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Posted: 2/24/2007 8:57:11 AM EST
Anyone here used this website, www.prosper.com? It looks very interesting. The whole idea is that one can lend money privately to others in multiples of small sums and get very good returns. Check it out and lets hear what you think. (fyi, i have no personal interest in this site).
Link Posted: 2/24/2007 9:46:58 AM EST
Interesting. I have been buying and selling discount notes for years, maybe I'll take a look at this.
Link Posted: 2/25/2007 12:16:28 PM EST
I think its a great concept. One day the founders of that site will sell out for a billion dollars to google or something.
Link Posted: 2/27/2007 7:47:03 AM EST
I dont get how it pays to be anyone but the guy borrowing the money.
Link Posted: 2/27/2007 11:32:25 AM EST
Because the lender is able to find someone who might pay up to 29%. If the borrower actually repays the loan and doesn't default, thats a pretty good deal.
Link Posted: 2/27/2007 12:22:38 PM EST

Originally Posted By MinnesotaShooter:
Because the lender is able to find someone who might pay up to 29%. If the borrower actually repays the loan and doesn't default, thats a pretty good deal.


Yep. If you lend to several people to mitigate the risk, and realize that someone very well may go sideways on their debt and treat it like a business expense you are good to go. Too many people get emotional and/or act from a fear-based mentality.

You could always sell the note down the road once it performs a while and still make a decent return.
Link Posted: 2/27/2007 2:59:13 PM EST

Originally Posted By PeteCO:

Originally Posted By MinnesotaShooter:
Because the lender is able to find someone who might pay up to 29%. If the borrower actually repays the loan and doesn't default, thats a pretty good deal.


Yep. If you lend to several people to mitigate the risk, and realize that someone very well may go sideways on their debt and treat it like a business expense you are good to go. Too many people get emotional and/or act from a fear-based mentality.

You could always sell the note down the road once it performs a while and still make a decent return.


I read the article in forbes about prosper.com. Do they let you sell the note? I think once you make the purchase from prosper.com then you are in it for the 3-year term of the loan.
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