Can Anyone Give me their opinions on the person to person lending site: Prosper.com??

Question

your story or someone you know... does it work?

Answer 1

I've been involved with it as a lender/group leader for nearly a year. So far, I'm happy with it but there are some issues that need to be/will be dealt with.

Collections on late/defaulting borrowers needs to be improved.

Customer service needs significant improvement I understand although I've had very limited need for it.

I have made 21 $50 loans in the time I've used the site. 3 haven't had payments due yet. 3 are more than 1 month late. The rest are current or only slightly late and I hope they catch up.

My return on investment is expected to be in the 8% range not including fees I've received as a group leader so I'm pretty happy so far.

They have a cool referral program now where you can get $25 if you refer a lender to the site who makes 1 $50 loan. The lender also gets a $25 sign-up bonus. Also, for borrowers who sign up and get a loan, you can get a match reward of 0.5% of their loan amount after they make their first month's payment.

Here's a link to the site that includes my referral code if anyone is interested: http://www.QAPLoans.com

Answer 2

I just got into being a lender after a friend told me all about Prosper. She got a loan a couple of months ago and was very happy with the process. She first went on her own and didn't have too much success and then joined the hereos group. They helped her out a lot and she's really making the best of the loan. I joined up through their group leader and got a $25.00 discount. You can check them out at BMZ.com.

So far so good for me. I have 2 loans thus far and I'm pretty confident that i'll do just fine with those I lent to.

Good Luck

Answer 3

Not sure if it works or not, but I have better things to do with my money than risk lending it to a total stranger. It appears that most of those seeking loans are not low risk borrowers.

They are generally at prosper.com because they cannot find conventional financing. If a bank won't take the risk on them, I'm surely NOT going to take the risk.