Comments on: Anyone Have Any Good Prosper.com Lender Stories?

By: Denna

Denna — Fri, 23 Jan 2009 14:36:45 +0000

Laura,

Have you heard anything. Please post something and let me know. Thank you,

Denna

By: Denna

Denna — Fri, 23 Jan 2009 14:33:33 +0000

Hello,

I would like to know some information about Shannon Douglass Loan Organzation. Where I will get a loan from her or not. If anybody can give me a referance on her company I would appreciate it. Thank you

By: Laura

Laura — Mon, 20 Oct 2008 03:04:08 +0000

Has anyone entered into a loan agreement with a people to people lender without going through prosper? I contacted an individual that had a post advertising lending on aother website. This individual contacted me back with the details. I am just not sure how to check the individual out (Shannon Douglass Loan Organization). If anyone knows anything about this organization or another reputable lender, please post.

By: Rob Lowe

Rob Lowe — Fri, 28 Mar 2008 04:53:07 +0000

I invested close to 12k in prosper… I have had quite a few defaults but most were because I made loans before I truly understood all the tools available to me. I was loaning based on emotional response to the descriptions and loan requests.

I now have the program set up to reinvest all payments received via the auto bid function… all my loans are 75 dollars, considering that right now my interst payments earn 4.26 a day, I could have one default a month and still make some money. It is has been just over a year since I started and the account is now worth 13.2 K. So I would say that is a success story. I no longer make as many of the bad investments and expect this year to be much better once all my potential defaults drop off…. -rob

By: Shaun

Shaun — Sun, 01 Jul 2007 02:03:35 +0000

Tim – Yes, the losses are tax deductible. When a loan defaults, you can claim it as a bad loan on your tax return and write off the amount of the loss. I did this last year. As always, consult your financial adviser for your specific situation…

By: Lazy Man and Money

Lazy Man and Money — Wed, 20 Jun 2007 07:16:23 +0000

I think I’m doing better now that I’ve stopped my lending to credit grade E borrowers. I’ve raised my standards for D grades as well. In credit grades AA-B, I have one late loan out of 39.

By: MoneyNing

MoneyNing — Sun, 17 Jun 2007 01:17:25 +0000

I also only put $200 in, and I think it boils down to letting the percentages work in your favor by diversifying. If you have a lot of capital in the program, you should lend it to many people instead of lending a big amount to each person because you like his reason for borrowing.

By: John Wilks

John Wilks — Fri, 15 Jun 2007 16:19:19 +0000

I have 31 loans with around $2,500 invested. Go through my blog history for all the exact details.

I have had a few people a few days late, but nothing major. I lend to AA – D and recently decided to drop D. I’m making a ROI of over 20%. I was ranked 18th on Eric’s credit community, now I’m 25th.

Over all, I love Prosper, but I do see how 3 year loans can be annoying. I try to see them as 3 year CDs.

-wilks

By: D

Fri, 15 Jun 2007 12:54:39 +0000

Prosper – only seems to get worse too.

Thank goodness, I only put in $200.

By: Tim

Tim — Fri, 15 Jun 2007 04:38:54 +0000

i’m still wary of lending through prosper. anyone know if the losses are tax deductible?

By: mapgirl

mapgirl — Fri, 15 Jun 2007 02:38:37 +0000

I have two $50 loans and I’m making about 13+%. I forget exactly. It’s not a lot and that’s fine with me. I was going to add more money to it, but I don’t like the idea of tying up funds for 3 years when there’s other stuff I’d rather do (like pay down credit card debt first.)

I think I might throw in another $200 here and there, but it’s really just for fun rather than serious investing. You should ask DINKS about it. James and Miel sank a lot into it, IIRC.

By: Josh

Josh — Thu, 14 Jun 2007 23:46:54 +0000

Invested $1100 one year ago. All in $50 loans. Open new loans with the proceeds from the original ones. Have had one default(all others-now 25 total loans have paid on time every month), now up 10% overall. Use the automated system to bid on loans (so time committment is minimal- maybe 15 mins a month) but only lend to AA-C ratings and use very strict criteria since the one default (which was one of the earlier loans that I had done).

By: bryan

bryan — Thu, 14 Jun 2007 23:30:08 +0000

Ive been using prosper for about a year and have 10 loans out at a total outlay of about $2000. I only loan to AA, A, and B credit and every loan is current or paid in full. Knock on wood. I think it is a good program if you only lend to the best applicants. high risk, D, E, and even C credit ratings are likely to default. I know people that have credit scores around 700 that are late on bills and whatnot and I wouldnt want to lend money to them even though I know them personally. For me to lend, they have to have a solid story with absolutely no questionability, no deliquencies ever, etc.

By: Drew

Drew — Thu, 14 Jun 2007 23:11:22 +0000

I know you asked for positive comments, but I’m afraid my vote is in the negative. I have 51 loans of $100, spread across all different credit scores (as recommended by Prosper and others) and after constant defaults and late payments I’m barely making 6%. Given the inability to liquidate these funds at all, that’s a terrible return. No more prosper for me.

By: Blaine Moore (First Time Home Owner)

Blaine Moore (First Time Home Owner) — Thu, 14 Jun 2007 20:42:25 +0000

I’ve had one payment that was a couple of days late, but otherwise everybody has been on time.

I don’t have a lot of loans or a lot of money in it, but my average credit rating that I lend to is a C or D. I just let the money pile up until I can make a new loan and then look for a new one. I’m not making any interest on the money I let sit, but I just stopped being interested in looking for loans every month.

I very well might start putting money in again, but at this point its just nice watching my estimated 17% rate of return (and 23% if nobody defaults) or whatever it comes to.

Plus, I got to help some people out that told a good story. I tend to lead more towards the people that are planning on paying off early; I won’t make as much money, but they get a boost and I’m more likely to keep what I do lend.