Quote Originally Posted by lulabell79 View Post
I don't borrow, but just wondering... Why wouldn't you offer the lower interest rate to the ones who have proven they're dependable and paid as agreed & on time and charge the higher interest rate to new borrowers? The good borrowers should not have to be penalized for some slacker's bad debt.., nor should your risk be the liability of the ones who have proven themselves. You could also be more strict about eligibility requirements for new borrowers....like requiring references or have them show you their history of earning points to ensure they can pay you back even if they lose all the borrowed points in the client. Just some ideas ... because it doesn't seem fair to the ones who have proven themselves as good borrowers.
I have never lent to a new member, or one without good feedback from previous loans. These are regulars who have borrowed before, and 1 is a well-known regular that has defaulted on loans from several of us. In short, these WERE members I trusted, or who had positive feedback from members I trusted.

And I understand that things happen, but these members have cut and run. Meaning, they do not reply to messages asking about the loan, or have waited for the loan to come due and have not returned to the site (with that account).