anyone try the prosper thing?

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Doboji

Diamond Member
May 18, 2001
7,912
0
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I'm thinking of giving it a shot... slowly couple hundred bucks a month in loans to start with... then work my way up.

6/29 UPDATE:

Lent out $200 in 4 $50 loans... average interest rate is 19.8%

So far everyone is current... recieved payments from all 4.

9/17 UPDATE:

Update: All of my loans are up to date and paid on time...

I have 4 outstanding loans for a combined interest rate of ~19%....

One of the loans, the guy appears to be paying it off very quickly... he's already covered almost half of the $50 I lent out...

I'm planning on making more loans... but not until after my wedding end of october.
 
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tweakmm

Lifer
May 28, 2001
18,436
4
0
Originally posted by: z0mb13
that thing is still very young... dont know the impact of defaults yet..
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Hence my upgrade from sketchy to mega sketchy.

I looked around and didn't see anything indicating anything horrendous, which would be required for me to possibly even slighgly consider lending money to a stranger over the internet.
 
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Doboji

Diamond Member
May 18, 2001
7,912
0
76
Well you get the same information any bank would get... credit report, income report... and you get a collection agency to chase the defaults just like any other money lender.

-Max
 
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b0mbrman

Lifer
Jun 1, 2001
29,470
1
81
I've got $500 in there right now to test the waters.

They show Experian default rates and allow you to adjust your min interest rates by credit grade accordingly.

However, I wish they would show Prosper.com default rates by credit grade and allow you to adjust based on those.

One of the guys on fatwallet has had two defaults in a very short time...anecdotal evidence, for sure, but enough reason to be extra cautious...
 
Z

z0mb13

Lifer
May 19, 2002
18,106
1
76
Originally posted by: pontifex
hahaha...wow...has anyone actually loaned money to any of those people?
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yes I have a buddy that did that.. he put in like $500 and did a bunch of $50 loans.

I think he already got prepayment on a bunch of them
 
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Finality

Platinum Member
Oct 9, 1999
2,665
0
0
Originally posted by: tweakmm
Originally posted by: Doboji
Originally posted by: tweakmm
What in gods name are you talking about?

Sounds sketchy regardless.
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Text
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Holy crap, that seems mega sketchy.
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Its legit, just be careful who you lend out too. Businessweek did an article on it. Its just like ebay stetchy profile = good luck.
 
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DAGTA

Diamond Member
Oct 9, 1999
8,172
1
0
Originally posted by: b0mbrman
Originally posted by: Homerboy
http://www.prosper.com/public/lend/listing.aspx?listingID=17847

I'm going to personally deliver $20 to her I think.
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I remember seeing that ad and noting to myself that it had way too many bids too early on...

Then I clicked and understood why...
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haha, I could put up a picture of a cute woman just to get men to loan me money. :)

Kingman is about a 5 hour drive for me. If 'she' defaults, anyone want to pay me to make a road trip to look her up? ;)
 
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b0mbrman

Lifer
Jun 1, 2001
29,470
1
81
Originally posted by: DAGTA
haha, I could put up a picture of a cute woman just to get men to loan me money. :)

Kingman is about a 5 hour drive for me. If 'she' defaults, anyone want to pay me to make a road trip to look her up? ;)
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Wouldn't be a bad idea...Just grab something from Stock Exchange, eh?
 
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b0mbrman

Lifer
Jun 1, 2001
29,470
1
81
Originally posted by: b0mbrman
Originally posted by: DAGTA
haha, I could put up a picture of a cute woman just to get men to loan me money. :)

Kingman is about a 5 hour drive for me. If 'she' defaults, anyone want to pay me to make a road trip to look her up? ;)
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Wouldn't be a bad idea...Just grab something from Stock Exchange, eh?
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Looks like I took my own advice :D
 
D

Doboji

Diamond Member
May 18, 2001
7,912
0
76
UPDATE:

Lent out $200 in 4 $50 loans... average interest rate is 19.8%

So far everyone is current... recieved payments from all 4.

-Max
 
ultimatebob

ultimatebob

Lifer
Jul 1, 2001
25,134
2,450
126
If just one of those four loans go in default, you'll end up losing money on this deal. Seems too risky to me.
 
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Doboji

Diamond Member
May 18, 2001
7,912
0
76
Originally posted by: ultimatebob
If just one of those four loans go in default, you'll end up losing money on this deal. Seems too risky to me.
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Well I think the idea is... you need to have like 30 loans rather than 4... but I want to see how these do before I dive in 100%... I'll keep updating for a few months... if all goes well I'm gonna start putting more money in.
 
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