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Prosper.com Experiment

December 18, 2007

Prosper.com

Well after careful review of my Prosper account, I have decided to move a head with my experiment. I currently have 15 loans outstanding with 2 late more than 4 months. Those 2 account for only 4% of my portfolio. If they were to default, I would still be up 7%, so that is still a pretty good return considering.

I have decided to add 20 more loans all at $50 each. So each month, I would receive around $50 in payments to reinvest into another loan. ($50 is the mimimum amount you can loan with Prosper) So essentially this will be a self sustaining investment where I just need to direct the monthy payments into a new loan each month. It will be interesting to see how this will increase in value over time.

I am considering all of this throw-away money since this is obviously a higher risk than just putting this money into a savings account, but if it does well it might provide some revenue generation for me in the long term. Ideally if I could get the value of the account up to $10,000 I could see possibly $500 / month in payments (assuming no defaults). I will keep you posted as to how this plays out.

Prosper.com has a promotion that if you become a new lender you will receive $25 after you fund your first loan. Sign Up Here (you can sign up through that link if you want to be a borrower as well, unfortunetly there is no bonus for being a borrower at this time :( )

Business & Personal Loans. Great Rates. Prosper..


Other Posts You May Be Interested In:

Prosper.com Experiment Update

Prosper.com Experiment Update II

Prosper.com Experiment Update III

LendingClub.com $25 Signup Bonus

If I Hate Stocks, Where Else Can I Put My Money?

Comments

3 Responses to “Prosper.com Experiment”

  1. Prosper.com Experiment Update II | BudgetCents.net on January 30th, 2008 5:28 am

    [...] more detail, see these previous posts Prosper.com Experiment, Prosper.com [...]

  2. Latest Free Money Bonuses | BudgetCents.net on February 12th, 2008 8:11 am

    [...] $25 from Prosper.com when you become a lender (see post) [...]

  3. Interest Earnings Being Flushed Away? | BudgetCents.net on March 20th, 2008 3:53 am

    [...] $25 from Prosper.com when you become a lender (see post) [...]

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