Category: Business Reviews Spend $500 of Noah’s Money
I was recently at an amazing dinner at Aqua SF with Andrew, Akash and Dave (thanks for treating!) where everyone at the table was using Prosper.com.
I heard the name before and thought it was some shady place where loans happen. IGNORED. Nothing really happened when I saw them on sites a few months back. But, these 3 trusted friends of mine were on it so I was curious.
Prosper is: A place to loan people money.
Opportunity: You can get a really good interest rate on the loans that you provide for people.
The guys at the table were telling me they were earning around 10-15% on different things. Compare this to a 3-year CD at 5% interest. Compelled? Bored?
People want loans for credit card debt consolidation, real estate, student loans, anything…There is a fair amount of information about the person, the loan they want and the potential risks.
Sexy Times: Go pick out some loans you want me to make and I will make 10 - $50 loans. The person who’s loan does the best will get the interest money. Leave your suggestions in comments, the 10 most interesting loans are getting my money. Have fun spending;)
To learn more about Prosper check out these resources:
Lazy Man and Money’s tips for Prosper Success
MyMoneyBlog’s Overview of Prosper
You should check out my Okdork Virgin Guide to get started.
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Noah Kagan wrote Spend $500 of Noah’s Money on March 26th, 2007 and there are 12 comments. There will be one more after you add yours, though. Read more posts by Noah Kagan.
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12 Responses to “Spend $500 of Noah’s Money”
March 26th, 2007
11:34 am
I like Listing http://www.prosper.com/public/lend/listing.aspx?listingID=114524 a whole lot. Sounds like a legit income. Tough credit rating and debt to income ratio, but this family says they make a whole lot of money. Plus, they got a bunch of cute kids, and POM POMS (see the picture).
Some of the pictures people put up are a riot.
I hope I win!
March 26th, 2007
12:04 pm
I like this one, he kinda looks like Sundance from American Idol (he should still be on the show, but I digress)
http://prosper.com/public/lend/listing.aspx?listingID=114991
Low debt to income ratio too! Plus he is trying to get a venture off the ground and aren’t all of us in some way too?
Will
March 26th, 2007
2:19 pm
Dude, crazy shit! Way cool idea though. I couldn’t find anything I’d spend my money on (for example, even under business&professional/engineering/electrical everyone wanted to consolidate credit card debt) so I wouldn’t want to spend yours, but you’re a king for the offer
Isn’t there some sort of microfinance business that you can use to lend money to people who really need it?
PS. WTF is this guy thinking: VENTURE CAPITAL NEEDED
Will most likely repay before 36-month term.
Will use all proceeds for reinvestment at PROSPER.COM and other short-term high-interest investments.
The primary purpose of this request is to establish credit-worthiness at PROSPER.COM.
The rate was selected to attract lenders willing to fund the request although it will not be carried to term.
March 26th, 2007
2:41 pm
What a great idea! Some very cool things on there, but alas, not the one thing I would want you to spend your money on. If someone signs up and says they want to buy 100 burritos, I’d be right in that! Let me know if you do, cause you’d get my vote and I KNOW Noah would fund it no questions asked!
March 26th, 2007
7:29 pm
http://www.prosper.com/public/lend/listing.aspx?listingID=113921
Oh wait, I thought you were asking for the LEAST likely to get my money back, crap…
March 26th, 2007
8:18 pm
I have seen this site before and dont get the people who ask for loans. There is this one lady who makes a combined income of $6800 AFTER taxes and she is now requesting a $1200 loan to fix her car exhaust and is willing to pay 14.5% interest.
if she makes 6800 AFTER taxes a month, that means the household almost makes a 6 figure income. I guess this site is not about passing judgements
March 26th, 2007
11:45 pm
Starting off with lending small amounts is the best way to go. See how the site works out for you and if figure if its worth spending the time.
Prosper demoed at the first Stirr meeting a while back and they had some serious amounts in transaction then. Now they have $36 millions in loans already. Thats 3 or 4 times what they had last year. I have not been following them but looks like they are doing great.
March 27th, 2007
12:33 pm
This is crazy to me! Great idea… ex e-loan guy…..
Hummm, I will have to read a few more profiles.
Christie
March 28th, 2007
4:54 pm
http://prosper.com/public/lend/listing.aspx?listingID=116033
“your lady wants a fancy pants wedding whether she says she does or not”
May 22nd, 2007
11:22 am
[...] few weeks ago I wrote about my love for Prosper. Then at work we talked about contacting Prosper and seeing how they got such great press mentions. [...]
May 23rd, 2007
7:26 am
While Prosper.com caters mainly to the US market, there’s another site called GlobeFunder.com which caters to the global crowd, especially those living in the third world.
June 20th, 2007
12:12 pm
[...] perhaps the folks at Prosper had not intended it to be used for. Some people are using Propser as a way to diversify their investment portfolios, basically lending money to individuals while usually getting a 10-15% ROI on their investment. [...]
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