Tuesday, October 28, 2008

Done With Prosper.com

Well, my stock picks are not looking too good at the moment. Who would of thought the market would collapse like that. But, check back in a year or so and they may not look so bad...

In previous posts I have discussed prosper.com (Peer-to-Peer Lender) as a nice alternative to invest your money. Well, due to a number of my loans on Prosper defaulting over the last couple of months, I have decided I will no longer be investing in any loans on the site going forward. Their credit requirements are too lax and their are too many defaults among their borrowers.

If I do invest in Peer-to-Peer Lending in the future, I will be using lendingclub.com where the credit requirements are more strict. I have nine loans with lending club, and so far, for all of them, the borrowers have paid on time.

1 comment:

BudgetCents said...

LOL, I am thinking the same thing. I have seen 4 bankrupcies in the past month. Any loans that go to collections never seem to produce any payments.

My lendingclub account is still current, but the whole prosper thing has scared me away from P2P lending.