topic Re: Prosper in General Credit Topics

Prosper

Anonymous — Tue, 01 Jan 2008 17:24:55 GMT

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

Re: Prosper

Anonymous — Tue, 01 Jan 2008 17:50:47 GMT

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.

Re: Prosper

Anonymous — Tue, 01 Jan 2008 18:16:55 GMT

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).

Re: Prosper

Red1Blue — Wed, 02 Jan 2008 01:37:05 GMT

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.

Re: Prosper

Anonymous — Wed, 02 Jan 2008 01:53:16 GMT

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!!!!!!!

Re: Prosper

Anonymous — Wed, 02 Jan 2008 02:07:35 GMT

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

Re: Prosper

fishbjc — Wed, 02 Jan 2008 03:48:40 GMT

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!

Re: Prosper

Anonymous — Wed, 02 Jan 2008 05:14:51 GMT

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.

Re: Prosper

Anonymous — Wed, 02 Jan 2008 05:20:53 GMT

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.

Re: Prosper

Red1Blue — Wed, 02 Jan 2008 05:26:19 GMT

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.

Re: Prosper

Red1Blue — Wed, 02 Jan 2008 05:27:50 GMT

I found the link on virginmoneyus. Here is the link.

http://www.virginmoneyus.com/Home/tabid/36/Default.aspx?CMP=KNC-30600

Re: Prosper

Anonymous — Wed, 02 Jan 2008 05:33:16 GMT

I don't know what CFL is but yes they do report all payments to CRAs. ok got it Consumer Finance Loan...........is that bad?? I have never had 1

Message Edited by HappyDays on 01-01-2008 09:33 PM

Re: Prosper

Anonymous — Wed, 02 Jan 2008 05:37:14 GMT

FICO does not like CFL's

HappyDays wrote:

I don't know what CFL is but yes they do report all payments to CRAs. ok got it Consumer Finance Loan...........is that bad?? I have never had 1

Message Edited by HappyDays on 01-01-2008 09:33 PM

Re: Prosper

Anonymous — Wed, 02 Jan 2008 05:43:24 GMT

took care of that real fast!! thank you

Re: Prosper

Anonymous — Wed, 02 Jan 2008 11:22:15 GMT

OH, that is not necessarily great is it if FICO doesn't like it?

Will that be the case though when the FICO scoring system changes? I know they report to Experian but am not sure if they report to all.

It's the only LT debt I'll have in a week, and I know I can get approved for my mortgage so I'm OK - though I am not crazy about what it may do to my score

My FAKO scores as I mentioned in another thread through AMEX don't seem to move much but I think after my stupid auto loan updates & the CC's show 25% util (I know, I"m working on the 10% this month), that the score no matter where should increase!

TU now says I have very little credit, which is somewhat irritating, but I haven't applied for any credit in past 2 years, couldn't get a baddie or the bureau to remove the duplicate until a week ago

AFTER I close on a home then I'll really work on the score hitting 700

Re: Prosper

Anonymous — Wed, 02 Jan 2008 13:50:19 GMT

It does show on Experian...but I've never had any funding from there. Just a lender.

What is the difference in loan types anyway when it comes to FICO? I've had Wells Fargo Financial accounts, car, personal loan and currently a credit card. Never had any negative impact that I've noticed.

Re: Prosper

Anonymous — Wed, 02 Jan 2008 14:03:14 GMT

Virgin Money is just circlelending with a fancier design. Completely different from Prosper.

Re: Prosper

Anonymous — Wed, 02 Jan 2008 15:02:48 GMT

I thought I read that Virgin Money was for people to utilize if they were borrowing from family, they'd draw up the contract so it never got messy so to speak

Re: Prosper

Anonymous — Thu, 03 Jan 2008 15:12:42 GMT

Similar to Prosper: http://www.lendingclub.com.

Re: Prosper

XxRaVeNxX — Mon, 22 Oct 2012 15:51:28 GMT

I think Peer to Peer Lending such as prosper.com or lendingclub.com is a great idea to diversify someone's portfolio...

There's also kiva.com to lend money to people in third world countries.