Sunday, May 07, 2006

Props to Rodney King

As Prosper expands, and more and more new lenders and borrowers sign up and start posting on Prosper forums, more social friction inevitably ensues. My role on Prosper is almost entirely that of a lender (and all-purpose gadfly on forums and blogs), but I suspect that much of said friction could be fairly easily avoided.

This is hardly set in stone, of course -- there are always obnoxious and unrepentant individuals from all walks of life, and (relative) anonymity of the internet never helps things any.

Recently, as I read a borrower's forum post about buying an engagment ring, I found this comment of note (certainly not an original thought, and certianly one that's been posted about elsewhere), but a well put and well timed comment nonetheless:

Apollo's comments on this loan:
Lenders and borrowers see the world through VERY different eyes. Im still fresh enough from the other side of the fence to see both sides.

What moremoneymarc is saying is that you are a couple with high potential, thats a good thing. Starting out is a very exciting thing for young couples and you want to make it a happy time in your life. Youre fresh from the degree farm and itching to make your mark. A job is lined up with a good salary, good.

Borrowers eyes: job on the line, good salary, ability to pay. Fiance graduating soon, more money coming then. $152 easy payment. No sweat. FUND ME!

Lenders eyes(mine at least): New job, no history. Fiance not graduated yet = no extra income yet. Two student loan payments, could be hefty. Wedding and honeymoon coming up. Most likely a luxury apartment or house to be bought. Likely a new chapter means lots of new goodies, furniture and such.

I dunno, thats how I see it. If you were already moved, had 6 months under your job and possibly even already married and wanted to upgrade a first ring, Id be game.

One months salary ISNT a lot of cash. Its pretty conservative. BUT, spending a months salary in advance of having 3-6months in the bank? Just runnin a bit toward the redline is what we're saying.


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