Prosper.com anyone doing this?

no no nooooooooooooooooooooooooooooooooooooooo...
i have loaned out money..and never got it back....and charging interest stinks lol..
try to get a business going where you can help peole make money..for heaven;'s sake don't go down that road..this is from a friend..advice..

No, I have not heard of this before. Somehow I don't think it would be a good idea. It would be like a bank or a pay day loan type of deal. They have a lot of problems with getting their money back, and quite a few of them go into collections. Then if they are lucky, only 20 percent of those collection items are collected on, and not in full. So I would look into it first and be very sure; look and see if it is part of the BBB at www.bbb.com. . You are on the right track on doing your research though, by posting this discussion. I wish I had more informations about the company, but I don't, just advice.

I have heard of a site like this before, not sure if it was this one exactly though. The one I read about shared the risks or something so someone goes to the site and says "i need £500" and then other people offer to lend it but the risks are shared between the people that put the money up. I konw this is a bit of a rubbish comment, because I can't for the life of me remember what the site was called but my point is that you have to be really careful when you get involved with anythign like this either as a lender or a borrower.

I thank you guys for your posts. I joined but didn't confirm it with my email link. I'm not going to, either. This has been a helpful discussion.

I dont think loaning money is such a good idea! It's your choise!

I've heard some positive things about it. People sometimes come back for funding for different projects, and they have a rating based on their previous ability to pay back the loans. So if a lender wants to be cautious they could lend only to people with a good track record of paying back the money they borrowed.