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My ExperienceI’ve only used the service on the lending side, and I can tell you that it works very well. In fact, it works better than expected, but I imagine that’s because it’s still early and an imperfect market. I believe the balance of borrowers to lenders favors lenders right now, so lenders are getting surprisingly high returns on the money they lend.My current rate of return on money I’ve lent is 13.59%. Yes, that’s correct. And none of the borrowers I’ve lent money to haven’t fallen even one day behind on their payments.
How can I tell whether a borrower is legitimate? Proper publishes a ton of data about a person’s financial history after running the borrower’s credit score. This will give you a feel for how much debt they already have, how much they make, etc. You can also ask borrowers questions (and read questions and answers from other prospective lenders). Over time, the site also keeps a history of borrowers so people can build credibility up within the site similar to Ebay’s rating system.
Should be about time for 3rd loans & raising the max loan amount to 50k.