Pitfalls for the unwary on banking's frontier in US
Eschewing traditional banks, strapped borrowers are getting loans from lenders who operate mostly online and offer easier terms - but who also exhibit troubling traits
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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.
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