New York
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 US$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 US$10,000 loan from Prosper, another online lender based in Northern California.
An accountant from Queens, Mr Mansour earns about US$64,300 a year. He took out a third online loan and then a fourth. He now owes US$31,600 to three virtual lenders. And he is struggling to pay off the debts.
He is one of more than a million Americans who have tasted what many believe...
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