- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Anyone dabble with Prosper.com?
Posted on 3/19/13 at 2:37 pm
Posted on 3/19/13 at 2:37 pm
I've been fooling around with it for 2 years... pretty happy thus far
2
Posted on 3/19/13 at 2:39 pm to HBR
This isn't another bitcoins thread, is it???
Posted on 3/19/13 at 2:44 pm to HBR
quote:
I've been fooling around with it for 2 years... pretty happy thus far
Really? You're happy assuming a risk of an unsecured loan for the possibility of mediocre returns?
OOOOOOOOOOOOOOOOKay
Posted on 3/19/13 at 4:34 pm to Vols&Shaft83
quote:
Really? You're happy assuming a risk of an unsecured loan for the possibility of mediocre returns?
Unsecured, yes, but Prosper does an excellent job of collecting. This isn't just you lending money to some stranger and crossing your fingers. They are all screened by prosper and have to submit several documents in order to open an account. I'm pretty happy with the results.
I have nearly $2,500 invested and got a 16.8% return for 2012. Out of nearly 60 loans I've contributed to, 3 of them have gone into collections. Of those 3, I have received all of my money back on 2 of them, while one is still in collections. I contributed $25.00 to that one and the borrower paid me back 18.00 before going belly up. The other 57 or so loans are all paid on time impeccably thus far.
In contrast my other investments (IRA, Mutual Funds, etc) barely did 4% last year.
Prosper is actually pretty reliable if you don't put all of your eggs into one basket of course. I'd much rather have it there than a CD or some shitty savings account. I don't contribute more than $50.00 to any single loan and I keep a good mix of HR and A+ ratings. I also don't invest in any loan more than 1 year and more than $3,000. Since 2011 I've done pretty good. Probably going to push it up to $5,000 by the end of this year.
I've done plenty of research on it so if you have any questions, please feel free to ask. I asked TONS of questions before getting into it.
Posted on 3/19/13 at 4:41 pm to HBR
quote:
In contrast my other investments (IRA, Mutual Funds, etc) barely did 4% last year.
You only earned 4% last year on your IRA and the likes? People posted their year returns a few months back and I don't remember seeing one person under 8% with most being in the mid teens.
Posted on 3/19/13 at 4:46 pm to HBR
quote:
In contrast my other investments (IRA, Mutual Funds, etc) barely did 4% last year.
This is where your problems are.
Posted on 3/19/13 at 4:56 pm to HBR
quote:
I've done plenty of research on it so if you have any questions, please feel free to ask.
what are the tax ramifications on this?
Posted on 3/19/13 at 4:59 pm to Lsut81
quote:
You only earned 4% last year on your IRA and the likes? People posted their year returns a few months back and I don't remember seeing one person under 8% with most being in the mid teens.
Yep, bad year... messed around with some stocks against my better judgment.
Posted on 3/19/13 at 5:06 pm to diat150
quote:
what are the tax ramifications on this?
My account is listed under my main business so I show it as other income. Not sure how it would affect you if you used it personally.
Posted on 3/19/13 at 8:58 pm to HBR
quote:
I've done plenty of research on it so if you have any questions, please feel free to ask.
Soooo ... you didn't really start this thread b/c you were curious about Prosper then.
Do you work for them?
quote:
I have nearly $2,500 invested and got a 16.8% return for 2012. Out of nearly 60 loans I've contributed to
This is kinda the big problem I have with small lending schemes like this. Clearly you spent some time picking 60 loans, and all you have to show for it is $420. I made more than that in 2012 in credit card rewards.
Yes, there can be good returns in microcredit lending but is it worth the time?
Posted on 3/19/13 at 9:07 pm to foshizzle
quote:
I made more than that in 2012 in credit card rewards.
Posted on 3/19/13 at 9:13 pm to foshizzle
quote:
I made more than that in 2012 in credit card rewards.
$1123 in Debit card rewards
Posted on 3/19/13 at 9:49 pm to Vols&Shaft83
quote:
$1123 in Debit card rewards
Nicely done, I only managed a little over $600.
My banner year was 2011, I had a credit card offer for 0% APR for 18 months plus 5% cash back on spending at Lowe's and Home Depot. I decided that was just the time to redo my kitchen and bathroom. Piled up about 2k before the year was over.
Posted on 3/20/13 at 8:02 am to foshizzle
quote:
Soooo ... you didn't really start this thread b/c you were curious about Prosper then.
Do you work for them?
Actually that's exactly why I started it and no, I don't work for them.
quote:
This is kinda the big problem I have with small lending schemes like this. Clearly you spent some time picking 60 loans, and all you have to show for it is $420. I made more than that in 2012 in credit card rewards.
Yes, there can be good returns in microcredit lending but is it worth the time?
There is an auto invest option that I use. I didn't spend anytime selecting the loans, only a few minutes setting the parameters of the auto invest option.
I agree that it wouldn't be worth the time but this is only a fraction of my investments. I was just curious if anyone else on TD had a prosper.com account.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News