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Has anyone considered the grameen model of peer pressure lending in P2p marketplaces?

You signup with your facebook account, it records all the details of your facebook friends, and if you go into default on your loan for more than 3 payments then it starts contacting your facebook friends automatically and stating that unfortunately you were unable to keep up with your debts and could your friends chip in some money to help cover things??

the threat of losing face would probably decrease default rates significantly, therefore allowing a decreased interest rate to be charged.