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