I was hearing about peer to peer lending on the news and NPR and I had a few grand ready to invest in something. I was thinking of investing in one of the surviving banks like Bank of America but they might fall even more. Or in currency, but peer to peer seemed like something that I understood.
I Googled terms like peer to peer lending reviews or "I hate" this or that none of it showed anything. It wasnt until i went to Prosper's forum and found someone that mentioned a 3rd party forum that I hit the right key words, "Prosper Forums", and found an answer to some ones question on Yahoo answers that was very long and detailed and some what angry. Which then led me to here.
And am happy, I knew it was too good to be true. I thought that they were lying about the interest rates. I didn't know they would actually lie about the number of default loans that they had, or exaggerate. They way they had it with like %6 of loans going bad with grade A credit I thought it would be nearly impossible for me to get defaults on my lending if i was conservative.
I knew something smelled fishy so i was only going to test it out with $300 and see if I get it back then put in my max $3K and get a nice return. I was coming up with all these great ways of being conservative and careful, like not biding on loans more then $5,000 and not biding more then $50 so i stay diverse. But since reading this stuff i realize that Prosper is not the best place for me since I am working class and $3000 is a amount that i can spare but I would be pretty depressed if I just gave it to some random dude's bad coke and hooker habits.
So basically I am not ever going to put any of my money in that trap. I might one day borrow money from there but i am terrified of lending there, rather just put it all on black ( I live near Atlantic City).
But yeah thank you guys you save me allot of grief and about 1/5 of my savings.
Can some one tell where to find a finical adviser that isn't unemployed?
