Spend $500 of Noah's Money

March 26, 2007 - Get free updates of new posts here

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

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10 responses to “Spend $500 of Noah's Money

  1. Rik Reply

    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.

  2. Jeremy S Reply

    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!

  3. sri Reply

    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

  4. Mohammad Reply

    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.