Best Lender Advice?

LT52 · Joined: 22 Nov 2007 Posts: 2

After you read much of the lender's comments on this and the Prosper website, you will notice one thing: the questions are never solidly answered..

There are some very bright folks here, answering questions, but the main question of making money on Prosper has not much to do with what you read on the forums.

The main question you should ask yourself or others is: do I or anyone here have experience lending to another person? If so, what has that experience been over the past 5-10 years?

You should ask that question, because that is what Prosper is all about.
Granted, you will be a 'thread-killer' but that's real world.

And if Prosper makes sense now, it will still be around in 5 years when the smoke and mirrors and crystal balls are long gone! You won't miss out on Prosper. You will simply avoid being a Pioneer.

NOT ONE PERSON answering these questions has person to person lending experience. It's all conjecture, although done in earnest, not dishonestly.

When someone on the lender's forums has at least 5 consecutive years experience in the real world lending to individuals, listen to what they have to say.

Finally, could you see Warren Buffet here, looking at all those juicy 15% returns, and investing in this kind of thing? You don't have to be rich like Warren to invest like him. He wouldn't put a dime here, nor into the company, IMO.

This is a hope and a prayer at the moment, do some 'paper trading for at least 6 months on 50 loans and see for yourself. You'll be ahead of 90% of other lenders if you do just that.

Best always, LT