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[pi567]

Greetings:

What is your experience in P2P lending?

I started lending in 2007 but I only have about $600 invested in Prosper (16 loans), so really not much experience in P2P lending. 

How did you end up at Prospers.org?

A lender recommended this site.

And this is the part where you may want to knock some sense into me…

I’ve spent about 2 weeks lurking/reading just about everything on this board.  Really quite shocked about the business practices of Prosper.  But (even after 2 defaults and 1 late that looks like it’s heading to collections), I still believe in P2P lending.

No, I did not drink the Kool-Aid. If Prosper has going concern issues, then it’s time to step back and reassess the whole thing…put everything on hold until I can figure out if they‘re going bk or not.

But I am wearing rose-colored goggles set on maximum though.  I really really do believe there are honorable people out there who will pay their debts back. 

(yeah, gullible…no, I don’t need any more bridges, I already bought 2)
Nina

[ira01]

If Prosper has going concern issues, then it’s time to step back and reassess the whole thing…put everything on hold until I can figure out if they‘re going bk or not.

What do you mean, "if"?  Read Prosper's SEC filings, and you'll see that it is beyond dispute that Prosper has going concern issues.  Almost two years ago, when Prosper was originating $6M+ in loans every month, its CEO stated that originations needed to increase 400-500% for Prosper just to break even.  Now Prosper is originating $2M a month.  Based on Prosper's own numbers in its last quarterly SEC filing, it appears that Prosper should be running out of cash pretty much any week now, absent a new infusion of cash.  Prosper's VC don't seem to be in any hurry to toss more money Prosper's way, although that could change, of course.  A month or two ago Prosper got a $1M bridge loan (at pretty onerous terms, IMHO).  That money is likely gone now.  Who knows what the future holds, but it doesn't look bright to me.

But I am wearing rose-colored goggles set on maximum though.  I really really do believe there are honorable people out there who will pay their debts back. 

Of course there are.  In fact, they outnumber the deadbeats.  Unfortunately, they only outnumber the deadbeats about 60%-40% -- which explains why the median ROI for seasoned lenders is NEGATIVE 3%. 

But hey, welcome!   

[bamalucky]

http://en.wikipedia.org/wiki/Adverse_selection

[Mtnchick]

Greetings:

What is your experience in P2P lending?

I started lending in 2007 but I only have about $600 invested in Prosper (16 loans), so really not much experience in P2P lending. 

How did you end up at Prospers.org?

A lender recommended this site.

And this is the part where you may want to knock some sense into me…

I’ve spent about 2 weeks lurking/reading just about everything on this board.  Really quite shocked about the business practices of Prosper.  But (even after 2 defaults and 1 late that looks like it’s heading to collections), I still believe in P2P lending.

No, I did not drink the Kool-Aid. If Prosper has going concern issues, then it’s time to step back and reassess the whole thing…put everything on hold until I can figure out if they‘re going bk or not.

But I am wearing rose-colored goggles set on maximum though.  I really really do believe there are honorable people out there who will pay their debts back. 

(yeah, gullible…no, I don’t need any more bridges, I already bought 2)
Nina

Welcome

I personally have no issue if someone still wants to lend knowing all the facts. Unfortunately, when most of us were lending, not only did we not know all the facts, we were flat out lied to.

[xraider]

With all of the above.  Welcome, and you're welcome here even if you are an active lender!  Just choose carefully and don't expect Prosper to do a thing for you if you lend to dishonorable people . . . or if Prosper goes under.

[NewHorizon]

I started lending in 2007 but I only have about $600 invested in Prosper (16 loans), so really not much experience in P2P lending. 

Well that's enough, imo, to get a feel for the performance of Prosper loans.
It was smart of you to start slow and start small.

[Urbi_et_Orbi]

Welcome.  We're happy to have you here.