Are people making money lending money on prosper.com?

Question

Any success stories for lenders or borrowers?

I saw this site referenced in lots of answers of people who needed alternative sources of loans.

Anyone get burned?

I would be less likely to trust a church.

Anyway, I was thinking of setting up a credit union for vegetarians, so we could pool our resources and people could take out loans to start up vegetarian businesses.

Rather than reinvent the wheel, it seems like the infrastructure is already in place there. I haven't really analyzed their fee structure to see if it is viable or not.

Answer 1

Trust me, the only people making money on that site are the people who created it. They use a concept used in a lot of churches these days, but wouldn't you trust your church over some internet site? My advice.. don't do it. There are more trustworthy opportunities to do the same thing elsewhere. If you are determined to use them, though, check out their rating on the Better Business Bureau first.