Quote:
Originally Posted by Barefootsies
Right now I am looking for a $5k loan. But it looks like once a few things are handled I may be interested in becoming a lender.
Anyone using them a lot as a lender, or borrower?
http://prosper.com/ |
I am a lender. IF you have any questions let me know.
I lend some money there. not a lot yet, only a couple thousand. Ive only been on the site a couple months. I love the concept. It will be huge in years to come.
I laugh my ass off at how many people have BAD credit but look for loans with like 5% interest.
It mainly comes down to your credit rating and debt to income ratio. People explain what they want to use the money for, but people can lie so I don't put much weight on what they want to do with it. What I look for is someone with a B - C credit score, typically people with a decent amount of credit, a little higher then most debt to income ratio, but with either no delinquences or only 1 or 2 in the last 6 years. This should put them in the 14 - 18% interest range with only a 2 - 4% of default (risk) for me. I like to get this kind of return on my money and comfortable with t he risk. The longer their credit has been established the better. someone that shows 2004 as their first credit activity tells me it is kid and even if they haven't any delinquences in the last 2 - 3 years, that doesn't mean too much if they haven't had any big loans etc... Million things to look into from a lenders point of view.