Comments on: No Google, Lending Club is Not a Scam /peer_lending/no-google-lending-club-is-not-a-scam/ Your guide to peer to peer lending Mon, 09 Jan 2012 18:57:11 +0000 hourly 1 http://wordpress.org/?v=3.2 By: Graymoment /peer_lending/no-google-lending-club-is-not-a-scam/comment-page-1/#comment-3676 Graymoment Wed, 04 Jan 2012 23:15:24 +0000 /&p=3784#comment-3676 People can be researching whether or not something is a scam purely out of due diligence. If I'm considering investing in an unknown company, I'm going to Google search terms like "complaints," "review," or possibly even "scam" for my own due diligence. I do believe there is a percentage of people scamming peer-to-peer services like Lending Club, attempting to borrow the maximum amount of unsecured money they can before applying for bankruptcy. As someone who has put money into Lending Club, I have several notes that were charged off a month or two after receiving the money for a "home improvement," which couldn't possibly have even been completed yet. Investors interested in wondering how these people got through the system to obtain $35,000 in unsecured free money could be Googling for this reason after being what they feel to be "scammed" (that's how I got here), or prospective borrowers looking to scam the Lending Club system could be Googling to see if there is any precedence or recourse for their intended actions. People can be researching whether or not something is a scam purely out of due diligence. If I’m considering investing in an unknown company, I’m going to Google search terms like “complaints,” “review,” or possibly even “scam” for my own due diligence.

I do believe there is a percentage of people scamming peer-to-peer services like Lending Club, attempting to borrow the maximum amount of unsecured money they can before applying for bankruptcy. As someone who has put money into Lending Club, I have several notes that were charged off a month or two after receiving the money for a “home improvement,” which couldn’t possibly have even been completed yet. Investors interested in wondering how these people got through the system to obtain $35,000 in unsecured free money could be Googling for this reason after being what they feel to be “scammed” (that’s how I got here), or prospective borrowers looking to scam the Lending Club system could be Googling to see if there is any precedence or recourse for their intended actions.

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By: Peter Renton /peer_lending/no-google-lending-club-is-not-a-scam/comment-page-1/#comment-3593 Peter Renton Wed, 28 Dec 2011 13:07:43 +0000 /&p=3784#comment-3593 @Emery, Now that does bring up some interesting suggestions... @Emery, Now that does bring up some interesting suggestions…

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By: Emery /peer_lending/no-google-lending-club-is-not-a-scam/comment-page-1/#comment-3581 Emery Tue, 27 Dec 2011 18:50:48 +0000 /&p=3784#comment-3581 Now do the one where you type "Is it wrong" into Google Suggest! Now do the one where you type “Is it wrong” into Google Suggest!

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By: Peter Renton /peer_lending/no-google-lending-club-is-not-a-scam/comment-page-1/#comment-3562 Peter Renton Sat, 24 Dec 2011 03:21:25 +0000 /&p=3784#comment-3562 @Moe, Yes I noticed the Compare feature at Lending Club went away early this week and I thought about doing a post about it but decided against it. I was told several months ago this would happen but that they were also thinking about something to replace it with. That obviously hasn't happened yet but I am waiting to hear back about their plans. @Dan, Very true. I think many people think if someone else can make money at any investment over an extended period and they can't, then it must be rigged. @Moe, Yes I noticed the Compare feature at Lending Club went away early this week and I thought about doing a post about it but decided against it. I was told several months ago this would happen but that they were also thinking about something to replace it with. That obviously hasn’t happened yet but I am waiting to hear back about their plans.

@Dan, Very true. I think many people think if someone else can make money at any investment over an extended period and they can’t, then it must be rigged.

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By: Dan B /peer_lending/no-google-lending-club-is-not-a-scam/comment-page-1/#comment-3559 Dan B Fri, 23 Dec 2011 23:41:59 +0000 /&p=3784#comment-3559 Peter............That's right. Some people use that word to describe the commodities market, real estate markets, stock market &, prior to the run up of the past few years, the precious metals market. And I'm almost certain that before this decade is out that word will be widely used to describe all of the above again at some point or another. What's always amused me is that if faced with convincing evidence that some people make money consistently in a category that they believe is a scam, these people will then usually default to the word "rigged". The lesson from all this is that there's some people that you really just shouldn't talk to. Peter…………That’s right. Some people use that word to describe the commodities market, real estate markets, stock market &, prior to the run up of the past few years, the precious metals market. And I’m almost certain that before this decade is out that word will be widely used to describe all of the above again at some point or another.

