Anyone ever here of Prosper.com where you can legally become a lone shark orborrower

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  • BrentCrude
    SBR MVP
    • 11-16-05
    • 4665

    #1
    Anyone ever here of Prosper.com where you can legally become a lone shark orborrower
    I'm always nickeling and diming sign up bonuses out of banks and I ran across this one where you can actually become the lender collecting high interest rates from desperate bidders.It's not your run of the mill shady investment deal because it's set up legally and legitimately and is even looked upon favorably and endorsed by some mainstream people.OK,I still think it's off the wall even though it's done up in a professional matter.

    It's www.prosper.com If you go through the right link they add $25 into your account.You can probably Google the $25 free link or they might give you the $25 through the main web address anyway?You can either be the bidder on loans or the loaner accepting bid offers on giving out loans.You can collect some big interest rates and you can choose the level of integrity you demand of a customer.The higher the risk of the borrower,the higher the interest rate you can charge.You can start out with as little as $50.

    All Prosper does is act as the middle man getting their bit of juice from the transaction between lenders and borrowers.When you sign up you pick a collection agency to recover money you loan out to borrowers.If you get stiffed,the collection agency gets 17% of the money they recover for you.

    This whole thing sort of reminds me of Credit Wager and somebody down and out that needs a quick bankroll for gambling and will do an exit stage left when he loses might find this place attractive.There is a possibility in these economically stressed times that you could end up being a bagholder here if you lend $$$$$.
  • Stacocakes
    SBR Hall of Famer
    • 04-10-08
    • 7126

    #2
    Looked into that at one point.Was to bad that I couldn't join since I am from canada.Unless they changed that now...
    Comment
    • SlickFazzer
      SBR Posting Legend
      • 05-22-08
      • 20209

      #3
      I've played around with it, you can start by lending as little as $50 - and you can
      pick who you would like to lend to. Looks like the company is doing well, I have seen some TV commercials recently. Worth a look.
      Comment
      • Francis Sollozzo
        SBR MVP
        • 11-15-07
        • 2381

        #4
        i'm going to lend this family the 10K they need but at 15.5%

        Comment
        • SlickFazzer
          SBR Posting Legend
          • 05-22-08
          • 20209

          #5
          The borrowers get their rates set by Prosper based on the info they provide (credit check involved) -- you then as the lender can search through everyone (everyone gets a rating), read their story and situation, and make a decision as to who you want to take a chance with and lend to. Some borrowers have perfect credit, some are all barreled in the way it looks.
          Comment
          • SlickFazzer
            SBR Posting Legend
            • 05-22-08
            • 20209

            #6
            Originally posted by Francis Sollozzo
            i'm going to lend this family the 10K they need but at 15.5%

            Was that guy a closer in the 90's....
            Comment
            • Bet Shooter
              SBR MVP
              • 05-02-08
              • 1118

              #7
              Is their any collateral put up by them? What recourse to you have if they stiff? You can't do it "the old fashion way".
              Comment
              • Francis Sollozzo
                SBR MVP
                • 11-15-07
                • 2381

                #8
                Originally posted by SlickFazzer
                Was that guy a closer in the 90's....
                not sure but his wife was a goalie back then
                Comment
                • Bet Shooter
                  SBR MVP
                  • 05-02-08
                  • 1118

                  #9
                  Mark Wholers?.....Now there was a nice career....
                  Comment
                  • SlickFazzer
                    SBR Posting Legend
                    • 05-22-08
                    • 20209

                    #10
                    Originally posted by Bet Shooter
                    Is their any collateral put up by them? What recourse to you have if they stiff? You can't do it "the old fashion way".
                    Your $ is usually spread out over numerous people - $50 to 10 different people for example.

                    Prosper.com , for more information.
                    Comment
                    • Bet Shooter
                      SBR MVP
                      • 05-02-08
                      • 1118

                      #11
                      I see, so you are playing a default rate of a group as compared to one individual. If the group as a whoel pays up.....then you are in. But if some default you may only make say 10% and then Prosper chases them for the rest? Or is it your job?
                      Comment
                      • SlickFazzer
                        SBR Posting Legend
                        • 05-22-08
                        • 20209

                        #12


                        Their website explains it better than I can.

                        Prosper.com, click on "more about lending"
                        Comment
                        • bettilimbroke999
                          SBR Posting Legend
                          • 02-04-08
                          • 13254

                          #13
                          Just checked out this site, damn they are offering loans at 35% interest, hell if you get paid at that rate I guess you will prosper
                          Comment
                          • rm18
                            SBR Posting Legend
                            • 09-20-05
                            • 22291

                            #14
                            it will **** up their credit but i doubt prosper will do much chasing
                            Comment
                            • rm18
                              SBR Posting Legend
                              • 09-20-05
                              • 22291

                              #15
                              f%uck
                              Comment
                              • BrentCrude
                                SBR MVP
                                • 11-16-05
                                • 4665

                                #16
                                I meant loan shark!!!I always come up with too big of an intro that can't fit in the space provided and knock out some letters.I always look like the moron I am when I pull the trigger too fast on submitting posts.
                                Comment
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