ATOT prosper group

[z0mb13]

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?

 

[DaveSimmons]

not until you fix your link

 

[z0mb13]

Originally posted by: DaveSimmons
not until you fix your link

whoops..

 

[ViviTheMage]

weird site

 

[imported_bum]

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]

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]

Not sure if I totally understand but I am interested in learning more.

 

[RCN]

cool site/ idea

 

[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.

 

[Jawo]

Looks like a cool site....have to dig into it later to see if its worth my money!

 

[MazerRackham]

Hrm interesting...

 

[kranky]

I would most probably be in for a group.

 

[z0mb13]

bump

 

[Tom]

sounds insane to me, but go for it !

 

[new2AMD]

Did this go anywhere? Anyone using this site?

 

[RossMAN]

I'm in for $5, Canadian that is

 

[mugs]

Looks interesting

 

[Cal166]

Count me In...

 

[b0mbrman]

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!

 

[ArJuN]

cliffs?

 

[InlineFour]

FDIC insured?

 

[Looney]

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]

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]

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.

 

[iamaelephant]

Seems awefully risky. A good idea, but more security is needed.