Sunday, March 12, 2006

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.

2 Comments:

Blogger Michael said...

If you still have some money availiable in your prosper account, check out my loan request:
http://www.prosper.com/public/lend/listing.aspx?listingID=2442

I'm in need of some money to potentially help with a house closing, so any help would be appreciate.

5:21 PM  
Blogger Todd D. said...

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.

9:36 PM  

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