How does that PROSPER.COM work??

Question

This is a question for Daniel N....who informed me about the Prosper.com! How does that work?? I read it briefly, but it sounded like an EBAY thing!! Can you give me a little bit of details about this....please? Thanx!!

Answer 1

I just did this and Im impressed so far. The funds will be in my account Monday and my first payment is the middle of next month.
Basically you sign up and detail why you need the loan and why you are a good candidate. Then see what happens. I got over 2500 funded in less than 24 hours. From what I understand, there are several people who lend the money but it prosper is the middle man. So the lenders money all goes into an account with prosper and then to you - then reverse to payback. I think its a great idea and if all hold true then I will become a lender to return the favor at some point.

Answer 2

I've investigated the site a while back and signed up for it. If you're looking to lend money to someone, its not a great investment. Basically someone who needs money will register their amount and link to one of thier bank accounts. They must then find supporters to fund thier loan. You can offer bid amounts as low as $50. Once the bidding is done, the money is taken from your account and put into theirs. Then they must pay you back over 3 years and money is automatically withdrawn from their account back into yours. Rates can be anywhere from 5% to 15%. I don't think making an average of 7% on $100 over three years is that exciting. I decided to pass. As far as being the kind of person who needs a loan, I couldn't tell you. However most people who do give out loan money do it more out of charity or testing the waters. That's why the bidding amounts are so low. No one wants to risk giving a lot of money to some stranger over the internet who can at anytime close their bank account.

Answer 3

It sounds like something I wouldn't want to trust. Too many schemes out there.

Answer 4

Forget it. There is no free lunch.