Prosper update
I have transferred a thousand dollars to Prosper.com, and it's pretty cool so far. I've bid the $1,000 into $50 bids, the minimum, to 19 people (okay, I liked one guy a lot and bid twice on that loan). As you bid, the money is reduced from your available pool of money. If you are outbid by someone willing to accept a lower interest rate, you can re-bid the money over and over until you do win.
Right now, I have $300 in loans that have funded, at an average interest rate of 8.43%. Since I'm lending to people with good-to-great credit, that sounds pretty good.
I have current bids in on loans that are not yet funded, to the tune of $700, with an average interest rate of 9.38%.
It looks like there's a lot of money moving around, and that overall, this will be a valuable tool for responsible borrowers.
Right now, I have $300 in loans that have funded, at an average interest rate of 8.43%. Since I'm lending to people with good-to-great credit, that sounds pretty good.
I have current bids in on loans that are not yet funded, to the tune of $700, with an average interest rate of 9.38%.
It looks like there's a lot of money moving around, and that overall, this will be a valuable tool for responsible borrowers.
posted by Todd D. at 12:31 AM
1 Comments:
Michael, you've got great credit. Unfortunately, I've loaned out $900 and bid out the last $100, so I'm fresh out of money at the moment.
If I get outbid on the last $100, I'll take another look.
Best of luck with the house; it's a sobering moment.
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