Category Archives: Prosper

Not Worth The Risk

As a follow-up to my last post regarding Prosper, we have decided to quit lending on Prosper and begin moving our money out of this investment. While our loans are current and we're earning an average interest rate of 12.21%, we don't like the fact that each time we receive a payment, the money sits in our Prosper account accruing no interest, thus, reducing our return. For the amount of risk involved in personal loans, it’s just not worth it to us.The money deposited in our Prosper account with Read more [...]

Prosper.com Update

I posted last month about how we were gambling with some play money in Prosper.com. We currently have $100 spread over two $50 loans and an average return of 12.21%. Both borrowers are current with their payments.Loan 1: https://www.prosper.com/lend/listing.aspx?listingID=109590Loan 2: https://www.prosper.com/lend/listing.aspx?listingID=112548That all sounds pretty good, but one drawback of the system is that you do NOT earn interest on money in your prosper account (where the borrower’s payments Read more [...]

1st loan on Prosper.com

We’ve just completed our first loan on www.prosper.com. If you’re not familiar with this website, it is known as the e-bay of loans.Basically, you deposit money in your Prosper account (similar to PayPal), browse the Prosper website for a borrower you want to lend to, and bid on the loan. If you win, the money is pulled out of your account and loaned to the borrower (3-year loan). Each month, Prosper then pulls monthly payments (with interest) out of the borrower’s account and transfers it Read more [...]