Comments on: Help me give away $2,000 in scholarships using P2P lending — by this Monday, 6/11

By: Tim

Tim — Mon, 29 Oct 2007 02:27:05 +0000

What ever happened with this?

By: Mike

Mike — Thu, 28 Jun 2007 13:24:10 +0000

Ramit-

What are your thoughts on this website vs prosper? I have tried to borrow money a few times on prosper and it never seems to work. – I haven’t tried to lend yet there

By: Josh

Josh — Thu, 14 Jun 2007 19:24:37 +0000

Is there anything to keep you from arbitrage-ing the bejeezus out of this? Perhaps they do not allow any single SSN to be both a lender and a borrower?

Assuming you have a good credit score, you can borrow money at a good rate, and loan it at a bad one. Assuming the loan terms are the same, the person with the bad rate will just pay the initial lender back their money and you keep the slice in the middle.

I suppose there is inherent risk. However, if it works out, you make interest on an undetermined amount of money you do not even have.

Am I missing something? This sounds too much like free money.

~Josh

By: Rex Dixon

Rex Dixon — Tue, 12 Jun 2007 19:23:43 +0000

Thanks for the great promotion of Lending Club!

Rex

By: I Will Teach You To Be Rich » Well, we got 5th place

I Will Teach You To Be Rich » Well, we got 5th place — Tue, 12 Jun 2007 16:34:52 +0000

[...] I Will Teach You To Be Rich – Personal finance and personal entrepreneurship for college students, recent college grads, and everyone else. Featured in the Wall Street Journal and New York Times. « Help me give away $2,000 in scholarships using P2P lending — by this Monday, 6/11 [...]

By: Stefan Paszlack

Stefan Paszlack — Tue, 12 Jun 2007 04:48:30 +0000

Just joined! Awesome work, truly an inspiration to young people.

By: Ramit Sethi

Ramit Sethi — Mon, 11 Jun 2007 23:50:07 +0000

Thanks all!

If we win the contest, I’ll offer two $1,000 scholarhips. They’ll require an application (as any scholarship does). Separately, I’ll loan out $1,000 through LendingClub to see how it goes!

By: paul

paul — Mon, 11 Jun 2007 23:44:33 +0000

So by joining these two groups, you will randomly select 1 person to give the $1,000 to?

By: David

David — Mon, 11 Jun 2007 19:53:18 +0000

Hey Ramit,
I joined both of the clubs and provided a link to my website which provides a little more information about Prosper.com as well as my ‘Prosper pick of the week.’
Cheers,
Dave

By: Jim

Jim — Mon, 11 Jun 2007 13:05:32 +0000

Done… and Iwillteachyoutoberich looks way out in front so far.