<< Back to all Blogs
Login or Create your own free blog
Layout:
Home > Prosper

Prosper

May 24th, 2010 at 11:47 pm

I am looking at getting a loan thru Prosper.
It's a peer to peer lending site, in case you are not familiar. I first heard of peer to peer lending maybe two years ago. I think it's a great idea!

How it works is individuals sign up to fund other people's personal loans. Little or large amounts and they (the investors) collect the interest, not a bank. So if you request a loan it might be funded by hundreds of people!

I would be using the money to payoff the two credit cards. I would get a lower interest rate and the interest money would go to people not the banks.

Has anyone used this service? What did you think?

Posted in Credit Cards, Debt, Personal Finance | 4 Comments »

4 Responses to “Prosper”

  1. Slug Says:
    May 25th, 2010 at 12:44 am 1274748295
    1274748295

    I am a long-time lender on Prosper. There is lots of controversy surrounding Prosper on the lender side. They have presented a good deal of misinformation regarding default rates and collections. Further, there has been a great deal of fraud from borrowers. All this has left many lenders gun-shy. You might want to check out prospers.org for more inside info.

  2. Looking Forward Says:
    May 25th, 2010 at 06:32 pm 1274812325
    1274812325

    Thanks for the comment.
    I love the idea of p2p lending. It's a shame people have to screw it up with fraud etc... Frown

  3. Jerry Says:
    May 28th, 2010 at 03:13 pm 1275059637
    1275059637

    I think that the concept of P2P lending is excellent, and it should be something that can lead to a win-win situation for honest people... both lenders and borrowers. Unfortunately, there is no fool-proof insurance against the unsavory element trying to rip people off. I hope that they can do something to make it less of a risk!
    Jerry

  4. Looking Forward Says:
    May 31st, 2010 at 07:05 pm 1275332747
    1275332747

    Although I think this is a great idea..I'm frustrated! I'll be posting about it soon. Frown

Leave a Reply

(Note: If you were logged in, we could automatically fill in these fields for you.)
*
Will not be published.
   

* Please spell out the number 4.  [ Why? ]

vB Code: You can use these tags: [b] [i] [u] [url] [email]