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Michael over at It’s Your Money is Trying Out Prosper. For the three of you who haven’t heard about it yet, Prosper is supposed to be a peer-to-peer lender. To find out more, go to Prosper.com.
I’ve just finished opening my first two loans and have one more pending.
I’ve also started a Money Blogger’s group for anyone interested in joining. See the URL below: https://www.prosper.com/public/groups/group_home.aspx?group_short_name=pfbloggers
It’s set for 100% sharing so anyone borrowing gets a couple percent back on their loan.
Right now I have only one loan out, but two more are still in the bidding process. If this idea works to anywhere near the potential I think it has, I will be ecstatic. But you can be sure I’m keeping my loan to a very small amount.
Nothing like throwing your own money into the ring to test the untested.
Has anyone used this service? I’ve checked it out and it seems kinda cheesy to me, especially if the interest is split among everyone…you’re not making enough for it to be worth the time.
What’s the default rate of the users?