Thoughts on Prosper

[MarcL]

What does everything think on https://www.prosper.com/?

Is it a 100% chance that they will pay you back?

Thanks
Marc

[rossco1]

I am thinking of using Prosper to fund extra capital for my business venture.

Anyone had any experience with Prosper?

[Bestmiler]

What does everything think on https://www.prosper.com/?

Is it a 100% chance that they will pay you back?

Thanks
Marc

Hey. Its not 100% chance that you'll get your back. Try and diversify your portfolio. Don't just stick to one person and give them alot of money. Put your money in different loans and minimize your risk of losing your money.

[MarcL]

When it says you get paid 10% back does it mean each month you get 10% of your money back for 3 years? Thats my understanding, just double checking...

[akula]

no, nominal rates are per annum

the compounding term is not clear

i doubt it's monthly

10% per month? marcl.........

[MarcL]

Thats what it says, it says you get paid monthly on the site..

Borrower rate: 10.00%
Includes 0.00% group reward
Borrower APR: 10.69%
Mo. payment: $322.67
3-year payment schedule

Do you understand it, check it out cause im interested in this, but im new to prosper...

Thanks
MarcL

[akula]

repayments are monthly

the rate is p.a

divide rate by 12 = your monthly yield

that's what it means

[MarcL]

If it was that...then lets say you go a barrower rate was 12%
then when you loan $100 you would only get paid back $1 a day because 12 diveded by 12 = 1%, that wouldnt make sense because 12 X 3= 36, so you would only get 36% of your money back in 3 years, which wouldnt make sense.... because you would loose money...

Someone please explian..

Thanks
MarcL

[stand856]

Here's a break down of a $5000 loan at 12% for the 3 years

You make like $300 a year
and after 3 years you would have about 20% more of original money

https://www.prosper.com/public/borro...000&rate=12.00