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The Idea
A social lending utility that deposits loan funds (up to $300) from your bank account into your friends Paypal account within 10 minutes and then re-credits your bank account on the selected repayment date
On the repayment date the social lending utility will debit (ACH) friends bank account and then credit (ACH) your bank account for the total loan amount
If the friend’s bank account has insufficient funds the utility would send out an email detailing non-payment of an informal loan (e.g. $80 loan) with details of repaying the loan via utility
You would have the power to modify the repayment date
I thought of this idea when I was...
I lend money often and find people knocking on my door or sending checks to repay back the loan. Some forget to pay on time and others just thought it was a gift.
Since the lending is done via internet utility that removes the need to contact the borrower for repayment directly
The other benefit is that the borrower would have informal loans immediately (10 minutes or less)
Loan funds will be deposited from the original source your bank account
Comments Posted
The same things over and over again... the comments I have made on past peer to peer loans apply here. Not going to repeat myself.
ccozad...with you...we can do this today...
An idea like this that was even more well thought out was just talked about on TechCrunch. Good luck with all the competition out there.
dont really see it working. :(
Yes same idea.
If a friend or relative of mine is in problems. I'll give the money!
Tommy
how can you make money out of this idea?
i was lost last time similar ideas was discussed here....
prosper.com
and 20 other variations
I just don't see this as a prime area for creating money. There would be a lot of takers, not too many givers.
I see no money being made.
how i wish this would work! :-/
Look guys the max. loan amount would be $300. The debit to the borrowers account would happen on the date of the repayment amount. Thats better then waiting for the friend to drive up to your home to repay the borrowed cash. I belive. With time lenders will have the option for loan insurance.
well this is better than Hindu* hovering sharks in my area!
Quote:
" Neither a borrower nor a lender be;
For loan oft loses both itself and friend,
And borrowing dulls the edge of husbandry.
This above all: to thine own self be true,
And it must follow, as the night the day,
Thou canst not then be false to any man."
William Shakespeare, "Hamlet", Act 1 scene 3
Greatest English dramatist & poet (1564 - 1616)
With regards to this idea, I would heed Shakespeare's advice.
That quote is so out of line. We all have lend and borrowed money. It is said that over $89 billion is lent out yearly within the US. Not all of us are heartless.
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