SIGN UP TO RECEIVE THE LATEST POSTS VIA EMAIL!Done With Prosper!
November 4, 2008
It’s official, I am completely done investing in Prosper.com. Over the past few months I have seen most of my loans go into bankrupcy. And these are people with AA, A and B credit ratings. What makes me even more upset is that a few of these went into bankrupcy 2 months after the loan was funded. I guess that is a good scam, take out 25K then file bankrupcy so you don’t have to pay it back. I was in the black with all my loans since I started lending 2 years ago, but once all the bankrupcies complete my account will surely be in the red.
My Lending Club is still going strong. 20 loans without a late payment, but I think I am just going stop with the whole p2p lending thing. Some people may be making money out there, but as in investment for me it doesn’t seem to be paying off. As of today, all my extra money is going into my Tradeking brokerage account. Call me carzy, but with the stock market all over the place these days, it feels safer to me than putting anymore money into p2p lending! Plus I have been able to make some good money by investing back when the DOW as at 8200.
Anyone out there having any luck with p2p lending? Or are you all seeing the same thing as me?
NOTE: For posts that contain bonuses, be sure to read the post for bonus expiration dates. Links may work but the bonus may have expired.
Other Posts You May Be Interested In:
Prosper.com Still Sucking Me DryProsper.com has unveiled a $50 bonus to get you to sign up for an account. So tons of blogs and...
I wouldn’t give up on P2P lending yet. 20 loans at LC and not a single late? That sounds pretty safe to me. : ) The reality is that Lending Club from the get go has been vigilant about turning down loan applications. Our underwriting guidelines are very strict, and we are in this for the long-haul, not just to hit short term numbers.
If you have any questions feel free to shoot me an email!
Regards,
DK
Marketing Manager
LendingClub.com
Debtkid – thanks for the feedback. I guess I am letting my issues with Prosper cloud my judgement against Lending Club.
It is funny I spent some time looking for people complaining about Lending Club defaults and couldn’t find much. Prosper on the other had has a great deal more complaints.
Maybe I will take another look at LendingClub as I take my money out of Prosper!
Sorry to hear about things going bad at Prosper. I was a borrower at Prosper. I have a ‘D’ credit rating; back in March I borrowed $1500 and then paid it ALL back six months later. I was not late with my monthly payments during that time either.
I applied for yet another loan for $5000 in order to pay off a cc or two and use the remainder as a down payment on a nice used car for my daughter at college. It was quickly funded, but unfortunately, on October 14 my listing was cancelled and I never received the money, even tho I received a congrats email. So talk about unhappy here.
I’m afraid it goes both ways, eh? Take care and hope things are better for you.
Jo