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1. Many people are choosing to live DEBT FREE, doing so means your Credit Score is no longer of any value to them.
2. An Unsecured loan is just that, unsecured and if the borrower should CHOOSE to stop paying the debt there is NOTHING YOU CAN DO TO THEM.
3. Collections, is a JOKE. They can call the borrower (the borrower will simply CHANGE THEIR PHONE NUMBER). They can send nasty threatening letters (The borrower can simply shred them because NOTHING will happen). They could take the borrower to court, (If the borrower is like 95% of Americans, they will have ZERO NET WORTH and NO ASSETS so there is NOTHING to sue them for. In fact, Sueing over debt is POINTLESS and SUPER EXPENSIVE for the lender.
4. All someone would have to do is get a prosper loan, withdraw the money from their bank account and start celebrating the FREE MONEY they just got off the SUCKERS who invest in something like Prosper.
In todays America, people are very mobile. This means they could TAKE THE MONEY AND RUN to another state and start a NEW LIFE very easily. At the worst, they would have a small mark on their credit that says they never paid. Big Deal.]]>
I will heed your warnings and insights though. Thanks again.
P.S. I hope I’m not commenting too often on your blog but you got a few posts that interests me… kep up the great work.]]>
Do you know if they have had any problems with scammers or phishing with this site yet?]]>