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Pitfalls for the Unwary Borrower

PitfallRecently the NY Times published an article entitled “Pitfalls for the Unwary Borrower Out on the Frontiers of Banking“. Here’s an excerpt and a link to the full article:

Silicon Valley has helped enhance just about every aspect of modern life. Naturally, Mohammad Mansour figured it could help solve his money problems, too.

Mr. Mansour borrowed $7,680 from Lending Club, a San Francisco lender offering loans more conveniently and with lower interest rates than a traditional bank. He then obtained a $10,000 loan from Prosper, another online lender based in Northern California.

An accountant from Queens, Mr. Mansour earns about $64,300 a year. He took out a third online loan and then a fourth. He now owes $31,600 to three virtual lenders. And he is struggling to pay off the debts.

Read the full article here: http://www.nytimes.com/2015/09/14/business/dealbook/pitfalls-for-the-unwary-borrower-out-on-the-frontiers-of-banking.html