for years man has squandered money scammed themselves and eachother borrowed money when they shouldn't and dominated those less fortunate who needed to borrow money. in canada if you go through an institution like money mart to borrow money you hafto pay it back at %23 and yet if you save money in a bank you only get %4 interest of course time is money. my question is why can't there be a web site based on the honor system where you can start get access to a market where say you pay $200 to join and you can invest money into other peoples ideas as small as a penny of course you hafto give your information as much or as little as you want (however if say you gave your social insurence number even though people would not be able to see it they would be able to see that you used it) depending on the information about yourself that you give you will make yourself a better or worse candidate to trust on the site. now you get to choose the amount of money you want to borrow you get to make your own interest rate and payment plan (yes it would be possible to ask for $1000000 pay it back at %1 interest and make a payment plan of $1 a month for the next 1000000 months) however investors would be able to see what your plan is and everything would be searchable like if say you wanted to see all the most recent ideas to invest in with %10 interest gain.. people could even set there borrowing at minimum of $200 with interest of %2100 with a payment plan of 1 hour.. obviously only people with a desire to be genorous would invest in such ideas.. also a person could invest in themself to get access to the money howeverif you want to make $1000000 you hafto reach a million before you can take that money out.. also you would gain interest on all your money even if it hasn't been taken out by somone else because they haven't reached what they need to gain access to it. as well there would be room for somone to write down why they need the money and there plans to pay it back and all the requests they made and investments they made would be viewable so that you would be able to judge somones character by reading the history of there requests. people would be able to show there facebook info and of course all the age rules would apply.. there are ways to make it legal banks do it so even if a liscence is required it is possible.. my idea is for canadians only simply for liscencing reasons however people could access the site from other counties and participate with somthing as simple as a credit card.. there may be some details I've left out so before you say no or somone would scam your honor system if you have never borrowed money from money mart then you can't possibly know the pain of paying %23 interest simply to pay for the hour of processing it takes to lend the money. The fact is I believe many people would be interested in useing such a site not just to make money but for the chance to play real life monopoly with eachother. also you wouldn't be able to invest money untill your caught up with your payment plan or payed back in full however if you were caught up in your payment plan then you could invest. I think thats about it.. so what do you think would you do it I mean it would only cost you $200 to start and then you could invest in 20000 things at a penny each still gain interest on investments that hadn't gone through so each month if your 20000 investments hadn't gone through you would get 800 more pennys to invest with or save to take out when you reach 200 again in 25 years. the fact that it takes 25 years at %4 interest to double your money. I mean just to read 20000 investment ideas would be a game unto itself that would give you countless hours of fun. just like yahoo answers. plus with facebook you'd be able to make friends. and like I said even if you think theres no way to get a liscence for this idea I garuntee you there is if gambling is legal and it's legal to charge people for a game then this is totally legal and if it's not.. it would be such a hard slap in the face of freedom I'd have to learn a language from asia just to fifo!
Answer on Is this a good idea for eliminateing high interest?
In a word: no.
