2007-10-21 13:28:57 · 2 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Yes. It is legit. Prosper.com is a way to bring together lenders and borrows privately. Lenders get higher returns then banks and low risk investments, but they do take a bit more risk.
Borrowers get a chance to explain why they want the money, and get a chance to get it for less than high credit card interest rates.
2007-10-21 13:37:00 · answer #1 · answered by Uncle Pennybags 7 · 0⤊ 0⤋
Good question. I have used it in the past with some modest results. The sight essentially allows you to be a micro-lender choosing the amount to loan and the interest rate. You can even choose from certain requests for a loan...for school, a move, a car etc.
I have tried lending. I think the best way is to lend small amounts to about 10 people for reasonable rates of return. This way you are protected if one of your borrowers is late on a payment or just fails to pay you.
On the requesting money end clearly the more you agree with the requestor the better. If you have little interest in helping some one by lending them money, this part of the site is not as useful.
I hope this helps.
2007-10-21 20:38:19 · answer #2 · answered by korax777 2 · 0⤊ 0⤋