Saturday, March 25, 2006

My third realistic prosper loan... 3751

EDIT, 5/5/2006:This is one of the loans I've been happiest and most confident about funding -- in fact, this loan transitioned into my befriending the borrower, and employing him for a bit of programming on the side as well. I guess this switches up the social circle model a bit -- gain social contacts because of lending, rather than lend because of social contacts...

Loan 3751 is one of my (few) group listings. Guy was incredibly straight up and prepared – had no problem w/ providing paystubs, hosting them on the web here and didn't make any excuses about bad college debt practices, etc. Spoke w/him over the phone as well as IM. Was responsive to every suggestion I gave him/probing question I asked.

UMass computer science/math grad (I called the alumni office -- someone with his name graduated in 04), he works as a web programmer for a real company w/a real web presence – – I successfully called to confirm w/his boss and/or HR that there was somebody named Marek Karbarz working there, and that he made 51k a year, and that he was in fact applying for a loan (so not ID theft). Also emailed him, got a response at his personal company email address (anyone can fake a return address). (He doesn't have a voicemail box, but the secretary at the main number on the company website knew who I was talking about, offered to have him paged, and mentioned that he typically works away from the office. Plus, the employees I spoke w/about him all had company boxes.) When I nonexplicitly asked him about some minimally difficult compsci/web stuff, he seemed to answer ok. :)

Thinks he'll repay 2-3 k immediately as well, but mass min is 6000. Willing to take hi interest so he can pay back friends/family now that they need it, which I think is admirable.

E rated, 23% DTI, 21.5% rate (set to max for MA).

I'm putting in a big slug, but prefer to do so on thursday after 8 PM eastern time. If people feel antsy about that, contact me and I'll put in sooner.

I could even see him becoming a lender after he pays back his debt -- seemed to be the archetypical came to America, not from a super-rich family, but went to school here, and wants to realize the American (financial) dream type. Don’t worry though – he’s got dual citizenship, so you don’t need to worry about unjustified deportation risk :) Even has money in his 401k (though he admits just 500 or so) despite working only a few months at the new company. Made numerous comments that he really wished he had the money to invest after seeing the rates available :)

Obviously if you go to enough trouble, some of this stuff can still be faked -- it is remotely possible after looking at the whois of his domain, that:
Record expires on 20-Oct-2011
Record created on 20-Oct-2003
someone created kdsaconsulting in 2003 and bought it out to 2011 as an elaborate ripoff of lenders in 2006 from prosper...right.

Or, less implausibly, but still mad unlikelily[sic], some guy got a friend of his who's a secretary at KDSACONSULTING to lie, and also snagged an email address from kdsa as well...

If this one defaults, I'll...I'll...take any coinvestor in NYC out to dinner...the $350 kind. (That's a reference to a bizarrely ridiculous prior borrower claim, not an indication of my extravagance or desire to do so:)) Unless, of course, that offer violates usury laws…

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