is prosper.com a scam or is it a legit lending service? has any one ever tried it out?

Answer 1

There are some resources like the Better Business Bureau (www.bbb.org)and the national fraud center (www.fraud.org) to check if a company is a scam. By doing so, you will not only save money, but also your valuable time and credibility. You can find more detailed information about a company at http://www.pcworkathome.net/scamcheck.html

Answer 2

I've been a lender on Prosper.com for about 6 months now, and I've had a really good experience. It's a legit business that's been featured on NPR, in Money Magazine, and in many other places.

They don't have a huge history yet; it's only been open a year. But so far the default rate on loans on Prosper is less than 1%. I have about 23 loans and I'm earning an average APY of 22%. Two of my borrowers have paid late, but they caught up afterwards.

The fun part for me is choosing who to lend to. I like to lend to young people (like me) who are trying to consolidate credit card debt and improve their credit score. Also, people with solid credit who are trying to start a business are really fun to lend to because you feel like you are helping someone go for the American Dream. I can read their stories and ask questions and review their credit reports. Plus some people list budgets and post their W2s to verify income.

It's a super good deal for Borrowers, too. They can get rates that are lower than credit card rates, and if they have a good story or good credit, lenders will bid down their interest rates even further.

Check it out; it's really fun and a great way to diversify your portfolio, since it is technically fixed income and is not directly correlated to any other asset class.

Answer 3

huh? You represent the company you work for and when that person calls you and yells they are yelling because of a problem "you" must take seriously and solve. If you get all tied up in thinking he's yelling at you then your perspective is all wrong. No geezes allowed. Solve the problem like the professional you are (or supposed to be). No, I'm not mean to telemarketers because I know they have a script and can't really answer my questions. If a CSR feels like you do and can't or doesn't even try to solve a problem, sighs loudly or whatever I demand their supervisor and suggest they be fired. If you are just an "in-between receptionist type person" then tell them that, and that you'd be happy to transfer them to the correct department. Yeah, I ran into that too, the electric company is not people oriented, at least not here. When I got into my apartment they wanted me to pay 3 months worth of electric use as a deposit yet claimed it was only one month. I had to fuss with them and have them look up many years of prior service and good payment history before they would relent. Yeah, all they want is money and they don't really care how they get it, even though they lie and trick people.

Answer 4

This Site Might Help You.

RE:
is prosper.com a scam or is it a legit lending service? has any one ever tried it out?

Answer 5

I know this is too late but I myself have been an investor in prosper for sometime and have had good experiences. I can't vouch for the lending side but things seem to flow smoothly and good customer service.

Answer 6

Prosper.com Review

Answer 7

I think it is legit - I've seen it on the news about a year ago.

But, having been interested myself, I did a little digging just about a month ago. I found that to "invest" and really make money, you have to risk loaning to people with low ratings (higher interest rates), and if you invest in those with higher ratings, well, you have to compete with others for that "right" to invest in them...and when you compete, the interest rate you earn off of them goes down. Makes more sense to me for me to leave my money in mutual funds.

Answer 8

I had asked the same question 2 times, and did not receive a good answer