I've talked before about peer-to-peer lending starting quite wide (Zopa, Prosper) and moving towards segments, specific communities - e.g. those with common interests or even passions (harley motorcycle fanatics lending to other fanatics to purchase their harley, or yankee fanatics lending to other fanatics for their yankee season pass). Student loans is the first segment to come along, logical given the small amounts available and the attractive rates for students.Fynanz.com is a lending site where like the others you can choose to lend or borrow. The new site allows borrowers to create an online listing with their educational profile, along with a loan and rate request. Students can request unsecured loans from $2500 to $20,000, to be repaid over 10-20 years. Lenders then place bids on the listed loans based on the student's academic record and background, as well as credit ratings. This is a terrific addition to the peer-to-peer model, adding to the honesty system pioneered by eBay - the quality of the participants determines the quality of the site. It may however deny those students with apparent potential but without the marks to prove it, but it rewards those with good grades - like much else in life I guess...
I'm waiting for eBay/PayPal to add Money or Lending as a new category on their site, where you can bid by interest rate, deposit or length of loan...
1 comments:
Hey,
I am sure,all the students requiring loans would wish that eBay would have a category for Lending Money.
But I don't really think eBay would do that..Still,lets hope for the best.
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