Nickname: fyrfly

Review: Here is a little info from the Better Business Bureau Website. Don't go to them for money!!!!! Government Actions On May 19, 2009, the State Auditor and Commissioner of Securities and Insurance for the State of Montana sanctioned Prosper Marketplace, Inc. The Montana State Auditor and Commissioner signed a final Consent Agreement and Order to resolve matters relating to unregistered securities and securities fraud. Without any admission of wrong doing, Prosper Marketplace, Inc. allegedly sold notes to Montana residents for an aggregate investment of at least $396,510.00. The notes issued by Prosper were securities that were not properly registered for sale. All securities sold in Montana must be registered with the Montana State Auditor's Office before they can be sold to the public. It was also determined during the investigation of Prosper that the firm also failed to provide investors with necessary information such as its financial statements. Under the terms of the settlement, Prosper agreed not to offer or sell any securities until it is in compliance with Montana's securities registration laws. The order also requires Prosper to pay a fine of $2,214,

Date reviewed: Sep 27, 2009 3:16 AM

Nickname: Marshall

Review: Anyone here heard the proverb "The borrower is slave to the lender"? A novel concept would be not to borrow at all. If you don't have the money to pay for it...don't do it!

Date reviewed: Dec 27, 2007 4:57 PM

Nickname: prospers

Review: The only lacking feature on prosper is the forums. It takes days to have a constructive discourse. I would advise borrowers to look to 3rd party websites to promote their listings. Their lenders' advice can be solicited by borrowers trying to learn how to create listings that will fund quickly. Some resources are prospers.org/forum - for discussion, lendingstats.com - to learn how to set good rates, and rateladder.com to see what lenders are looking for in a borrower.

Date reviewed: Dec 17, 2007 3:38 PM

Nickname: Concerned investor

Review: I used to think that this was a great deal, but just recently prosper wiped out their forums, and are only letting a few select people post. Now I am really worried about losing my money if they keep refusing to respond promptly.

Date reviewed: Dec 6, 2007 12:50 AM

Nickname: Kiki

Review: While I can clearly see the benefits, every system has drawbacks. Someone stole my identity and took a loan out in my name for $25,000. Created fake license, fake W2 - everything! This has been a DISASTER to try to rectify and I did nothing wrong. Perhaps Prosper needs to do a little more probing/background checking before they offer these loans. I don't know how long it will take "the real me" to fix. Frustrated!!!!

Date reviewed: Aug 17, 2007 1:02 PM

Nickname: Aimvest.com - Prosper Loans

Review: I wish I had joined Prosper a year ago. There have been many pioneering lenders who paved the way for my opportunity to create a group and learn from them. Much like all of the previous startups PayPal, eBay etc... where the community model was integral, they pressed on and became wildly successful. I feel like I am taking advantage of a start-up opportunity again. I have been through 2 of them personally. What a great chance to grow personal wealth while helping others. I suspect a lot of the naysayers will turn around at some point. Some people always want to point out what is wrong. See what we are up to at http://www.aimvest.com/prosper

Date reviewed: Jun 16, 2007 11:00 PM

Nickname: Dan

Review: I've shared some of my own personal experiences and strategies related to Prosper on my blog below. Currently, my average loan rate is over 12%. I'm realistic that I may have a turkey or two, which will leave me with a return around 9-10%. This is a great diversification tool which is non-correlated with market returns. The incentives for the group leaders ensure that they're vetting their constituents adequately. Some of the top groups have 100% performance with respect to payments (no defaults). For more strategies and info, feel free to visit. Dan http://www.everydayfinance.blogspot.com

Date reviewed: Apr 27, 2007 9:55 PM

Nickname: bunky

Review: The idea sounds great but are the interest rates lower for home improvement loans. I have a credit score of about 770 and have a $25,000 home improvement loan at 8.25% interest. Any idea if I could get a lower interest rate?

Date reviewed: Mar 31, 2007 7:35 PM

Nickname: Lee Reeves

Review: Apparently Prosper still has some important management decisions to make. They've recently locked all discussion of one of their major group leaders, and suspended quite a few users for criticizing that group leader. Personally, I expect and appreciate honesty and transparency from my financial institutions.

Date reviewed: Mar 30, 2007 8:44 PM

Nickname: mrfinke

Review: Sounds like a good idea to me.

Date reviewed: Jan 19, 2007 11:05 PM