Saucy White Boy
- May 27, 2008
- Reaction score
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Without reading it, it sounds like a ponzi scheme
The SEC cracked down on some for some technicalities, but there is money to be had from these it seems. Take note all you financial wonks posting on here trying to get rich quick!Prosper and several other "person-to-person lending" sites operated like an eBay for credit: Prospective borrowers put up requests for loans, disclosed their credit rating and the reason they needed the money, and tried to make a case for lenders to take a chance on their dream"”at attractive premiums...
By putting lenders directly in touch with borrowers"”rather than through the banking system"”person-to-person lending sites claim that they can cut down on overhead costs, thereby making it cheaper to lend to people with poor credit.
The main issue I've seen with these lending sites has been a lack of liquidity/long lockups.
Exactly. They claim that any note can be sold in less than 5 business days, but they also encourage buying hundreds of notes to diversify. Selling out of that many notes sounds...complicated.
I've put in only a small amount ($3k) in this the past two years and haven't had a default on any of the accounts I've lent to. I only invest in A and B grade borrowers with background checks. I get about a 6% return after commission. Not bad considering a 2 year CD at local banks are just above 1%.