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anyone try the prosper thing?

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I just put $1500 into it. Not gonna bid on any loans yet. We'll see where it goes.
 
I put in $350, had 1 default, I have my account sent to 'auto invest' so it signs me up for new loans automatically, I guess enough people paid on the remaining $300 to give me another $50 so I'm back up to $350 loaned out.
 
I doubt the advantage of this over a good ETF. You're going to get 8-15% on people with decent credit ratings. You're going to get the same on an ETF/index fund, and not have to spend time looking through large sums of credit documents and deal with collection issues.
 
So.. I bid on like 10 loans, and I check again, and I have all the cash back, and I have been "outbid" on all of them ...what is going on?
 
Well I have $1500 put out in 23 loans. So far all are current, and my overall average interest rate is 14.8%. Plus I got one $25 bonus so far for someone joining up off of my name.

I don't think they still have the $25 bonus though.

Also, after my 2nd deposit (which was $1000) I had a money manager call me and ask me if I had any questions or needed help planning. I also got an invite to an investing webinar which I declined.
 
Originally posted by: tk109
I'd try it. But I make a lot more money investing in realestate.

I can get loans at about 7% though and just reloan that money out. If I have any extra I might give it a try some day.

However I see potential for huge collapse here. I see everyone getting loans from them and then loaning out the money on there again to someone else for a few percentage higher. Then some bottom people cant make some payments and the whole thing collapses from the bottom up. Just one big pyramid.
Click to expand...

Do you not understand that this is exactly how banks work ?

 
I prefer to give out 0% loans to family members than do this. I currently have $1500 in outstanding 0% loans to family members, who promise to pay back by July.
 
Originally posted by: ICRS
I prefer to give out 0% loans to family members than do this. I currently have $1500 in outstanding 0% loans to family members, who promise to pay back by July.
Click to expand...

You're completely missing the point here of members testing a potentially lucrative investment opportunity. But thank you for the rather weak attempt at being so philanthropic.
 
Ok, just to update. I have 26 loans from $50-100, mostly A or B, with a few AA's and a single C. All loans are current for 1-3 months so far, and my average interest rate is 14.9%.

I think I'm going to slowly keep adding money into this and see where it goes.
 
Update: I have 6 outstanding $50 loans that are about four months old. All are current and paying about 15% interest on average.

Compared the losses I'm taking in the stock market right now, this is starting to look like a damn good investment!
 
Yeah... it seems that Prosper probably isn't going to be able to issue new loans again thanks to the feds stepping in and shutting them down. What lousy timing... this site would have been very handy during the peak of the credit crisis when people couldn't easily get a loan from the bank!

Out of the 9 loans I issued, 2 got paid off, 5 are current, 1 is late, and 1 is in collections. Amusingly, even with the defaults, I'm still getting a better ROI than I did with my stocks last year. 🙂
 
Originally posted by: ultimatebob
Yeah... it seems that Prosper probably isn't going to be able to issue new loans again thanks to the feds stepping in and shutting them down. What lousy timing... this site would have been very handy during the peak of the credit crisis when people couldn't easily get a loan from the bank!

Out of the 9 loans I issued, 2 got paid off, 5 are current, 1 is late, and 1 is in collections. Amusingly, even with the defaults, I'm still getting a better ROI than I did with my stocks last year. 🙂
Click to expand...

Did they do that? I doubt it.
I remember LendingClub had their quiet period in April of last year. It took them 6 months to come out of it.

I don't see any reason why they would shut Prosper while allowing LendingClub to exist.
So far it's only 5 months for Prosper. If I don't see(or hear) anything at the beginning of the 7th month, I'll be worried.

http://www.lendingstats.com/lenders/ultimatebob
I only see 1 loan late in your profile, all your remaing are current/paid.
Compared to the average record I see on Prosper, yours is nothing to sneeze at.

I have $450 split between 5 loans. All are current (so far).
 
Originally posted by: Lothar
Originally posted by: ultimatebob
Yeah... it seems that Prosper probably isn't going to be able to issue new loans again thanks to the feds stepping in and shutting them down. What lousy timing... this site would have been very handy during the peak of the credit crisis when people couldn't easily get a loan from the bank!

Out of the 9 loans I issued, 2 got paid off, 5 are current, 1 is late, and 1 is in collections. Amusingly, even with the defaults, I'm still getting a better ROI than I did with my stocks last year. 🙂
Click to expand...

Did they do that? I doubt it.
I remember LendingClub had their quiet period in April of last year. It took them 6 months to come out of it.

I don't see any reason why they would shut Prosper while allowing LendingClub to exist.
So far it's only 5 months for Prosper. If I don't see(or hear) anything at the beginning of the 7th month, I'll be worried.

http://www.lendingstats.com/lenders/ultimatebob
I only see 1 loan late in your profile, all your remaing are current/paid.
Compared to the average record I see on Prosper, yours is nothing to sneeze at.

I have $450 split between 5 loans. All are current (so far).
Click to expand...

Hmm, that's weird. It's not showing my 1 loan that's in collections. Odd.

Oh, and read this, it explains why they had to stop offering new loans.

Cease and decist order... nasty stuff.
 
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