Is anyone familiar with Prosper.com. I have researched it and taken the plunge to become a group leader.?

Question

It's an exciting and potentially lucrative concept. Average people can lend money to others or borrow money for any of their needs. All credit types can create a loan listing and the interest rates are reasonable, around 8% - 29% (unlike payday and title loans which charge up to 300%). Prosper is licensed to lend in all 50 states and it was founded by Chris Larsen, the founder of e-Loan.com and it's backed by the founder of eBay. My group is The Sturzstrom Funding Group at http://www.ProsperFiveStar.com and I am accepting memberships from all who are interested. There are no fees to list a loan, and only a small one-time service fee of 1% if you accept a loan. My question is what does anyone here know about Prosper and do you think it's a good concept?

Answer 1

I have looked into it and thought about being a lender sometime in the future when I have some more extra money to spare....it seems like a good investment but there are obvious risks associated with people defaulting on their loans. I think the site has all the proper security and safety devices to make sure people do not abuse the site. I recommend people look into getting loans there regularly on this site, especially when they are looking for payday or title loans. good luck.

Answer 2

It is a good concept but remember the Shakespeare line. Be not a lender nor borrower be. As the saying goes, "any fool can lend money, but few are able to get it back."

Good luck and do your homework.

Answer 3

I am lender on Proser...though a small one.

I think it is a great concept but one thing I have found out is that a leopard can't change its spots. That is, people who have bad credit have bad credit for a reason. If they have had trouble paying their bills in the past, they will have trouble paying in the future.