On 1: You’re talking about a loan made to a campaign. That is, fundamantally, NOT what occurs in this model. A loan is being made to an individual – not to a campaign – and so the statutes which you obviously have some familiarity with (which apply to campaigns) do not apply in this instance.

On 2: You are correct in what you state, but, again, it’s irrelevant to the model above. The operative word in what you write is “gives”. If you look into the actual statutory definition regarding what is and is not a “contribution”, you should find that since this is not “giving” – but is, instead, a “loan”, the statutes specifically exclude it as being a “contribution” when certain criteria (amortization, interest, and extension by an FDIC insured entity) are all met. (Note that each of the currently extant P2P lending platforms use an FDIC regulated entity at the end of their process flows to originate the actual loans.)

So, while agency (handwavy arguments re: “foreknowledge” or “intent”) certainly is an issue in cases where one is -giving- funds to another individual (which may find their way into a campaign), when one loans funds to another individual (just as VISA or MC may do), it’s irrelevant – the end borrower is free to spend the funds as they wish. Any conceivable argument to intent would implicate the CC processors, who themselves know full well when they auth a transaction to a campaign that they’re making you a fully qualified loan whose proceeds you will be using as a contribution. In fact, the CC’s are -more- involved, since they act directly as your agent and transfer the funds to the campaign on your behalf – while, under the model above, the borrower has to do that manually. :)

Naturally, none of the above is legal advice.

On the surface, there is nothing wrong with the above system…however, there have to be a few caveats.

1. Any amount loaned to a campaign by an individual either directly or through a surrogate is considered against the donation amount (excemtions are loans by the candidate or commercial loans at the fair market rate). (so no loaning through prosper once you’ve maxed out)
2. Any funds given to another individual, PAC or bundler that the donor knows or should reasonably know is going to a particular campaign is counted against the donation limit (so again, no lending through prosper when maxed)

Then again, if some really wanted to donate an amount of cash larger than they had liquid and they took out a prosper loan to do so….who would ever know? (and keeping in mind that the FEC almost never goes after individuals for campaign finance debauchery and currently doesn’t even have a quorum….just saying.