have any of you guys used or invested your money in If so what do you think?

Yes I am a lender on prosper. It’s an interesting business model and offers lenders a chance to build a reasonable yielding portfolio of consumer loans without all of the underwriting hassles. The founders seem to have covered most of the bases but the site is still relatively new and I’m sure will evolve over time. The bidding process can be a bit cumbersome at times and I’ve seen a large portion of loans not actually fund because the underwriting process kicks them out. I guess that is good though, helps reduce the fraud.

hmmm. thanks,
I just wonder how the loan gets paid back, does the borrower pay to prosper then prosper divies it up?
guess I better go to the site and investigate.

yes prosper services the loans and handles all of the accounting and funds distribution. consider that a $5k loan might have 100 lenders each with a $50 stake. that is a lot of paperwork but if its all automated not a big deal. check out their site and read their documentation on how it all works.


This very subject has been discussed on numerous occasions. here is a link to a recent one…