prosper.com

[minnie1928]

Does anyone lend money through Prosper.com? I'm somewhat intrigued, but I'd like to hear how it works from real people...not just Prosper's marketing department

[Slug]

Yes, there's a long running thread on this as well as others if you just do a search on Prosper.

They just increased their fees again.

I just put a little over 1k into a friend's loan a couple of month's ago, but that's it for me. This last loan should help me break even in the long run, but Prosper is not for the faint of heart. It will also turn you cynical quickly when you see how many people just take the money and run. These are desperate times even for those with good credit. For now, I'm done with Prosper. As soon as the next $25 in payments show up in my account, I'm siphoning it to ING until Prosper is empty in a little less than 3 years.

[boosami]

I just started on Prosper. Haven't received any payments yet, but my loans are all in "current" status. I used the automated profile option to invest based on risk instead of relying on reading people's sob stories and doing so sympathetically. I'll be sure to post if anything notable happens. Return is estimated at 11% currently.

[gekkoplus]

I have been investing in Prosper for the past 6 months or so. So far I have a little less than $1K loaned out via automated Prosper portfolio. 1 borrower paid in full while others are current. Most of my loans are to B and C grade borrowers. I want to systematically invest each month until I start getting back enough monthly payments that I can loan out immediately to make it a self sufficient but growing system.

[TBH]

I have been lending on Prosper for 2.5 years. My current interest rate is listed as 12.33 percent. Sounds good, right?

I am in the process of phasing out of lending on Prosper, altho I'll continue to manage a small group.

I've invested about $1000 total. I did some loans based on an automatic bidding thingy, and some based on analyzing people's data and listings myself. When I did that, I looked for people who were consolidating high-interest debt and seemed to have good prospects for becoming debt-free. My borrowers are across the whole spectrum, but almost all my money is concentrated in borrowers rated B or higher. I have had several AA borrowers go delinquent.

15 loans were paid in full, 22 loans are current, 5 loans are more than 4 months late, and 2 loans have been sold to a debt-buyer for pennies on the dollar.

Oh, and for some reason Prosper has banned residents of my state from bidding on loans.

I am so outta there. But it was a fun hobby for a while.