Prosper

[Anonymous]

What does anyone know about this peer-to-peer lending thing?  My husband just joined Prosper, but I'm hesitant to support his decision about lending money like this without a lot more information and statistics.  Any input?

Thanks in advance,

Jennifer Z

[Anonymous]

I've been a lender there. Have 4 open loans and they're all paying.

It's just like lending cash to a friend or something except there's a contract.

[Anonymous]

I have not used it but I note a couple of things. The contract limits the steps you as a lender can take to collect. They recommend you lend only small amounts to each individual. I would limit it to the better risks unless I had a lot to lend (in which case I'd lend it out in larger chunks myself secured by a mortgage which I could foreclose on inf they didn't pay).

[Red1Blue]

I am glad you mentioned about Prosper. It seems like a Great Networking opportunity between investors and business owners. I have just joined Prosper last week in hopes of raising funds to my business. I am glad you are one of the lenders in the network and helping others. It is good to know. From what I see on the website they seem to have good management team. I am in Engineer with 27 years of IT experience and out of which 12 years in Designing and Building Data Storage Devices. I am hoping to raise about $100K - $250K for Data Storage Conulsting Services business I am building. Last June I have started building the credit account with D&B and started establishing the company profile. I'll be posting my company profile on the Prosper in the next 2-3 weeks. Any help and suggestions on how to make a successful presentation on the Prosper  is greatly appreciated. Hopefully one day I would become a lender there on the Prosper. Thanks and Happy New Year 2008.

[Anonymous]

This is really a great business opportunity just haver to be caution---I am glad to have read the post I will definitely look into this more--I wouldnt mind lending not that I have a lot to lend but I may be a blessing to someone else--and you never know when you need to borrow something yourself   Good program may can advise others of this for future references!!!!!!!

[Anonymous]

I will tell you - I am a first time borrower, and thanks to Prosper, my life looks really good for the first time in 20 years.  Yes, I've struggled through hard times, and I truly believe people need to work through things, but I just could NOT get a break no matter how hard I tried these past 7 years since my divorce.

Prosper is having their gathering in Feb, and I'd love to go, just to say thanks for bidding on me and providing me new life.

Eventually, I fully plan to utilize this service from the lender side, because I know there are many honest people who just need a break.

Yes, I read many loans on there and thought, I would or wouldn't lend...it is awesome and if you need the help, give it a shot

[fishbjc]

I'm going to get involved with Prosper as well as a lender and borrower (once scores go up 40pts).

I'm happy to help out the under-dog!

[Anonymous]

I signed DH up as a lender. I just do not understand the group thingy there. I have been all over the site in the last 9 months & still am not sure how to do it.

IMO Prosper is the best thing going since fast foods!! For people that need it! I have loaned money to friends and family & was never paid back. At least with Prosper you usually get paid back with int. AND ya know the old saying *never loan money to anyone you know* (family).

Also you only need to loan $50 at a time!

I would'nt mind borrowing there either.

[Anonymous]

It is my understanding- and if someone knows better please correct me.

A prosper loan DOES show on you CR and FICO treats it as a CFL.

[Red1Blue]

I'll be curious to know how the prosper loan reported on the CR. Also what if the loan is for business purpose will the report to D&B instead of reporting on the personal CR. It is good to find out.

I saw on the TV few days ago, I think on CNBC, there is another company called virginmoney is also offering similar service. I beleive this is a subsidiary of british virgin group. I should google and find out more info on virgin.