I work for a startup company in San Francisco and I am looking for a few people to join my group on the site (914 Restorer's Group).

Here is info on the company (more on the site of course):

CircleOne is an online consumer loan marketplace that lets you borrow money by setting your own interest rate. People who have money to lend bid on your loan request in an online, auction-style format, and CircleOne handles all the tasks needed for payment and collection of the loan. http://www.circleone.com

Currently, we have a password on the site. If you are interested, please let me know by sending me an email.

I can send you instructions (username and password), but will ask that you keep that info to yourself and not share it with anyone else (we are a startup you know)....

I'm game for more info.

Aaron?

MattR?

Skline?

What kind of processes are you using to protect against fraud?

I'd be interesting in seeing what you are up to as well, though Erin would skin me if I took out a loan right now - that was not wedding or honeymoon related.

Zach

Of course my loan would be zero percent intereset

and the boiler plate of my loan would be I NEVER have to pay the principal

not sure I understand this post

QUOTE (Vacca Rabite @ Jan 11 2006, 10:54 PM)

What kind of processes are you using to protect against fraud? I'd be interesting in seeing what you are up to as well, though Erin would skin me if I took out a loan right now - that was not wedding or honeymoon related. Zach

I am interested too but I am in the same boat, the wife would kill me....dead....

thats all i need...I think its better to be in debt with parents rather than a bank....

b

We use Experian to gather your credit grade (not actual score as there are rules against gathering and actually exposing this for those of your familiar in the financial services industry). Experian also makes you go through a fraud detection as we verify some information with a set of questions.

The company was started by the same guy who started www.eloan.com. I am the Security Engineer for the entire platform and an certifed as a CISSP. The platform is basically "eBay for loans".

Again, those interested should email me. Although I don't know most of you personally, I do lurk on this board frequently and sort of "know" the people here from the posts you make.

Email me if you are interested. I am going to "invite" a maximum of 5 people. The rest will have to wait until our "official launch".

Just wondering.. how are the "ebay-style private lenders" prevented from committing fraud and identity theft against the borrowers? What are the privacy safeguards?

QUOTE (boxsterfan @ Jan 11 2006, 11:04 PM)

The company was started by the same guy who started www.eloan.com.

Chris?

We used to have an office next door to them, before they got funded. We were introduced by Steve Westly who also worked for us at that time.

Interesting concept.

Richard

I am a little confused...are you looking for people that need to borrow or people that are willing to lend? Both??

At this time we are looking for borrowers. However, I am mostly just trying to a get a few people to register on the site and join my group (914 Restorer's Group).

ignoring questions = not a good sign

Reverie, I am not ignoring questions, but rather I am very busy (it is a startup you know).

Exactly which/what types of fraud do you think the lenders could perpetrate against the borrowers? Is there something specific you want to know?

As far as privacy, we have a complete privacy policy on the site and we follow those guidelines. Obviously, you are going to have to provide personal information to have your identity verified, to obtain a loan as a borrower or to become a lender.

Here is a short snippet of the Privacy Policy:

CircleOne Privacy Policy

Welcome to CircleOne. We strongly believe that consumers deserve the utmost respect when it comes to the privacy of their personal information. Our privacy policy applies to all current and former CircleOne members. Following is a summary of CircleOne's privacy practices.

We collect information about you:

Directly from you as a community member at the time of registration.

Periodically as you update your profile information.

From outside sources such as credit bureaus in order to offer you the services you request through this website.

Though feedback from other users of CircleOne with whom you may conduct business.

We share your information:

With other members of CircleOne, but only as much information as you choose to reveal about yourself.

With third parties that are involved in the process of providing the services that you request, such as credit bureaus, customers service providers, and collection agencies.

As permitted or required by law.

CircleOne does not sell or rent your information to third parties for marketing purposes.

We give you choices regarding your information:

You have choices about the personal information you display about yourself.

We give you easy access to update your personal profile and view your transaction documents.

You can update your personal preferences at any time.

We protect your information:

Using Secure Socket Layer (SSL) encryption technology to protect your personal information that you submit to CircleOne.

By limiting employee and third party access to your personal information on a "need to know" basis.


Note to self: Don't let Reverie on the platform.

purely from a security perspective, and some advice if you are the security officer for a financial institution that will be collecting/distributing personal financial information.

If you will have credit card numbers.
Personal name and address
Social Security Numbers

If this information will reside on your server, or passes through your server...

You need to get an official audit from a certified audit firm. This will reduce your risk of getting into legal trouble in the future.

You also need to ensure that no one can access that information, or have the possibility of stealing any or all of it...

I am sure you have lots of good security, but this is the sceptical nature of the world, and posting your security and audit, and certifications on the main page of the web site will do wonders for your market presense.

There are several brand level certification to prove that your site, and process is safe...then you will no longer get any questions regarding that point, and you can do business.

Rich

Rich,

Yes, we have had external security audits and penetration testing done with excellent results. Of course, for security reasons, I can not disclose any of that result data.
My background in financial services (credit/debit card processing, gift cards, ACH, etc..) involves working in and around security. I am all too familiar with external audits (ex: Visa's PCI...formerly known as CISP).

