Word: club
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Dates: during 2000-2009
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...nascent peer-to-peer (P2P) loan industry, in which regular people exchange cash with the help of an online facilitator, had about $650 million in outstanding debt in 2007. Prosper, the first such matchmaker in the U.S., which started in 2006 and now has 600,000 users, and Lending Club, described below, are sort of financial eBays: borrowers post a request, and lenders bid on how much and at what interest rate they want to give. Several--or several dozen--people fund the loan at a rate agreeable to all. The intermediary runs a credit check, calculates returns and takes...
...might sound like a setup for another subprime-mortgage debacle. But so far, Lending Club's default rate is less than 0.5%. That's partly because P2P members are motivated to pay back or lend to an actual person rather than a big bank. Since May 2006, Marilyn Paguirigan of Honolulu has lent a total of $30,000 to more than 100 people on Prosper, most of whom she has never met. "I measure my returns in not just the dollar amount," says Paguirigan, who happily makes 6% to 7% on her loans. "It's in the fulfillment...
...DOES IT: Even with credit scores in the 700s, Cristieli Schemidt and Rafael Ferrer of Davie, Fla., could not get an interest rate below 15%. In October they took most of their debt--$5,000--to Lending Club. They pay $136 a month at a fixed...
...cost of booking a big-name artist can run to over $100,000, and if the CEB allocated that much to Yardfest, it couldn’t put on events like Camp Harvard, the Harvard-Yale pep rally, and the provocatively titled “Pimp Your Stein Club.” Given that Harvard students are not notoriously big concertgoers, it is these events that tend to engage the most people, and so this money is dollars well spent. While the CEB certainly has not chosen to be cash-strapped, they could handle their funds more wisely by polling...
...know man! Who’d have thought that just dancing by myself could be this much fun?” So, next time, can I expect to see you rocking the feathered top-hat, neon hoodie, and pacifier? “Not exactly. But these greasy club kids have shown me a side of myself that I never knew existed.” Yes, Harvard students have seen the light. And it’s a giant disco ball...