Does anyone have any experience with prosper.com?

I did for a couple of years before my state decided not allow it anymore. It was a good deal. I would do it again if they ever brought it back. I bid on 10 loans with a average interest rate 8%. Invested 50 bucks a loan. The worst part about is that it is long term investing. Loans are 3+ years and there is always a chance of default on the loan.

Never had any issues with the company. Good customer service.

Robert

Thanks for your response...
Were those your only criteria for selecting which loans to bid on?
Did you see any evidence of scams?

If I remember correctly you saw some information on who you were giving the loan too. Maybe their credit score? The person requesting the loan would write up why they needed the loan and give some details about their monthly expenses. I believe you had a chance to ask questions. This would make or break the loan. Its been 5 years so I don't remember all the details.

You could also see the other investors. I would go through the list and look for who was investing big. This would be 500 to a 1,000 or more. The more large investors you saw the more confidence I had in the investment. This is not very different than investing in stocks.

The company has been around for a while. I have never heard anything about scams.

Advice -Just like investing, don't put all your money in one basket. Break it up in small chunks across many loans. This will help protect you if someone defaults.

When I started out I put 25 dollars in and invested in a loan. I watched it for 6 months to see and get a feel for how things worked. In the grand scheme of things 25 bucks is nothing so I was not concerned about losing it.

Robert

crud...not available in Texas.