http://www.mariva.com/guide/innovations/2006/03/prosper.html this that | the other thing Mon, 21 May 2012 19:59:12 +0000 http://wordpress.org/?v=2.3.3 http://www.mariva.com/guide/innovations/2006/03/prosper.html#comment-64935 Chuck Sat, 10 Jan 2009 23:52:28 +0000 http://www.mariva.com/guide/innovations/2006/03/prosper.html#comment-64935 Don't risk money with Prosper with the idea that it will be paid back like those asking for loans promise. My experience with Prosper has lasted for about a year and I've found the defaults are enough to offset any hope you might have had of earning a good rate of return. You'll be lucky to break even when its all said and done. Yes, a majority of people are paying, but enough just walk away that I will overall lose on the $800 I put in. I am getting my money out as quickly as I can. In several cases, I've found where the people obtaining loans tell bold faced lies about their circumstances. I've had a women who claimed to be a lawyer, who isn't. A guy who wanted a loan for his daughter's dental work, didn't have a daughter. A small auto repair shop was the best one. He wanted a small loan to get new tools. He had a picture of the business on his application. Turns out the business is where he worked for a short time and it was out of business. Oh, then there's the Re-Con Marine, just returned from Iraq duty and needed a small loan for something. He never paid but one payment. His "friend" who vouched for him turned out to be a young woman involved in another scam loan with Prosper. Its a good idea, but can't screen well enough to offer you much of a return. Chuck Olympia Don’t risk money with Prosper with the idea that it will be paid back like those asking for loans promise. My experience with Prosper has lasted for about a year and I’ve found the defaults are enough to offset any hope you might have had of earning a good rate of return. You’ll be lucky to break even when its all said and done. Yes, a majority of people are paying, but enough just walk away that I will overall lose on the $800 I put in. I am getting my money out as quickly as I can. In several cases, I’ve found where the people obtaining loans tell bold faced lies about their circumstances. I’ve had a women who claimed to be a lawyer, who isn’t. A guy who wanted a loan for his daughter’s dental work, didn’t have a daughter. A small auto repair shop was the best one. He wanted a small loan to get new tools. He had a picture of the business on his application. Turns out the business is where he worked for a short time and it was out of business. Oh, then there’s the
Re-Con Marine, just returned from Iraq duty and needed a small loan for something. He never paid but one payment. His “friend” who vouched for him turned out to be a young woman involved in another scam loan with Prosper. Its a good idea, but can’t screen well enough to offer you much of a return.
Chuck
Olympia

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