idea I've had is to create a FULL RESERVE bank. Not the fractional reserve thieving bullshit. I just don't know what, if any, laws are in place that I'd have to worry about. I wouldn't be surprised if the FDIC has some method of shutting such a bank down.

 

[mcgraw_wv]

Shrink, there would be nothing as way of laws for you to enter into Private contract with someone to loan / store their money.

As a business, without fractional practices, I do not see how you could make enough money. One default could cause you to crash.

People store 1000.00 in your vault.

You loan 800.00 becuase you can only loan what you have ( anti -fractional ) and then they default... the other people want their 1000.00 back... your sunk.

However, loaning and borrowing money on person to person basis seems like a perfect way to circumvent all the usual credit traps like credit cards.

Plus, just because I lent money via a web site to someone doesn't give me the right to loan out 9 times that of which I don't have...

I do feel that, liek youTube changed the media, social lending can change the banking industry. I feel as though banks would crumble and fall daily as more and more people rather go indebt to people, rather than heartless power and money hungry corporations... Plus its cheaper!

 

[Meekus]

me3 is eternally posturing for a moderator position, don't pay too much heed to it. The point of your post appears to be to discuss private lending. I think it's a very good idea. An idea I've had is to create a FULL RESERVE bank. Not the fractional reserve thieving bullshit. I just don't know what, if any, laws are in place that I'd have to worry about. I wouldn't be surprised if the FDIC has some method of shutting such a bank down.

Sounds interesting. But with the whole Liberty Dollar fiasco, I'd be a bit careful. The federal government seems to watch these things very closely and are very quick to call shenanigans. I think RP even said some laws were misused to justify taking down Liberty Dollar.

 

[mcgraw_wv]

I don't understand what you mean by a Full Reserve, you can't compete with the FED REserve because you haven't been written into the federal reserve act.... so the only thing I can think your saying is you want to become a bank, that doesn't partake in the chenangians that other banks do?


Whcih means you will most likely go out of business for not taking advantage of the rules that everyone else is...

 

[Meekus]

Shrink, there would be nothing as way of laws for you to enter into Private contract with someone to loan / store their money.

As a business, without fractional practices, I do not see how you could make enough money. One default could cause you to crash.

People store 1000.00 in your vault.

You loan 800.00 becuase you can only loan what you have ( anti -fractional ) and then they default... the other people want their 1000.00 back... your sunk.

However, loaning and borrowing money on person to person basis seems like a perfect way to circumvent all the usual credit traps like credit cards.

Plus, just because I lent money via a web site to someone doesn't give me the right to loan out 9 times that of which I don't have...

I do feel that, liek youTube changed the media, social lending can change the banking industry. I feel as though banks would crumble and fall daily as more and more people rather go indebt to people, rather than heartless power and money hungry corporations... Plus its cheaper!

I was looking at prosper.com and I must say the notion intrigued me. The only thing I would be uncomfortable with in borrowing from something like that is how much of your personal information would become public to the lenders. I just have a vision of someone who contributed $50 dollars towards a $1000 loan would suddenly feel entitled to call the borrower when they were a day late with a payment.

 

[RonPaulVolunteer]

We don't need you to spam for that.


Now you are using this forum to conduct business through.

*REPORTED*

Lighten up for Pete's sake, you're sounding like a fascist.

 

[mcgraw_wv]

I was looking at prosper.com and I must say the notion intrigued me. The only thing I would be uncomfortable with in borrowing from something like that is how much of your personal information would become public to the lenders. I just have a vision of someone who contributed $50 dollars towards a $1000 loan would suddenly feel entitled to call the borrower when they were a day late with a payment.

As a lender on lendingClub.com ...

I can see your screen name
Credit Score
Revolving credit utilization
Monthly Gross Income
If you ar erenting or own a home
Last time you were delienquent on a payment

No address, no phone, no email... there is a private question and answer board per loan to find out more...


The trick is though... how the heck and im going to figure out that your screen name is your real name... ya know? I simply know this screen names credit score, in other words you can become quite annoymous.

Great thing to me, is if someone defaults, oit goes on their credit report, so it's not liek peopel can just borrow a ton of cash and disappear... if you care about your credit, you need to pay...

I think it's a greta attack on traditional banking and the power that big bankers have over the people.

 

[Cleaner44]

Sounds interesting. But with the whole Liberty Dollar fiasco, I'd be a bit careful. The federal government seems to watch these things very closely and are very quick to call shenanigans. I think RP even said some laws were misused to justify taking down Liberty Dollar.

Liberty Dollar did nothing wrong. The theft of their property and the property of Liberty Dollar holders was an unlawful retaliation by the government for a lawsuit that Liberty Dollar had filed. There were no shenanigans by Liberty Dollar.

If anyone knows of any law that would prevent me from loaning money to a friend please post that information for all to see.

 

[jmag]

I'm a lender for Prosper now and like it. My bank offers some insult like 0.25% for savings account. Needless to say I keep no savings there. I don't think lenders get all the personal info of the borrowers - it's done through the company who contracts with collection agencies and does credit reporting. Seems they've dotted all their i's.

 

[mavtek]

I'm also a lender on prosper.com. I have been for over 2 years now and now I'm also a group leader.

