Has anyone successfully used the prosper.com service to borrow money? How did it work out, what was the outcome? Can you recommend any other non-traditional lenders someone could turn to in order to get their business started?
2007-07-25 16:11:21 · 4 answers · asked by pgsimon7 1 in Business & Finance ➔ Personal Finance
I've never borrowed on Prosper, but I've been an active lender for almost a year. Great experience so far. I have had a couple of loans go to collections, but I'm still earning good interest each month.
Personally though, I wouldn't lend to anyone who was starting up a business unless they could pay the loan easily from other sources. But prosper is great. Be warned though; I get the feeling that there are way more wannabe borrowers than lenders to give them money.
2007-07-25 18:05:59 · answer #1 · answered by lizzgeorge 4 · 0⤊ 0⤋
I did. I borrowed $3000 in June. I put up my listing on the 11th; had it funded by the 12th; and by the 18th the money was sitting in my bank account.
I've already paid $600 of it off (you can overpay all you like) but every loan is structured for a three year payment plan.
As a borrower, your only fee is a small origination fee. In my case it was all of $35.
I HIGHLY recommend prosper. It's incredibly quick compared to a standard bank loan; and easier to get funded as well since it's backed by people; not some computer at a bank that makes the decisions.
2007-07-25 23:15:17 · answer #2 · answered by jbone907 4 · 0⤊ 0⤋
It's a scam. But if you have 150k to start with I can promise a 50-90% return in 2 years of your investment. Conditions apply.
2007-07-25 23:15:51 · answer #3 · answered by Anonymous · 0⤊ 5⤋
I looked at this site. I think anyone that gets involved is financially irresponsible.
2007-07-25 23:52:18 · answer #4 · answered by Common Sense 7 · 0⤊ 3⤋