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  1. #1
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    Anyone used this site?

    Personal & Small Business Loans at Prosper.com - the P2P Lending Marketplace. - Prosper


    Seems like a good idea if you have some extra money laying around. Looks like it would be wise to spread your money around though.



  2. #2
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    Re: Anyone used this site?

    I have some friends who got burned by... um, I mean, "used" that site.

    Bottom line, make a donation, if you never want to see your money again. It's easier.



  3. #3
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    Re: Anyone used this site?

    I guess my question is what forces these people to pay you back? Peer Pressure?



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    Re: Anyone used this site?

    Quote Originally Posted by dmclone View Post
    I guess my question is what forces these people to pay you back? Peer Pressure?
    Excellent question.



  5. #5
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    Re: Anyone used this site?

    They will actually turn people into the collection agency for you. These loans are also reported to the credit agencies.

    I signed up for an acount to lend money. I had read an article somewhere that said some people were making pretty good returns (around 9%-12%). I think you would really want to diversify your loans. I decided I did not feel comfortable loaning people money if they were willing to pay me 20%+ interest. If they are that desperate I think the default risk would be high. I also did not understand why some of these people were seeking loans from prosper.com when I think there local bank would give more favorable terms.

    I think I read somewhere that the default rates on prosper.com were slightly less then loans from standard lenders for comparable risk loans.

    There is a similar site, Kiva - Loans that change lives, where you loan money to people, generally in less developed countries. However, that site you do not get any interest.

    Anyway, I encourage you to sign up for an account if you want to learn more. I would strongly diversifty my loans if I decided to participate.

    It might not be obvious how the loans work. Someone might want to borrow $1000. They might have 20 people who loaned them $50. In turn if you have $1000 to lend you might lend it to 20 people.

    Quote Originally Posted by dmclone View Post
    I guess my question is what forces these people to pay you back? Peer Pressure?


    Last edited by ffelknirznarf; 02-18-2008 at 08:46 AM.

  6. #6
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    Re: Anyone used this site?

    # AA: less than 1% late or in default
    # A: 3% late or in default
    # B: 7% late or in default
    # C: 10% late or in default
    # D: 13% late or in default
    # E: 28% late or in default
    # HR: 45% late or in default



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