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Neteller idea
I had an idea of selling rights to the 8K in my neteller account for like 80 percent of my balance paid in cash. Any idea if there is a way to do this or if there are people engaged in this sort of thing. Seems like a good idea since it seems like we are eventually going to get our cash but it will take a long time. Problem is that I am having liquidity issues now and I'm sure others are too. Any ideas whether people are doing this or how to do this so nobody gets scammed?
it's tough, bc if I pay you 80 cents on the dollar now, I give you $6400 and I have to trust you to tell me if/when you get paid back some time down the road. If it's more than 6months, you have to facor in interest too. it's hard to know if someone will be easy to reach for a year into the future.
If you were willing to register on propser.com and "borrow" against your neteller balance but attach your personal credit, you might be able to get something done. I might be willing to back some of you.
I wonder if there is some broker somewhere or something that might be interested in this or have an idea of how to pull this off besides borrowing on the balance. It does seem like it could make someone a lot of money assuming neteller does not go belly-up. Looking at their other money-making ventures abroad, I think it is unlikely they will disappear anytime soon.
it seems like you do want to "borrow on the balance," don't you? through propser you could attach your personal credit, which might be a draw.Originally Posted by azkid
how does this prosper thing work?
i havent used the site myself, but people ask for loans. based on their personal credit rating and a few other factors people make bids to lend to them. If you want to borrow $8K and you'll pay 10% interest, people will sign up to lend to you at that rate. You have to pay periodic interest through the website and that gets passed on to the lenders. If you default, it will show up on your persnal credit rating just like if you didn't pay a CC.
www.propser.com is the site. I've heard that it produces better rates for borrowers than lenders, although I have a friend who has spread out money over severa different borrowers and has been earning 23% interest/year with no defaults so far.
There's no mechinism as far as I know for you to borrow against your neteller funds, so I"m not sure if that site would work for you.
For me personally, I think the expected time for you to get your Neteller funds is about 1yr. I think there is about an 70% you get everything, a 15% you get partial payment, and a 10% you get stiffed so FV on your funds is about $6,200. I'm not sure what risk premium I'd want, but I prob wouldn't pay more than $5K.
I'm pulilng these numbers out of my arse though, so who knows. Hopefully you can fund someone more optimistic than I.
Need to draw up a contract
If you want to buy someone's neteller account, you would need to have a contract with them that they would pay you the entire amount of the neteller account in the event it is paid by neteller. A lawyer is not required, but would be advisable.
If neteller pays the person a year from now, and then they don't pay you, you can take the contract and sue them.
You could have a lawyer draw up a contract, and then offer your neteller balance on ebay and let the bidders take a look at the contract.
Last edited by louis; 02-12-07 at 05:09 AM.
The default rates at prosper.com are way too high.
prosper needs to change the model or they won't be able to stay in biz once the age of the loans get mature enough so everyone can see that it is a very bad bet for the lenders.
The initial projections show that prosper will have default rates more than double eqivalent equifax projected default rates. %22 interest isn't very good if %30 don't pay the money back.
If you need a loan, give it a try. There is a lot of dumb money out there right now.
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