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Interview with David Farias - Founder,

January 15, 2007  -  

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Payday lending industry opponents continually encourage people to use forms of credit that aren't payday loans. Credit unions, banks, and even low-APR credit cards are commonly mentioned.

Enter a newly emerging source for loans: Internet-enabled peer-to-peer social lending networks, which are designed to let people to lend person-to-person (or group-to-person), thereby skipping traditional lenders completely. Microloans are being used successfully in the Third World to build infrastructure and personal capital--why not in the U.S., why not through the Internet, and why not instead of payday loans? Should the payday loan industry be looking over its collective shoulder at this potential new competitor?

To learn more about peer-to-peer lending, how it works, what it does well, where it has rough edges, and how it can potentially be an alternative to payday loans we spoke with David Farias, the founder of a lending network,

About David Farias, Founder, - David has an MBA and BS in Finance from Arizona State University. He held key positions at Phelps Dodge Corporation as Director of E-Business and Business Solutions and as Director of Marketing and Customer Service, leading service efforts in North America for over two billion dollars in sales.

About - FYGO is a personal collaborative network that lets people create social networks, borrow money, and lend money with no credit check. See in a new window.

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Interview with David Farias - Founder,
Payday loan opponents caution people against taking payday loans. We interviewed David to better understand the practice and viability of an emerging source for loans: The Internet social lending network.

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