A site where millions of people worldwide can lend money to each other?

What do you think of a site where people from around the world can lend other people money?

I think it's a good idea because:

Not everyone can get money due to their credit
Not everyone can afford the repayments.

I think it's a good idea, and i think it would be popular but i think you would have sit down and really think about this.

Main points would be:

How would people get loans from other users
How people could make repayments
What would happen if the other party cannot afford to pay the money back.

I think a rating system could be in place - so other user's will know how user's rate, if they repay ontime ect.

 

This would never work as intended . Besides loanshark.com is already taken

 

Yeah nice idea but as mentioned above, would absolutely never work.. Open to far too much abuse just for starters..

 

check out kiva .org, profounder .com and kisckstarter .com for ideas...also Sir Richard has just launched VirginMoney in the UK...

 

Dumb Idea
Will not work or if it will work it will be a place full of scammers ...

 

People will hear of it, come over, build up a good rating borrowing the odd $20 or whatever, then scam for a huge amount like $600... It just wouldn't be a viable business, would you really want to deal with all of the complaints from your customers saying that they haven't been paid back etc?

 

I can't imagine this idea getting off the ground. Seems like there would be a lot of legal loopholes to jump through before anything like this would be allowed, but on the off chance it would, how would you attract cash cows to start lending the money? Seems like it would be a fairly risky business for anyone lending money out and I'm not sure people would be willing to take the risk.

 

Sounds like I would never want to be the lender!

 

Yeah, I too heard about VM. They offer CC without a Credit score?

 

What a prison seeking Idea.!

 

I am wondering how this site manage the credit of his clients... is it with great risk?

 

I don't think that could work out to a good site, Members wont trust each other and others will think its a scam or try causing scams in the system.[/I]

 

Who would want to lend to virtual debtors? Not me (if I had the money). I doubt this kind of site can lure in a significant number of creditors to make it successful.

 

The naysayers aren't reading the financial sections of the newspapers...plenty of people are micro-borrowing, lending and investing around the globe, many to folks trying to bootstrap themselves out of near-hopeless situations. Maybe it's only the IM crowd that is untrustworthy
If you think it's a good idea, go for it and take a % brokerage fee - like ebay, paypal, craigslist, etc.

 

Nice idea but the implementation would be a little difficult. Please check kiva.org for that matter as it is the most successful online micro-lender and they have set-up a good system.

 

Great idea. How would we overcome language?

 

This is the whole point. If someone has a 450 credit score (based on US credit bureaus), there is a reason for it. If they have done something to screw up their credit that badly, why should I assume they are going to pay me back? I'm honestly not sure how to respond to the second part. If they can't afford the repayments, then why would I want to loan them the money? When I feel the urge to make a donation, I send the money to my favor nonprofit, not to some random stranger.

 

It seems good idea but what do you think how many people have lots of money to spent it in this task. and if some one tried it whats a guarantee you will get benefit?

 

Sounds great and also scary. As most of us agreed, it will absolutely be filled with lots of scammers instead of actual borrowers and lenders. Instead of this, you can start a small loan company site, where against the loan amount, you will have access to something precious of the borrower. For example, if someone has a facebook fan page with more than 100k likes, then the borrower will make you as an admin and the admin rights will be returned back to him, only after he repays lol !!!!
Just a thought.... lol !!!!

 

As what everyone said, it won't work, it's going to be home of scammers lolz...