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ATOT prosper group

Z

z0mb13

Lifer
I am interested in creating an ATOT prosper group for lenders

Prosper is an ebay style lending platform, read on it here:

link

Anyone interested?
 
Interesting idea. If I'm reading the site correctly, the rates for loans are much higher than INGDirect's APY, but are less (for anyone except the highest risk) than what I average from stock index mutual funds.

This looks like it might be an investment for people who don't have enough money yet to set up a brokerage account and buy index funds, and are willing to accept moderate risk to earn better than 4% returns. Don't take that as an endorsement though, I'd have to do a lot more digging first.
 
Originally posted by: DaveSimmons
Interesting idea. If I'm reading the site correctly, the rates for loans are much higher than INGDirect's APY, but are less (for anyone except the highest risk) than what I average from stock index mutual funds.

This looks like it might be an investment for people who don't have enough money yet to set up a brokerage account and buy index funds, and are willing to accept moderate risk to earn better than 4% returns. Don't take that as an endorsement though, I'd have to do a lot more digging first.
Click to expand...

a beauty of it is you can diversify your investment.

Say u have $500. Instead of lending it to one borrower, you can lend it to 5 different borrowers.
 
Originally posted by: z0mb13
Originally posted by: DaveSimmons
Interesting idea. If I'm reading the site correctly, the rates for loans are much higher than INGDirect's APY, but are less (for anyone except the highest risk) than what I average from stock index mutual funds.

This looks like it might be an investment for people who don't have enough money yet to set up a brokerage account and buy index funds, and are willing to accept moderate risk to earn better than 4% returns. Don't take that as an endorsement though, I'd have to do a lot more digging first.
Click to expand...

a beauty of it is you can diversify your investment.

Say u have $500. Instead of lending it to one borrower, you can lend it to 5 different borrowers.
Click to expand...

Are you sure that beauty mark isn't just a wart?

Would you be more likely to go after someone if they owed you $2500, or if they owed you (and 49 people you've never met) $50?

[Edit] Anyhow, I'm in for $500. Come borrow from me! 🙂
 
WTF? Some of these rates are over 20%. Is there a forum where people talk about their experience with it? Seems a little too good to be true.
 
No one guarantees the loans at Prosper. This is real life, and in real life, sometimes people default on their loans. If a borrower is more than one month late on a payment, Prosper engages a collection agency on the lender's behalf.
Click to expand...
So this is more or less a 'signature loan' with internet people with whom you know little or nothing and from whom you retain absolutely no collateral?
 
Originally posted by: alrocky
No one guarantees the loans at Prosper. This is real life, and in real life, sometimes people default on their loans. If a borrower is more than one month late on a payment, Prosper engages a collection agency on the lender's behalf.
Click to expand...
So this is more or less a 'signature loan' with internet people with whom you know little or nothing and from whom you retain absolutely no collateral?
Click to expand...

Yep.
 
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