If you would like to become a lender let me know and I can get you a free $25.

 

[me3]

me3 is eternally posturing for a moderator position, don't pay too much heed to it.

I have absolutely no interest in a moderator position. I wouldn't take one here if I was paid to do so.

Lighten up for Pete's sake, you're sounding like a fascist.

Apparently you don't even know what a fascist is.

I know a little something about spam, and the OP reads like a spam post. Then the inevitable, "contact me by PM if you want to know more" is the classic divide and close the sale tactic.

Maybe the OP is genuine. In that case, it is an amazing coincidence that he uses classic social sales techniques.

Your response is reason #235 why these boards have gone so far down hill...

BS. When I joined, people were afire with ideas and fund raisers. It was about doing things on a daily basis, not trying to angle for power or to create sub-organizations. It wasn't about relentlessly whining about other candidates, it was all about Ron Paul.

I would heop we as a movement look for things that can help shocase change in the status qou and challenge the tradional powers at all angles.

I would hope we as a movement would recognize that every kind of wannebee liberty huckster is going to come on these forums and sell a product, farm email addresses, and provide disinfo.

Now maybe social lending is worth thinking about. But statements like

I hope to use LendingClub.com for all my borrowing needs for the rest of my life, and all of my disposable income will become available to loan to my fellow patriots.

Reads like bad advertising copy

and

P.S. If anyone is interested, send me a PM.

Is how you separate people from the herd and direct them through an affiliate program.

I realize, some people will cry that this is ok. Well, if Josh and Bryan check it out and the OP is legit, including whatever he wants to communicate by PM, then I'm ok with it too.

Otherwise, it looks like spam.

 

[Shink]

I have absolutely no interest in a moderator position. I wouldn't take one here if I was paid to do so.

Then stop backseat moderating. Most forums have rules against it, and for good reason. Whether this one does or does not, your INCESSANT backseat mod posts are extremely irritating. You can simply report posts and have a moderator deal with such things.

Shrink, there would be nothing as way of laws for you to enter into Private contract with someone to loan / store their money.

As a business, without fractional practices, I do not see how you could make enough money. One default could cause you to crash.

People store 1000.00 in your vault.

You loan 800.00 becuase you can only loan what you have ( anti -fractional ) and then they default... the other people want their 1000.00 back... your sunk.

However, loaning and borrowing money on person to person basis seems like a perfect way to circumvent all the usual credit traps like credit cards.

Plus, just because I lent money via a web site to someone doesn't give me the right to loan out 9 times that of which I don't have...

I do feel that, liek youTube changed the media, social lending can change the banking industry. I feel as though banks would crumble and fall daily as more and more people rather go indebt to people, rather than heartless power and money hungry corporations... Plus its cheaper!

To clarify: I don't have hardly ANY money, let alone enough to start a bank. If I was going to start one, I'd need to find some wealthy person and cut some sort of deal. Or I could be ironic and moronic and get a bank loan.

Anyway, I think it would require a lot of planning and suggestions from smart businessfolk. I don't think making such a bank work/lucrative is an impossible thing, but you are right; it would be a challenge. I would think methods could be devised to keep a full reserve in place. Transaction fees could be competitive, but probably always a bit higher than the other banks.

I don't know, I just think that if a full reserve bank sprang up and turned a profit, it could be a great victory against the big banking interests. I'd use it to educate the public, I'd probably sell commodities on the side, and it could be an amazing tool.

 

[Banana]

Ideally, I should be able to delegate the loaning responsibility to banks who are more knowledgeable and judicial in assessing a loan's risk than I would be or could be interested in.

Does this kind of thing means I no longer delegate that responsibility? Not saying that it's bad thing, only wanted to know if I didn't have the appetite, could I entrust someone else to do the assessment?

 

[mcgraw_wv]

I have absolutely no interest in a moderator position. I wouldn't take one here if I was paid to do so.


Apparently you don't even know what a fascist is.

I know a little something about spam, and the OP reads like a spam post. Then the inevitable, "contact me by PM if you want to know more" is the classic divide and close the sale tactic.

Maybe the OP is genuine. In that case, it is an amazing coincidence that he uses classic social sales techniques.


BS. When I joined, people were afire with ideas and fund raisers. It was about doing things on a daily basis, not trying to angle for power or to create sub-organizations. It wasn't about relentlessly whining about other candidates, it was all about Ron Paul.


I would hope we as a movement would recognize that every kind of wannebee liberty huckster is going to come on these forums and sell a product, farm email addresses, and provide disinfo.

Now maybe social lending is worth thinking about. But statements like



Reads like bad advertising copy

and



Is how you separate people from the herd and direct them through an affiliate program.

I realize, some people will cry that this is ok. Well, if Josh and Bryan check it out and the OP is legit, including whatever he wants to communicate by PM, then I'm ok with it too.

Otherwise, it looks like spam.

I read it as I'm a little corny sometimes, and that having peopel contact me instead of bogging down the board with indivdual questions was a GOOD thing...

And as you see, the idea, and liberty in social lending... is VERY popular, and many of us have discovered it as a way to rise above what we see...


Seriously... sometimes people are corny...

Sorry if it read bad...

But I still stand by, I will use social networking for all my needs as far as needed capital goes.