What’s always amused me is that if faced with convincing evidence that some people make money consistently in a category that they believe is a scam, these people will then usually default to the word “rigged”. The lesson from all this is that there’s some people that you really just shouldn’t talk to.

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By: Moe /peer_lending/no-google-lending-club-is-not-a-scam/comment-page-1/#comment-3558 Moe Fri, 23 Dec 2011 23:37:29 +0000 /&p=3784#comment-3558 Check it out on Bing Lending Club scam is in first place, and with Yahoo second. @Peter I was sure you would mention that Lending Club removed the compare option this week, did you not notice? Check it out on Bing Lending Club scam is in first place, and with Yahoo second. @Peter I was sure you would mention that Lending Club removed the compare option this week, did you not notice?

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By: Peter Renton /peer_lending/no-google-lending-club-is-not-a-scam/comment-page-1/#comment-3548 Peter Renton Fri, 23 Dec 2011 13:48:21 +0000 /&p=3784#comment-3548 @Jason, I noticed that site as well and it looks like someone is just using that domain to promote Lending Club. @Dan, You bring up an interesting point. The definition of a scam is somewhat subjective and there will be those people who will believe something is a scam if it doesn't appear to be exactly what they expect. Either a borrower or an investor could genuinely believe that Lending Club or Prosper are scams if they have a negative experience. @Jason, I noticed that site as well and it looks like someone is just using that domain to promote Lending Club.

@Dan, You bring up an interesting point. The definition of a scam is somewhat subjective and there will be those people who will believe something is a scam if it doesn’t appear to be exactly what they expect. Either a borrower or an investor could genuinely believe that Lending Club or Prosper are scams if they have a negative experience.

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By: Dan B /peer_lending/no-google-lending-club-is-not-a-scam/comment-page-1/#comment-3541 Dan B Fri, 23 Dec 2011 00:50:31 +0000 /&p=3784#comment-3541 This is just another one of those words that's thrown around as a default word in lieu of actually thinking, & usually by people who have already been scammed but don't even know it. Besides, the definition can vary widely. For example, does it have to be illegal or can it be merely dishonest, but perfectly legal? Does it have to involve a pattern of deliberate deception or can it be just a non disclosure of certain facts? Can it still be called a scam if it's perpetrated with purely altruistic ends in mind? This is just another one of those words that’s thrown around as a default word in lieu of actually thinking, & usually by people who have already been scammed but don’t even know it.

Besides, the definition can vary widely. For example, does it have to be illegal or can it be merely dishonest, but perfectly legal? Does it have to involve a pattern of deliberate deception or can it be just a non disclosure of certain facts? Can it still be called a scam if it’s perpetrated with purely altruistic ends in mind?

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By: Jason Iannone /peer_lending/no-google-lending-club-is-not-a-scam/comment-page-1/#comment-3536 Jason Iannone Thu, 22 Dec 2011 18:08:44 +0000 /&p=3784#comment-3536 Interesting that if you actually search for Lengin Club Scam, the top hit is for www.lendingclubscam.com which is more or less proselytizing both Prsoper and Lenging Club's services. Interesting that if you actually search for Lengin Club Scam, the top hit is for http://www.lendingclubscam.com which is more or less proselytizing both Prsoper and Lenging Club’s services.

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By: Peter Renton /peer_lending/no-google-lending-club-is-not-a-scam/comment-page-1/#comment-3534 Peter Renton Thu, 22 Dec 2011 17:11:23 +0000 /&p=3784#comment-3534 @Charlie/@Bilgefisher, I did some research, like anyone else, but it never occurred to me that it might be a scam. I read several articles in mainstream publications before taking the plunge so I was confident it was a legitimate investment. Of course, I only started off with $500.... @Charlie/@Bilgefisher, I did some research, like anyone else, but it never occurred to me that it might be a scam. I read several articles in mainstream publications before taking the plunge so I was confident it was a legitimate investment. Of course, I only started off with $500….

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