tag:blogger.com,1999:blog-26277603.post1948992432676193553..comments2008-06-25T10:42:45.555-05:00Dual Income No Kidshttp://www.blogger.com/profile/04648586816512955888noreply@blogger.comBlogger28125tag:blogger.com,1999:blog-26277603.post-24408342837064452662008-06-25T10:42:00.000-05:002008-06-25T10:42:00.000-05:00Cheryl - I think the lesson is to only put a small amount on each person, as the basic answer is that you are screwed in the case of defaults.<BR/><BR/>Best,<BR/><BR/>MielDual Income No Kidshttp://www.blogger.com/profile/04648586816512955888noreply@blogger.comtag:blogger.com,1999:blog-26277603.post-37397705942839481852008-06-18T14:29:00.000-05:002008-06-18T14:29:00.000-05:00Hmmm...I'm wondering how it went too! I don't see any feedback on if they made up for that loss...never, never, never would I invest that amount...I think they own stock in that company. What happens if they default? Can you put a lien on the person's house, etc?Cherylwww.myspace.com/cherylboutinnoreply@blogger.comtag:blogger.com,1999:blog-26277603.post-60490203692942040492008-06-12T09:32:00.000-05:002008-06-12T09:32:00.000-05:00I was just wondering how that worked out for you two. I invested $200 in Prosper a few months ago to see how it was going before I chose to shift anything else in there. <BR/>Any advice?ReddHhttp://distilledrose.blogspot.comnoreply@blogger.comtag:blogger.com,1999:blog-26277603.post-48690852010661417672008-06-06T10:34:00.000-05:002008-06-06T10:34:00.000-05:00Uh, investing 70,000 into prosper is one thing. Doing so to make up for a deficit is another. Wrong reasoning! Right thing, with wrong reasoning equals wrong thing. PERIOD. Even if you are *successful* with your loans it does not mean it was the right thing.<BR/><BR/>Ok, on to more positive things and off my soap box.<BR/><BR/>I love prosper. have been in for 2 or 3 years now. I put in $1,000 and just rotate my balance into new loans each time my account gets to $50. <BR/><BR/>I recommend staying away from loan requests over 5k. I also like 12% or less loans and only to credit grades aa, a and b. Has worked well to bring me in over 10% average.<BR/><BR/>DanFree Card Matrix Rotatorhttp://creditcardcash.netnoreply@blogger.comtag:blogger.com,1999:blog-26277603.post-92128801616218501432008-05-28T19:40:00.000-05:002008-05-28T19:40:00.000-05:00prospers.org<BR/><BR/>check it out before you investunbelievablehttp://www.blogger.com/profile/07400090920450093155noreply@blogger.comtag:blogger.com,1999:blog-26277603.post-76945576680335395582008-05-28T19:39:00.000-05:002008-05-28T19:39:00.000-05:00Take a hard look around the "unofficial" Prosper forum before you invest $70K into Prosper.<BR/><BR/>prospers.orgunbelievablehttp://www.blogger.com/profile/07400090920450093155noreply@blogger.comtag:blogger.com,1999:blog-26277603.post-41584372012058501012008-05-28T10:26:00.000-05:002008-05-28T10:26:00.000-05:00hmmm. My wife and I put a little money in prosper as an experiment a few years back. Not so good. Even though we mostly funded low risk loans. still had people not pay/go bankrupt. A little trick they pull; the loans we own that went bad, are still showing up in our account as just "past due". They are about 10-11 months past due, so I have no hope for collecting. Problem is, they leave it on the books, and your portfolio looks in the black - I assume this may be the situation with many other lenders... therefore the aggregate propser community numbers may not be reflective of true returns you can expect. Just be aware. 70k seems like alot. our experiment is in the red, but we didn't expect much out of it. We are letting it sit, just to see how it finishes. But I don't plan on putting more in. It's too bad though... peer 2 peer lending seemed like such a great idea. I wished it would have worked out better.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-26277603.post-37312911606790604222008-05-21T05:25:00.000-05:002008-05-21T05:25:00.000-05:00Canadians might be interested in looking at www.IOUcentral.ca, Canada's first person to person lending site.Skyhttp://www.blogger.com/profile/08395471014510473473noreply@blogger.comtag:blogger.com,1999:blog-26277603.post-16763817668366169782008-04-25T14:07:00.000-05:002008-04-25T14:07:00.000-05:00Wow...70k in Prosper is a very bold move. I have $800 invested and am carefully watching my loans. To date I have one borrower who is 2 months late, and the remaining are all paid. Good luck and I look forward to following your progress!Scotthttp://www.blogger.com/profile/03204146419002116219noreply@blogger.comtag:blogger.com,1999:blog-26277603.post-58976813388888829032008-04-22T13:24:00.000-05:002008-04-22T13:24:00.000-05:00I would strongly advice against putting money in prosper. I have been on prosper ~ 1.5 years, and I put in $2,500 and spread them over ~ 70 loans. So far, I am down approximately $100, even with an average interest of 17 %. I have now stopped giving out new loans (as old loans get repaid) and will withdraw my money as the last loans get paid back over the next three years.