Prosper.com

Discussion in 'Politics & Religion' started by benitez17, Apr 12, 2006.

  1. I came across this site the other day, and thought it was interesting. You can borrow money from other members, basically by letting them bid on the interest rate. Since everyone here is capable of generating huge returns consistently (or so one would think), you could borrow money easily and then pay it back with your profits. What does everyone else think of this? Oh, if you want to join, join this group (you get a little money every time someone else in the group borrows money):

    https://www.prosper.com/public/groups/group_home.aspx?group_short_name=ProsperousInvestors
     
  2. I had to laugh when I saw the heading. Prosper.com. Beautiful. I didnt check out the website but it sounds a bit like Mr. Ponzi might have developed it.
     
  3. I thought it was pretty funny name myself, but still an interesting concept. I'm not sure who will actually end up prospering from this, if anyone. There isn't much capital available right now, and I suspect a lot of what is there is being lent by investors in the site.
     
  4. TGregg

    TGregg

    After years of searching, it appears that we finally have found a way to make piles of money with no risk, effort, work, product or service. I'd sign up if I didn't have all my money tied up in this Nigerian Oil deal.

    Moving to CC.
     
  5. I looked at the site a couple days after they were mentioned in a New York Times article.

    Some loan requests looked plausible - they wanted to do home improvement, pay off credit card debt at a slightly lower rate, etc.

    But then there were the kind of requests that clearly were made because it costs nothing to try. Things like wanting to borrow at 2% to pay off credit card debt, or a multi-thousand-dollar loan to put up a website that would sell e-books on how to sell on eBay.

    Then there were the loan requests for expensive medical operations for uninsured relatives. Need some way for the web site to do DD on these requests.
     
  6. I just looked around this site, as I'm intrigued by the concept. It looks like each potential borrower has their credit rating verified and posted by the site. If I'm not mistaken, defaulting on a prosper loan <b>does</b> count against your credit score. (If not, prosper.com is a joke.) I wonder how they safeguard against identity theft.

    While a lender would have to be an idiot to lend to anyone with bad/no credit, the concept of a web network connecting borrowers & lenders while completely bypassing the credit card & payday loans industries... it's not a bad idea at all.
     
  7. This was futured in NYT some time back. Its like Zopa.com in UK, which has been creating lot of buzz in UK.
    This one has some big money backing it.
    http://www.nytimes.com/2006/02/13/t...rss&adxnnlx=1144884097-Fx7tYn2dKfRgJEB2JVfQGQ
    I have invested a small amount .
     
  8. Invested in the site itself, or loans through the site?
     
  9. loan through the site