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anyone try the prosper thing?

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Originally posted by: zinfamous
Originally posted by: UNCjigga
I am very interested in the shylocking business and would like to subscribe to this thread.
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yeah, I listened to the NPR story this morning. sounds rather sketchy, but I am intrigued.

Those with experience, does prosper.com rent out goons in the event that you will (likely) need them?
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It has a collection service and/or they will buy bad debt from you, but bad debt never sells for much. Basically if you get a default, just kiss the money goodbye--same as any lender does to a deadbeat with crap credit, no collateral, and doesn't care.

 
Originally posted by: Skoorb
Originally posted by: BlancoNino
Is it possible to borrow $10,000 from prosper using a good credit score and history at a low interest rate and then turn around and lend that 10K to somebody with worse credit and make a profit by virtually doing nothing but taking a risk?
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YES. People are doing this. I have seen request for many loans for about $10k from AA rated people who clearly state the intent is to relend on Prosper. They are offering about 9-11% on their loans.

I want to do this. However, b0mbrman's experience scares the hell out of me. I have no concern about the risk from individual lenders. Any lender has to face those, but if the site can lock an account indefinitely, then that is a real concern. Also, is this site secured/guaranteed in any way? As somebody else alluded to, what is truly preventing the owners from waiting until they are stinking rich with the money in people's accounts prior to withdrawal and then just retiring to some warm climate?

Rossman I know you do your due diligence, what are your thoughts so far?

Also, there are other sites like prosper such as lendingclub.com
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I never looked into it further.
 
Yes, I did it very early on (as in started my loans in 2006 when they started up) and lost a lot of money, even to conservative lenders. As of now, 50% of my loans have defaulted. But now they are more strict about how they give money out, so I guess I just got shafted.
 
With propser, the rate is an Annual Percentage Rate right?

For example if I lend a 1000 dollars like so through the 3 year way they do it..

Mind you this is very rough as I didn't take into account the balance and interest changes monthly...just as a really really rough sketch of earnings potential.

1000 @ 24% = 240 profit

667 @ 24% = 160 profit

333 @ 24% = 79.92 profit

479.92 = total profit

?
 
What a damn interesting site... don't know how I missed it before, looks like it would be badass, but it also looks as though a couple people lost their ass on it.

Right now if a current lender refers another lender who signs up, they both get 25 free dollars to lend 😛
 
Originally posted by: TruePaige
With propser, the rate is an Annual Percentage Rate right?

For example if I lend a 1000 dollars like so through the 3 year way they do it..

Mind you this is very rough as I didn't take into account the balance and interest changes monthly...just as a really really rough sketch of earnings potential.

1000 @ 24% = 240 profit

667 @ 24% = 160 profit

333 @ 24% = 79.92 profit

479.92 = total profit

?
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More like 412 bucks @ 24% compounded monthly. It'll be a little more if the interest is compounded daily.
 
I have been lending since August, and it has been great so far. All current, no lates. Have about $550 invested. Remember though, mostly likely, loans will last 3 full years, so these aren't very liquid. Consider this before you jump in.

I am planning to invest $100 every month to see how it goes...
 
I've borrowed $1,000 from Prosper and paid it back pretty quick. Good experience, and I like the idea of paying interest to a person rather than a bank/credit card. Considered loaning out money too.
 
Originally posted by: RaiderJ
I've borrowed $1,000 from Prosper and paid it back pretty quick. Good experience, and I like the idea of paying interest to a person rather than a bank/credit card. Considered loaning out money too.
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If you don't mind, can you give us more info. What was your interest rate? After asking for the loan, how long did it take to get enough people to contribute? Is there any penalty for early repayment? How is the interest compounded? Anything you think would be useful? Thanks!
 
Well, I'm signing up today. I'm expecting a big lump of cash from the Army soon and I'm going to split it and put part into Prosper. Plan on at least $1000. If it goes well, I have a few CD's maturing soon and I'll put those into prosper as well.
 
Wow what a cool idea. Just signed up to be a loaner.

They were unable to automatically identify me (I'm 18 and I haven't had a credit card at all so I'm pretty sure I have no credit history). I have to manually send a picture of my social and driver's license.. sigh.. Oh well hopefully this will turn out to be an interesting endeavor.

edit:

Has anyone had to manually send a pic of their driver's license or social? Its really going to be a pain to get a hold of my social so I'm hoping all I have to send in is just my driver's license.
 
Originally posted by: mjuszczak
I'll join an AnandTech group
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I would join one....but I don't want your money passing it's misfortune over to mine.

Dude...you can't even brush your teeth without our advice. How could you possibly succeed at loaning money to high risk borrowers?
 
Originally posted by: mjuszczak
Yes, I did it very early on (as in started my loans in 2006 when they started up) and lost a lot of money, even to conservative lenders. As of now, 50% of my loans have defaulted. But now they are more strict about how they give money out, so I guess I just got shafted.
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well, now that I went back and read this post, I stand by earlier statement 😀
 
Sweet, transfer went through and started bidding. Guess I'll check back in a few weeks after all my bids are through and then in a month or so. Seems fine so far, I'll probably put some more into it.
 
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