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-26277603.post-44531699482750016882008-03-15T21:05:00.000-05:002008-03-15T21:05:00.000-05:00Prosper seems to be a great site for both lenders and borrowers. Borrowers get a good interest rate while lenders have an opportunity to earn a nice rate of return.Prosperhttp://joinprosper.comnoreply@blogger.comtag:blogger.com,1999:blog-26277603.post-89118671001462280222007-12-25T22:19:00.000-05:002007-12-25T22:19:00.000-05:00look at how prosper is using their attorney's to silence critics<BR/>http://www.prosperreport.com/prosperlenderhttp://www.prosperreport.comnoreply@blogger.comtag:blogger.com,1999:blog-26277603.post-56044698494483675222007-08-10T10:47:00.000-05:002007-08-10T10:47:00.000-05:00a problem with putting all your money in prosper is that all the loans are in 3 years. also you don't earn interest while you're bidding on loans. It's probably best to hold a lot of your cash in a high yield money market account, because even if a few loans aren't repaid you could do worse than a money market. Anyway, good luck!the bagladyhttp://baglady.dreamhosters.comnoreply@blogger.comtag:blogger.com,1999:blog-26277603.post-30126870930162808972007-07-11T15:01:00.000-05:002007-07-11T15:01:00.000-05:00I must say, I love Prosper and have been doing wonderfully at 15%+ avg loan rate with no defaults across 45 loans, but putting 70K in when running a deficit doesn't sound prudent. There are a lot of other options out there. This is an old post; did you end up doing so? If so, how's it going? I've posted plenty of tips and ways to exceed to prosper avg default rate, etc. but only time will tell as these are 3 year loans. <BR/><BR/>Incidentally, a $25 referral for new members through the end of aug 2007. anyone considering joining should find a good finance blog with this link (min included hint hint, but any good one will do) to start off your account with a free $25.Everyday Financehttp://www.blogger.com/profile/13813170565251310026noreply@blogger.comtag:blogger.com,1999:blog-26277603.post-42030538178552764682007-07-06T17:47:00.000-05:002007-07-06T17:47:00.000-05:00Diversify! Don't put all your eggs in one basket!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-26277603.post-33821018961384961382007-06-26T16:22:00.000-05:002007-06-26T16:22:00.000-05:00I started a group that I think could be helpful for first time borrowers on prosper. It is a group where first time borrowers and experianced borrowers can both join. The first time borrowers can interact with the experianced borrowers to recieve info on any questions they may have. The link to join is below.<BR/><BR/>http://www.prosper.com/groups/group_home.aspx?group_short_name=beginnerborrower&referrer=jg1656&utm_source=referrer-jg1656&utm_medium=referral-link&utm_content=link&utm_campaign=referrals-groupjeffhttp://www.blogger.com/profile/01888846518873550174noreply@blogger.comtag:blogger.com,1999:blog-26277603.post-53005359634284647342007-04-14T20:54:00.000-05:002007-04-14T20:54:00.000-05:00Prosper.com could revolutionize banking as we've known it...the number of new borrowers and lenders weekly is amazing...<BR/><BR/>In April 2007, a new group was created on prosper.com “Six Degrees of Separation – A Social Networking Challenge” to facility person-to person lending on a secure, easy to use internet platform. <BR/><BR/>This group (Six Degrees) was created to help individuals who want to improve their finances. Loans can be obtained to either refinance higher interest debt (credit cards), to invest in real estate, to invest in other income producing or appreciating assets, or to invest in small businesses. <BR/><BR/>In addition, the group (Six Degrees) is offering a twist that allows individuals to participate in a social networking challenge to test the small world phenomenon. As an initial promotion, the group is offering a special promotion whereby borrowers can earn cash incentives if they fund a new loan within this group or create the largest number of referral loans within this group.<BR/><BR/>The group leader of Six Degrees has spent 15+ years in the traditional banking industry and is currently both a lender and borrower on Prosper.com. The group leader before forming this group invested his own money in 75 loans to help others across the country (California, Washington, Texas, Florida, Maine, New York and many other states).