Word: loan
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...angered many. But the Scottish-born labor leader, who got his start as a local leader in the '40s, won more than he lost, including landmark comprehensive health care and uncapped cost-of-living allowances. In 1979 his impassioned lobbying was credited with securing the $1.5 billion in federal loan guarantees that rescued Chrysler from bankruptcy. Fraser...
...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...
...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 I get from helping people." Here's a typical P2P loan...
Seeking a Cheaper Loan...
...WORKS: The average loan is $9,500, funded by 22 to 25 people...