Prosper.com

[qrk10000.u]

Has anyone here used borrowed or lended money on Prosper.com yet? I've been reading about it lately and the idea is intriguing. There definitely appears to be some risk on the side of the lender but that might be offset by the higher interest rates that the borrower incurs. Thoughts?

[sgtcluels]

I've only heard some stories on NPR about it. It sounds pretty neat, taking otu the big banks and offering a helping hand, but in the case of someone defaulting you are pretty boned. But as long as both parties do their do-dilligance it sounds like it could work great. Just like the micro loan in 3rd countries.

[gypcasino]

Just took a look at the website and it looks pretty intriguing.

[Team Canada]

I'm confused by all the people wanting debt consolidation loans at 25-30%. Wait, so you mean your current loans are *higher* than that?? Did you purposely see which credit card gave you the worst interest rate?

[gypcasino]

I recently bought a new car and beforehand was checking out websites that tell how to get the best deal and one of them had testemonials where people were telling their tales of woe and I was shocked at what they were paying for interest rates. Rediculous figures like 29% for a car? People that are down and out will pay whatever exorbitant rate that the lender throws at them. And no matter how much of a financial disaster you're in there's always somebody willing to lend you more money. But yeah, you wonder about someone that wants a consolidation at 25-30%.

[sbrylski]

If you diversify, it doesn't look too bad. Very interesting - definitely do all your homework, obviously.

[gypcasino]

I've thought long and hard and I'm going to be taking out a $10,000 cash advance on my credit card at 24.99% and then lending the money to someone for five years at 15%.

[jschris]

I do market research for a credit union in Wisconsin. Prosper.com has been on our radar for probably close to a year now. We're not all that worried about it (yet), but it is intriguing and certainly has our attention.

[qrk10000.u]

Zopa.com seems to be another interesting website that is a little safer for lenders. I am guessing that the takeaway is less, though, too. The one thing I do like about both of those websites (as a borrower) is that there is a definite loan start date and a definite loan end date. The payments seem like they could get pretty high but for someone who really needs the money, it is an option (albeit if they do have a decent credit score and then you have to wonder if they couldn't get a better deal at a bank or credit union).

[danplesac]

I actually have a listing on Prosper.com right now. My family has gone through a lot this year with regards to my son's medical problems and now my wife's battle with cancer. I could really use investors right now so if any of you are interested, click here .

 

I have a great career and am always on time with my bills. I just really need to climb out of the rut on am in with these medical bills. Thanks in advance guys if you can help. I've set the starting interest rate at the highest that Wisconsin law will permit. I know once you get a good 15-20 bids, it really generates momentum. I am just having trouble getting to that point.

 

Happy holidays to everyone and please, if you could help, it would really mean the world to my family and I.

[gypcasino]

danplesac

 

Did anyone ever tell you you look like Charlie Benante from Anthrax?

[qrk10000.u]

danplesac

 

Did anyone ever tell you you look like Charlie Benante from Anthrax?

No kidding! You really do, danplesac!

 

Sorry to hear about your situation, too. My son has gone through some tough times this past year, too, so I know how hard it must be. Best of luck to you. I hope you get some bids.

 

I am curious where you got your Prosper username from, though. I've been using it forever. Small world I guess and an odd coincidence.

[danplesac]

To be honest qrk is a file extension and on a site that I tried to use it, someone must have had qrk on it because qrk10000 was what the site recommended me and ever since it's just kind of stuck with me, can I ask you the same question?

 

I really hope you guys will take a chance to review my listing and any help you can provide me with, would really mean the world to me. You obviously would make some money off me, but at the same time, you're really helping me out.

 

I hope you all have a great time over the holidays and God bless

[qrk10000.u]

Fair enough. I just found it to be a unique coincidence.

 

I am going to make my first bid today. Hope it helps and I hope your situation improves. Merry Christmas to you all.

[dadofandrew]

I've made 5 "loans" and 2 are now in collections. If you use it, certainly use your "mad" money, like you would high risk stocks or a start-up business.

 

I just did a search the other day for people with B or higher ratings, had confirmed bank accounts and were homeowners...2 came up, both paying like 6-7%. That seems very low for the risk, as I can get a CD paying 5.5% with no risk at all.

 

If I were to do it anymore, I'd try to find some 15-20% ones and take my chances. It's a novel idea, but it's a bit early in the game it seems...I don't think they have the anti-fraud measures at anywhere near 100%.

[qrk10000.u]

Thanks for the advice, Al. I appreciate it.

[dadofandrew]

No problem QRK.

[dadofandrew]

Just got this today:

 

Dear Al,

 

One of your Prosper loans has defaulted and been sold to a debt buyer. Proceeds from the sale of this loan, if any, will be credited to your account within 1-2 business days.

 

Loan: Paying off 100% of my Credit Cart Debt & Boost my FICO score

Borrower: FollowYourDreams

Sale date: Dec-26-2007

Sale reason: Delinquency

Principal balance before sale: $41.98

Loan value before sale: $45.27

Proceeds from sale and forfeited group rewards: $1.36

 

It's a place for your mad money only. Actually you know that also because it is very unliquid.