Comments on: Lending Club 101 http://jutiagroup.com/2008/01/14/lending-club-101/ Market Jitters & Political Critters Sun, 22 Nov 2009 02:27:02 -0500 http://wordpress.org/?v=2.8.6 hourly 1 By: Stephen Oakes http://jutiagroup.com/2008/01/14/lending-club-101/comment-page-1/#comment-8526 Stephen Oakes Mon, 28 Jul 2008 20:37:46 +0000 http://jutiagroup.com/archive/2008/01/14/535/#comment-8526 You're absolutely right... you may very well be one of the responsible few with les than perfect credit ratings who always makes good on their loan payments. Please understand that I am merely "one" lender and am simply sharing my own personal experiences. How would you lend if you were in my shoes? Would your criteria be drastically different. I'd like to think that it wouldn't. Most lenders opt for a higher interest rate by taking on more risk. That is not me. I've been burned on "C" rated loans and below too many times. About half of those loans went into default. So, can you really blame a guy for making the move to "AA" and "A" rated loans? If point your finger at the "common men" who defaulted on their loans and forced the banking establishment and other lenders such as myself to be more cautious with their investing dollars. Many banks are struggling right now. Do you realize how much in subprime lending debt the banks have written off? As someone with a frugal eye, I find it appalling there is nothing being done about our personal and government debt levels. -S You’re absolutely right… you may very well be one of the responsible few with les than perfect credit ratings who always makes good on their loan payments.

Please understand that I am merely “one” lender and am simply sharing my own personal experiences.

How would you lend if you were in my shoes? Would your criteria be drastically different. I’d like to think that it wouldn’t.

Most lenders opt for a higher interest rate by taking on more risk. That is not me. I’ve been burned on “C” rated loans and below too many times. About half of those loans went into default. So, can you really blame a guy for making the move to “AA” and “A” rated loans?

If point your finger at the “common men” who defaulted on their loans and forced the banking establishment and other lenders such as myself to be more cautious with their investing dollars.

Many banks are struggling right now. Do you realize how much in subprime lending debt the banks have written off? As someone with a frugal eye, I find it appalling there is nothing being done about our personal and government debt levels.

-S

]]> By: sixoldens http://jutiagroup.com/2008/01/14/lending-club-101/comment-page-1/#comment-8525 sixoldens Mon, 28 Jul 2008 20:11:14 +0000 http://jutiagroup.com/archive/2008/01/14/535/#comment-8525 You might as well put your money in a bank and let them lend it for you. Your critiera for accepting a loan or better yet, for lending money to someone you have never met, is the same as a banks. Perfect or better credit score, minimum credit card debt and Wall Street level income. What about the 98% of the country who has none of that? They are the ones who P2P was originally started for. They couldn't get a loan at a bank so they sought out other financing. You write like you want the P2P loan criteria to be as good or better than a banks before you will lend your money to someone else, or even encourage someone else to lend their money. I am retired military and disabled. I draw my EARNED retirement income of 50% of Basic Pay for 20 years of service. I also draw a social security disablity check for being injured and permantly disabled while working as a civilian, yes I am intitled to both checks. My wife works for low pay at the local hospital. Together we make more than most families in this part of the country yet we are in debt up to our eyeballs. We would love to get a fresh start and P2P is one of the avenues we are looking at but with you writing articles like this, we will never be accepted as borrowers because we owe every dime that comes in to someone else. The only way out of our debt is to either borrow enough to pay everyone off and then work on the big debt as one payment and to add additional money to that payment to pay it off early. Can't do that without a big loan and you are preaching against anyone lending people like us money. Just had to say something about your attitude toward the common man. Yeah we have low credit scores and high credit card debt but you can bet when we make a debt we pay it out of our paycheck, not our golden parachute or million dollar bonuses like the rich. You might as well put your money in a bank and let them lend it for you. Your critiera for accepting a loan or better yet, for lending money to someone you have never met, is the same as a banks. Perfect or better credit score, minimum credit card debt and Wall Street level income. What about the 98% of the country who has none of that? They are the ones who P2P was originally started for. They couldn’t get a loan at a bank so they sought out other financing. You write like you want the P2P loan criteria to be as good or better than a banks before you will lend your money to someone else, or even encourage someone else to lend their money.
I am retired military and disabled. I draw my EARNED retirement income of 50% of Basic Pay for 20 years of service. I also draw a social security disablity check for being injured and permantly disabled while working as a civilian, yes I am intitled to both checks. My wife works for low pay at the local hospital. Together we make more than most families in this part of the country yet we are in debt up to our eyeballs. We would love to get a fresh start and P2P is one of the avenues we are looking at but with you writing articles like this, we will never be accepted as borrowers because we owe every dime that comes in to someone else.
The only way out of our debt is to either borrow enough to pay everyone off and then work on the big debt as one payment and to add additional money to that payment to pay it off early. Can’t do that without a big loan and you are preaching against anyone lending people like us money.
Just had to say something about your attitude toward the common man. Yeah we have low credit scores and high credit card debt but you can bet when we make a debt we pay it out of our paycheck, not our golden parachute or million dollar bonuses like the rich.

]]>