OK. I have received enough requests as of 7:40PM PST on 1-12-2005.

I will be contacting you to give you the information soon (hopefully tomorrow). Otherwise, it will be Tuesday.

Rich, thank you for the follow-up post.

Boxsterfan, I'm not interested in participating in any way. I am very happy with my heloc. Very few forum members know you, and I am simply a forum member who wants to keep the straight-up clubhouse atmosphere that we have here. Fair enough?

Fair enough. That's why I love

so your done collecting people?

sigh...

b

yah if some drop off let me know -- the raby / mcamark 2056 kit is calling

QUOTE

We use Experian to gather your credit grade (not actual score as there are rules against gathering and actually exposing this for those of your familiar in the financial services industry).

Funny, I work for Chase Home Finance and California law requires that we disclose a borrower's score with each application. We have special forms that are printed and mailed out with the scores for each customer.

I have done Home Equity Lines of Credit (HELOCs) for members here againt their primary homes for them to purchase cars. Rates are based on the Prime Rate and check with your tax advisor, but the interest could be deductible.

Done right, security shouldn't be an issue on the web. All major banks have on-line banking. Key is that the security part is done right

For those interested, our web site has officially launched. We have gone through a name change from CircleOne to Prosper. You can visit http://www.circleone.com and be redirected or visit http://www.prosper.com directly.

I strongly encourage you to read through our site if interested.

I do all my banking with Lagos Bank and Trust in Lagos Nigeria.
Cheers, Elliot

If you need money or a better interest rate, that’s what I do.
I have a Commercial Lending, and Residential Lending Company
Although I'm just gettin my feet wet, for 22years now
I think I have a pretty good handle on it. I've been every thing from a processor, loan officer to
an underwriter, and an AE. I've done everything except loan my own money.
Wait thats not true. Well not over 100K yet. Soon
So you need some money do ya. Don't feel like this
Let me see what I can do for you

If your in Indiana I also own a Title Insurance Company to close your loan.

For non-914club non-members
I'll cover your closing cost.

Why is it a non-Club?

Craig

thanks for bumping this. I forgot to call a while ago.. The fit hit the shan, so to say.

No problem. For people who are interested, I think the most powerful aspect of the site is the group concept. In particular, the Group Rewards which can best be described by reading here: http://www.prosper.com/public/help/topics/...ps-rewards.aspx

If you search for groups, search for "914". You'll notice that I have the group rewards set to 100% shared.

I think a little about me may help some of you out there.

*- I am not the most active member on this board, but yet active.
*-I am currently 914-less (used to have 4702902769, but had to sell it last year after a divorce). I currently am driving a 911 if that helps.
*- I do work for the company mentioned here (Prosper Marketplace, Inc.).
*- I created the group "914 Restorers Group" on the site because I really like 914's and everything about them.

I'd not like to do that.

Anyone stupid enough to loan me money at a rate I'd bite on, must be scamming someone.


M

Many thanks to the people who have contacted me with interest in what we do. For those who are concerned about the legitimacy of the site, it is the real deal.

For those who inquired, you can find our state license numbers at http://www.prosper.com/public/legal/states...d_licenses.aspx

Cool! So what kind of standards do you have to assure money isnt being loaned to terrorists? Do you do a banned parties screen, etc?

I'm also interested in what kind of recourse a lender has if a borrower defaults. Do you facilitate asset recovery etc? Or do the parties just go to court and slug it out with each other? And if one person in the group defualts what do you do?

Sounds like a great idea, but potentially very messy. Hope you guys have some very good legal council. I have been with some startups that are scary. This one tops anything I have seen. Maybe you could start another company where laywers and clients bid for each other as well.

Hello grantsfo, I will attempt to answer some of your questions, with the disclaimer that I can't give you every nitty-gritty detail for security reasons.

QUOTE

1. So what kind of standards do you have to assure money isnt being loaned to terrorists? Do you do a banned parties screen, etc?

We use several external/internal database mechanisms to to fraud/identity/credit checking. I believe we mention Experian on the web site which allows us to check against the OFAC database.

QUOTE

Do you facilitate asset recovery etc? Or do the parties just go to court and slug it out with each other? And if one person in the group defualts what do you do? How about late payment terms - does each bidder set late fees etc?

Our information on managing defaults is here:

http://www.prosper.com/public/help/topics/...e_defaults.aspx

Late fees are not set by the bidder (ie. lender). They are set on the platform and described here (because they can vary by state):

http://www.prosper.com/public/legal/states...d_licenses.aspx


As far as group members defaulting on loans, the group leader has an opportunity to contact a member if they are late on a payment. Overall, if members of your group are defaulting on loans it can effect the rate at which future loans me be bid out at for your group. Conversely, if everyone is paying on time, this can have a positive effect on your loan rates (meaning lower).

Here is some more info on the group leader role:

http://www.prosper.com/public/help/topics/...r_activity.aspx

...even 914's get mentioned in the NY Times.

This is an article on www.prosper.com, but even 914 aficionado's get a mention...

http://www.nytimes.com/2006/02/13/technolo...ei=5090&partner