<BR/><BR/>Check it out and Join the Six Degrees Group:<BR/> https://www.prosper.com/groups/group_home.aspx?group_short_name=SixDegreesSix Degreeshttps://www.prosper.com/groups/group_home.aspx?group_short_name=SixDegreesnoreply@blogger.comtag:blogger.com,1999:blog-26277603.post-25348862577251538552007-03-27T20:13:00.000-05:002007-03-27T20:13:00.000-05:00How about investing in a toy company that will actually profit from its ideas?<BR/>http://www.shockertoys.comAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-26277603.post-46194381807099249082007-03-08T07:54:00.000-05:002007-03-08T07:54:00.000-05:00With the click of a mouse late Thursday night March 1, 2007, the leader of the Two Millionaires Group on Prosper.com admitted the 5,509th member and created the largest group on Prosper ever! The one remaining challenge at the time was to beat PsychDoc's record number of loans created....<BR/><BR/>Asked about how his group succeeded in growing so large so rapidly, "TwoMillionaires1" the group leader replied that he did a lot of internet marketing in the beginning to bring new members in, and it grew from there to the point where today word of mouth from contented borrowers brings in probably hundreds of new members each week.<BR/><BR/> "It didn't hurt either to have a private website that has attracted more than 300,000 hits and 10,000 unique visitors," the group leader added.<BR/><BR/>As of the date of this report, more than one and a half million dollars has been loaned to members of this popular people-to-people online borrowing and lending group, almost 400 individual loans.<BR/><BR/>Details are available at:<BR/><BR/><BR/>http://www.2mils.orgAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-26277603.post-34914097180322023972007-02-20T22:14:00.000-05:002007-02-20T22:14:00.000-05:00What's your userid on Prosper?Tomhttp://www.blogger.com/profile/03340869682040655355noreply@blogger.comtag:blogger.com,1999:blog-26277603.post-74766439740964619642006-10-17T17:54:00.000-05:002006-10-17T17:54:00.000-05:00To Lazy Man And Money's comment about the promissory note.<br /><br />Loans made through prosper.com are held between prosper.com and the borrower. As each individual is not a bank, he cannot hold a legally lend money to another person in this manner. This is stated in some fine print on prosper.com. The lenders on prosper.com are treated as investers to a sort of loan fund. I do not know what kind of legal responsibilities prosper.com has towards the lenders, but it is definitely not as clear cut as a promissory not.prosper lenderinformationideas.comnoreply@blogger.comtag:blogger.com,1999:blog-26277603.post-26101020109639059662006-10-06T18:34:00.000-05:002006-10-06T18:34:00.000-05:00Prosper.com is interesting. I have about 2k invested currently earning 20 percent. But stats are only out for a few months. The big money will come if figures look promising by mid 2007.Dr Housing Bubblehttp://www.blogger.com/profile/04757427229109696318noreply@blogger.comtag:blogger.com,1999:blog-26277603.post-386762654457318452006-10-05T23:26:00.000-05:002006-10-05T23:26:00.000-05:00I really like Prosper.com and if you spread your loans around, I believe it can be somewhat diversified. Would I do it $70,000? Probably not at this stage.<br /><br />As far as losing all your money if Prosper fails, I don't think that's a possiblity. You still hold the promissory note in your name. Maybe you talk to them more and at least alleviate this concern.Lazy Man and Moneyhttp://www.blogger.com/profile/14364194097342831900noreply@blogger.comtag:blogger.com,1999:blog-26277603.post-65511211426244531872006-10-05T22:40:00.000-05:002006-10-05T22:40:00.000-05:00You've inspired a post on my blog if you'd like to check it out:<br /><br /><a href="http://www.mightybargainhunter.com/2006/10/05/taking-the-roi-bull-by-the-horns/">Taking the ROI bull by the horns</a><br /><br />I'm too risk-averse for this kind of bold move but I really hope it works out for you!mbhunterhttp://www.mightybargainhunter.comnoreply@blogger.comtag:blogger.com,1999:blog-26277603.post-53195545687261980702006-09-29T17:46:00.000-05:002006-09-29T17:46:00.000-05:00WOW. $70k is a lot of money and the risk seems very high (how else can they justify the supposed high return). I would tread very cautiously on this one. If you get more info on prosper, pls let us know. From what I can tell, it just simply looks too risky.fin_indiehttp://www.blogger.com/profile/18339850730177844018noreply@blogger.com