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For years, credit card issuers aggressively pursued new borrowers and urged old borrowers to charge more. Mailboxes across the country were filled with new offers, introductory rates, and rewards for getting those cards out of wallets and into use.

Each issuer tried to outdo the other with promises of low rates on balance transfers and ever higher credit limits. Then, the financial crisis reared its ugly head and those card issuers began to face larger and larger losses.

The past few months have seen major credit card issuers pull back on new credit cards, lower credit limits, raise interest rates, and close accounts – even for their most creditworthy borrowers.

Now a new breed of lender is offering to step in where credit card companies fear to tread. This new breed is called the Social Lender. This is peer-to-peer lending, where the lender often has a choice over who will use his or her money. Read the rest of this entry »

photo credit: A6U571N
Imagine making money like E-Bay, but in the world of loans. Two years ago, if you lent me money with principal and interest from a family member or friend I would’ve said you are “crazy”! But today there is such an opportunity to get a loan from people who want to lend money. Rather than get “burned” from our family and friends for lending money anyway we should look to other alternatives. There is an alternative much like E-Bay. It’s called Peer to Peer Lending. They are called “lenders” and these are ordinary people. These lenders could be your boss, friend, grandmother, aunt, dad, or even a stanger. Their job is to fund loans on a website called Prosper.com. It is a good idea that if a family member or friend borrows from each other, do it in a format where relatives and friends can get lend their money and get paid back with interest and principal. Peer to Peer Lending was founded on the very same principal as E-Bay. Namely to allow online bidding through an auction style process of lending. Chris Larson who is the co-founder of E-Bay is the owner and founding father of Peer to Peer Lending. If you have made a lot of money selling on E-Bay or made a deal through buying that product, the same goes for Peer to Peer Lending. Except the item is a person who needs a loan, and the bidders are the lenders who have cash$$$ A person who needs a loan becomes a borrower. Read the rest of this entry »