Saturday, February 18, 2006

Trial Run on

As alluded to here, I'm now registered on

I've signed up as both a group leader and a lender. I won't divulge my group, mostly because there's a nagging voice telling me I shouldn't. Perhaps somewhere down the road.

Why a group leader?
Because I have a few coworkers who've expressed an interest in borrowing via Prosper. (When you're paying 18 percent on your current loans, what are you going to lose by trying to do better on Prosper?)

Setting up the group took a few minutes. As well as the usual "name, address, and contact info" stuff, Prosper asked for my Social Security Number, my driver's license number, and my chosen bank account and routing numbers.

Becoming a Lender
I don't remember exactly what I had to divulge to become a Prosper lender. If there was anything, it wasn't much more than the info required to become a Group Leader.

I initiated an electronic deposit into Prosper on Thursday morning, February 16. The transaction showed up in my bank account, and was debited, on Friday. As of right now (Saturday), Prosper tells me the transaction is still pending. Estimated completion date: February 22. (That would be this coming Wednesday.) This jives with Prosper's estimate of four business days to complete an electronic deposit. They say they're working to make this faster.

Now for the big dilemma: How to set up and track my Prosper lending experiment in Quicken?


— Posted by Michael @ 8:05 PM


You're more daring that I am with this stuff. Let us know how it goes!


Michael, I'm interested to see how this pans out. I plan on lending too - just need to do a bit more reading. I'm curious how Prosper handles defaulting and the priority of lenders.



Sometimes Michael is more daring than *I* care for him to be with this stuff, too.

But I know he NEEDS to do this. Either, with time, he'll convince me that this is a good thing. Or he'll get burned. Or maybe he'll just get it out of his system.

We'll see . . .


Anonymous Michael's Battleaxe (a.k.a. WIFE!)
, at 11:47 AM, February 20, 2006  

Yeah man, good luck with everything...

michael's battleaxe... hahahaha


Thanks for sharing your experience. I'm going to be a lender as well. By the looks of it, you can definitely build a portfolio of pretty decently rated borrowers paying 10%+ in rates. I'd take that all day long. Good luck with it and definitely let us know how your trial run goes.


I'm considering lending too - I've created an account just in case, but haven't funded it yet. Any update on the prosper experience?


You can join my group..
It is Utopia. Tpe it in the search field if ou want to be a lender or a borrower. I will help you with the rest..
Good posts! is going to change the world!


You can join my group..
It is Utopia. Tpe it in the search field if ou want to be a lender or a borrower. I will help you with the rest..
Good posts! is going to change the world!


Or, you can join our group, AmericanPatriots, instead!

Anonymous EUROLUXE
, at 8:16 PM, April 11, 2006  

Hi All,

We are jumping on the bandwagon as well. It feels like it hasn't quite caught on yet, but I'm sure that use of this site will increase as more people hear about it.



I know this is an old post but I just want to get the word out-DON'T LEND MONEY ON PROSPER. I chose all "high credit score" people and only put $50 per loan-"to diversify". I just looked at this list today and have 5 charge offs and 2 late people out of about 10 loans. All I see is red and yellow on my list of loans. red=in charge off or collections yellow=late. Not happy!

Anonymous Anonymous
, at 5:43 PM, August 28, 2009  
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