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[southerngent40]

 I have been lurking here since Prosper changed it's boards and made them mostly "anti- community" (as in no post get thru that don't tow the Prosper line of everything is great). I posted over there even after I stopped lending so maybe some newbies could learn from my mistakes. Now that many of the new lenders can't see the true numbers and ROI graphs posted by other seasoned lenders, I wonder how long it will be before things implode on Prosper again and the new crowd revolts and starts gettng banded.

[Greebo]

They won't revolt, because Prosper won't let them.  As soon as anyone starts going negative in their posts on the forums, they'll stop getting past moderation.

[Senator]

Has the revolt started?

Prosper likes to print all the success stories.  I'm a person with not a lot of money, who was looking for a place to just make a decent return, since bank/CD interest is so low and stock market, etc so risky.  I did what was suggested, started slow (I've but in $750 over the past year), made small loans (11), diversified over credit grades, etc.  I had one go into collections last fall, so I started focusing more on A and AA credit grades.  So one of those A loans is now in collections also.  If you subtract out the value of those two loans, which I'm apparently not going to see, my $750 has turned in to $700 in a year.  If I never have another default, it will take a long time to make that up, if ever.  I know there's no guarantees, but besides being angry that borrowers who know they are taking away from an individual who reached out to them (I've even contacted them personally) seem to default so readily, I'm also a bit miffed at Prosper.  I think they over-hype their success.  They also promised that defaulted loans would be sold, so you would get something back on them.  The first loan has been in default since last fall, and apparently I'm never going to see a penny of the $92 still owed on a $100 loan.  Lenders beware this is not all as sweetness and light as they like to suggest.  I'm outahere!

https://connect.prosper.com/t/2665.aspx

How did this pass moderation?

[NewHorizon]

I have been lurking here...

 

Why so long (5 months) before posting?

[PassionG]

I remember you.  Welcome back!

Torrey