Has anyone used Prosper.com

[Parrot Head]

I repeat, has anyone used www.Prosper.com? It looks completely safe to give my money to complete strangers with piss-poor credit ratings, but I want to know if something should deter me from 24% returns.

[hyrum]

I repeat, has anyone used www.Prosper.com? It looks completely safe to give my money to complete strangers with piss-poor credit ratings, but I want to know if something should deter me from 24% returns.

common sense??

I suppose you could investigate the portfolio theory on this, but I suspect you would have to own a lot of loans at 24% interest to even out the credit risk, even if you could evaluate the risk accurately from afar.

Perhaps better returns than Vegas or the lottery, though.

[jay santos]

Fascinating idea. I'd stay away, but it's interesting.

[BYU71]

I repeat, has anyone used www.Prosper.com? It looks completely safe to give my money to complete strangers with piss-poor credit ratings, but I want to know if something should deter me from 24% returns.

24% returns. I don't even have to read the site to know it is a high risk type deal.

[SteelBlue]

I think you guys need to turn your sarcasm detectors on.

[jay santos]

I think you guys need to turn your sarcasm detectors on.

I don't get it. Is the web site a joke? It looked like a serious business.

[SteelBlue]

I don't get it. Is the web site a joke? It looked like a serious business.

I'm saying ParrotHead wasn't seriously asking for advice. Or maybe he was and I just always assume he's sarcastic.

[Parrot Head]

Yes, seeing those proposed returns catches your eye, but if you look at some of those stories, they look like sub-subprime. And how bad are some people's scores if they're willing to pay 20% + to consolidate?

First, folks, stop spending money like you have it - because you don't!

[jay santos]

I'm saying ParrotHead wasn't seriously asking for advice. Or maybe he was and I just always assume he's sarcastic.

Oh yeah I knew Parrothead was being sarcastic, but I still made a serious comment about the business. It does look interesting to me.

[UteStar]

I have a neighbor that has done it. He does not loan out large amounts of money, usually in the $500 range...he says that he has done about 6 different deals and he has been paid back on every one of them. From what I understand, the thing that helps is he is able to be very, very picky on who he chooses to loan out the money. Not every loan is 24%...some of them are as low as the 10% range depending on the guy asking for it and his credit history. He has enjoyed doing it.

And yes, Parrot, I am still considering the $7,000 loan that you need financing for...I feel bad though that it has a 33% interest rate on it--man, your credit stinks. Give me a bit more time though and I will sign up to help ya.

[Parrot Head]

I like that a few say the reason for the loan is breast augmentation. I'm going to make my petition for goiter removal. I'll post a pic from the Seinfeld episode.

[NorCal Cat]

Aside from that, this is not unlike the trust deed loans. They are basically like a second mortgage, but they are funded by individual lenders. Say Joe Blow's credit score is too low to qualify for a traditional home equity loan for home improvements. Joe can instead borrow money from Jack (thru a firm that handles all administration) at a higher rate than a regular HEL would cost. The loan is secured by Joe's title on his house. If Joe defaults, Jack gets Joe's house. During the course of the loan (typicall 3 years) Jack gets a monthly interest payment, and at the end of 3 years, Jack gets all the principle back.

This site is the same principle, those that can't get loans thru normal means get loans from individuals, at higher rates. No way in hell I loan money to a stranger though, unsecured.

[TripletDaddy]

I repeat, has anyone used www.Prosper.com? It looks completely safe to give my money to complete strangers with piss-poor credit ratings, but I want to know if something should deter me from 24% returns.

Prosper.com is rad.

After I closed out my 12dailypro and Stormpay accounts, I went straight over to prosper.