Jan
16
What Prosper.com Taught Me About Risk
January 16, 2009 | Leave a Comment
In 2007 I started investing with Prosper.com. Prosper is a peer to peer lending website. I thought I was investing cautiously, only choosing to loan to people with good or very good credit (A & AA). Boy was I wrong. I learned some valuable lessons about risk and predicting the future. With Prosper, like all [...]
Nov
26
SEC Shuts Down Prosper
November 26, 2008 | Leave a Comment
The SEC has issued a cease and desist letter to online lender Prosper.com. I lend money on Prosper so I have a vested interest in the outcome. The problem is the SEC claims that loans Prosper facilitates are actually securities (stocks/bonds) not just loans. When you sell securities there are a whole host of byzantine [...]
Jul
7
Moving My Money Away From Prosper
July 7, 2008 | 1 Comment
I just transferred my current balance out of Prosper.com. I know they've made some changes recently but I'm not going to bid on new loans. It's just way too risky. I've posted about my experience with Prosper.com in previous articles. Here's an index of my articles on prosper.com. Peer to Peer Lending with Prosper Et [...]
Apr
18
Prosper Increases Maximum Interest Rates
April 18, 2008 | 1 Comment
I’m a Prosper.com lender. One of the problems I’ve noticed is the low maximum interest rates for borrowers in some states. Prosper has now fixed this problem for most states. Previously max rates had been as low as 6%. Now most states in the US have a maximum interest rate of 36%. Some states have [...]
Apr
9
Lending Money on Prosper: My Results
April 9, 2008 | 10 Comments
This is the 4th post in a series of articles about Prosper.com. Prosper is a person to person lending site with an auction format similar to EBay. I’ve been lending money on Prosper for awhile. In this article I’ll write about my results. In my previous articles, I’ve discussed how Prosper.com works and the risks [...]
Apr
8
Lending Money on Prosper: What Are the Risks?
April 8, 2008 | 2 Comments
This is the 3rd post in a series of articles about Prosper.com. Prosper is a person to person lending site with an auction format similar to EBay. If you’re a lender you may want to consider the risks of lending money on Prosper before you start loaning money. In my previous article on Prosper, I [...]
Apr
7
What is Prosper and How Does it Work?
April 7, 2008 | 4 Comments
What is Prosper and how does it work? Prosper.com is a website for personal loans that allows borrowers and lenders to find each other in an Ebay style auction. I've been a member of Prosper for over a year. In this article I'll tell you how Prosper works. In a previous article about person to [...]
Apr
3
Peer to Peer Lending with Prosper Et Al.
April 3, 2008 | 4 Comments
Maybe you’ve heard of peer to peer (p2p) lending. It’s also known as social lending or person to person lending. What is it and how does it work? I have some experience in this area so read on to find out what p2p lending is all about. Borrowers Consumer loans are big business. According to [...]