Q's for those of you using prosper.com (lending) - Page 2

spex x · #11 03-26-2007, 09:09 AM

There is a wealth of data here:

http://www.prosper.com/public/tools/

Click data export. Also, the third party apps are pretty cool, and I think that most of them are free.

Alltimed · #12 03-26-2007, 10:26 AM

I just bid on my first loan last week, it is currently still under review. My focus is going to be people who are already in business (self employed) and looking to add-on or upgrade their current business model. I am going to start out small to test the system and then increase if I feel money can be made.

adanthar · #13 03-26-2007, 01:29 PM

Is there an ETA on when you'll be able to transfer the loans?

I would put in a ton of money there, but I can't tie it up that long :/

spex x · #14 03-26-2007, 04:15 PM

All Prosper loans are 36 month loans. The borrower can elect to pay the loan off early, but they don't have to. Prosper only offers 36 month loans.

maxtower · #15 03-27-2007, 08:24 PM

I haven't lent any money on prosper. My impression of the system so far is that it seems to be advantageous to borrowers more so than lenders. (Due to lack of information?) I believe you'll want to stay away from people with credit problems. If they have trouble paying bills why would they change their behavior for an uncollateralized loan? Think about it... If Joe Badborrower doesn't pay his credit card bill, he can't buy stuff. If he doesn't pay his cable bill, he can't watch TV. If he doesn't pay prosper? There are basically no repercussions for someone with bad credit who defaults on a prosper loan.

IRuleYouHard · #16 03-27-2007, 09:26 PM

[ QUOTE ]
I haven't lent any money on prosper. My impression of the system so far is that it seems to be advantageous to borrowers more so than lenders. (Due to lack of information?) I believe you'll want to stay away from people with credit problems. If they have trouble paying bills why would they change their behavior for an uncollateralized loan? Think about it... If Joe Badborrower doesn't pay his credit card bill, he can't buy stuff. If he doesn't pay his cable bill, he can't watch TV. If he doesn't pay prosper? There are basically no repercussions for someone with bad credit who defaults on a prosper loan.

[/ QUOTE ]
Exactly what I was thinking. If someone doesn't care about credit why would they ever pay back their loan? I picked 2 loans ($50 each) to test it out with 2 good credit rating people.

scotty M · #17 03-27-2007, 10:11 PM

Here's a question, since I don't know anything about it. What's the incentive for anyone to use prosper?

Can people with good credit get lower interest rates their than at the bank?

Do people with bad credit stand a better chance of being approved for a loan?

Aren't there investments out there for less risk and higher return than loaning money on prosper?

Just curious.

IRuleYouHard · #18 03-27-2007, 10:25 PM

Its awesome for sure for the people getting the loans. I think the reward for the lenders is the simple fact it takes hardly any work...and the return is good. I would also like to know where you are getting ~15% back on your money

Esection · #19 03-29-2007, 04:20 AM

is there any sort of secondary market for these loans?

ie can i bid for and get a 36 month loan, and then sell it to someone else etc?

wmspringer · #20 03-29-2007, 01:18 PM

[ QUOTE ]
is there any sort of secondary market for these loans?

ie can i bid for and get a 36 month loan, and then sell it to someone else etc?

[/ QUOTE ]

No, you cannot resell the loans.