ATOT prosper group

z0mb13

Lifer
May 19, 2002
18,106
1
76
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?
 

imported_bum

Golden Member
Jan 15, 2005
1,402
1
0
Hmm, looks like an interesting site. I guess I'd join up if there was a group, but I doubt I'd make many transactions.
 

DaveSimmons

Elite Member
Aug 12, 2001
40,730
670
126
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.
 

S Freud

Diamond Member
Apr 25, 2005
4,755
1
81
Not sure if I totally understand but I am interested in learning more.
 

z0mb13

Lifer
May 19, 2002
18,106
1
76
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.

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.
 

Jawo

Diamond Member
Jun 15, 2005
4,125
0
0
Looks like a cool site....have to dig into it later to see if its worth my money!
 

b0mbrman

Lifer
Jun 1, 2001
29,471
1
81
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.

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.

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! :)
 

Looney

Lifer
Jun 13, 2000
21,941
5
0
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.
 

alrocky

Golden Member
Jan 22, 2001
1,771
0
0
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.
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?
 

kranky

Elite Member
Oct 9, 1999
21,014
137
106
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.
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?

Yep.