Prosper.com Experiment

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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 )

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