Signing up for Prosper
Well, I took the plunge and signed up as a lender on Prosper. They were unable to verify my information online though, so I had to send them a fax. I’m not sure how long the process will take from here — probably less time than it will take me to figure out how to find likely loans to bid on though, so I’m glad the process wasn’t instantaneous. If you lend money via Prosper, how has your experience been? Any tips would be appreciated.
November 18th, 2007 at 10:37 am
I signed up for prosper about a year ago and had no troubles. I only tried out one loan with a low return rate but I just wanted to try it. I’m sure the experiences are different with every user wanting money. It’s defintely worth a shot!
November 18th, 2007 at 3:25 pm
I started off with an awesome return profile, had been 80 loans with no lates/defaults for about 6 months. However, just now, a couple started to go south. I still have an “above-cash” estimated return, but double digit returns over 3 years may not happen. I’ve posted prolifically about lessons learned and tips for avoiding defaults, feel free to visit if interested. Dan
November 20th, 2007 at 10:34 am
I wrote about my experience here.
November 22nd, 2007 at 11:07 am
I signed up but after reading the forums decided nobody would be interested in lending to someone earning minimum wage.