Prosper

[crud3w4re]

I want to lend @ Prosper.com

Any tips for me? Strategies?

[my_world]

Post Deleted.

[crud3w4re]

Why would I need excellent credit history in order to lend money? lol

[The Stealthy One]

Be candid and detailed as to what you are going to do with the money.

And make sure you have an excellent credit history.

Please make sure you pay attention to posts before firing off an answer.

[jasaunders]

You can join my group if you want.
If you have any specific questions, let me know, I would be happy to help you.
I have over 100 loans out right now.

See this thread for my group:
Investing in Start-ups and small business

[DrMoney]

I was looking for 2k.

[crud3w4re]

You were looking for 2k?

[PsiPro]

Don't fall for sap stories with high risk at high rates. Understand the default rate for the different credit ratings.

I only had $200 to invest when I started and I wanted it all back, so I opted for three loans of $50 to people with good credit at a average interest rate, and a single loan to someone with poorer (C) credit, at a higher interest rate.

[crud3w4re]

But 3 years... that's a long time

[Young Spark]

I was looking towards doing some lending as well when I get my cash flow note business under way. I got the name and everything, just need to save (or find someone willing to lend me) so I can invest some money into the business. Just need phone line and some funds to get the website online and the rest will be towards marketing and promoting. $2k if you ask me will do.

Either way, can I lend on Prosper without a good credit history :P

[crud3w4re]

What does lending have to do with having a good credit history? It only matters if you're the borrower. And three year terms? That's ridiculous.

[jasaunders]

You can lend on prosper no matter what your credit is. You have to deposit money into the site.

They key to getting a good ROI on prosper is to strongly diversify your portfolio, much more so than with other investments, and also, don't get so excited about giving loans at high rates, the default rates are pretty high on the site for people with bad credit. Be content with loans at reasonable rates that are much lower risk but still offer a generous ROI.

[Young Spark]

btw... i was being sarcastic when I asked (hence the tongue hanging out ^^ :-P )

[jasaunders]

I'm not quite sure why you think 3 year terms are ridiculous, but ok, its your personal choice I guess. Its all based on your investment goals. What loan term do you think would be more appropriate?

Unlike a CD, your money isn't tied up for all 3 years, you are receiving monthly payments on your loan.

[Young Spark]

Hmmmmmmmmmm, does this necessarily create a cash flow note? And yeah, 3 years is a good term, especially assuming that you diversify your investing to get a better return on your money. I would compare, but you should see what I'm saying in terms of diversifying your money.