prosper.com - anyone heard of it?

Anyone here use prosper.com to borrow or make money???

Any advice or experiences are great.

thanks!

 

not heard of it
is this your site ?

 

never heard of it

 

prosper: is a name of city around where I live.

Never heard of their money transfer thing.

Thanks

 

I heard about it from my boss, you can lend money to people and get money back with a percentage.

 

I think I've heard about it on DP long back when someone was asking for loan or something dont remember

 

He wishes! haha

I think prosper was founded by the eloan guys

 

I've heard of it same way as zerosleep.

 

It's a site where you can get a loan from private loaners, or lend money to other people.

The general idea is that members present their case, what they what the money for, why they're a good candidate for the loan, etc... Other members decide if they're interested and bid on the loan.

The advantage for lenders is that you can loan as little as $50 to each person, and the return can be pretty good if you know how to choose your borrowers.

For borrowers, it can allow them to get a loan without too much paperwork, and also to rebuild their credit.

If any of you is interested, please visit My Ads site and click on the affiliate link on the left .

 

Yes! I tried it! Its a great idea . . . . but it fails in real life. Reasons?

1. Most of the people applying for loans on Prosper are there because they can't qualify for one at regular banks.

2. The banks have been loaning money to people for a thousand years or more. They've got their formula locked down. If they won't loan money to the Prosper applicants, its highly unlikely that you will be any more successful.

3. The applicants submit whatever financial information they want to. Although Prosper verifies paycheck info and debt ratio, applicants submit their own monthly budgets, for example. A common complaint in the Prosper forums are that applicants seem to have an extra $500 - $1000 a month in their budget. If they have that much extra money, then why do they need a loan? Another common complaint - applicants seem perfectly capable in feeding a family of four for $150 - $200/month.

4. Prosper's collection operations are pretty much toothless.

5. For anyone with money trouble, paying a back a Prosper loan is near the bottom of their priorities (see reason #4).

One GOOD use for Prosper - if a friend or family member keeps asking you for a loan, direct them here! This way, its on record, there is a repayment schedule, and there's a ding on their credit record if they default! Plus, they get access to lots of other people eager to fund them!