Has anyone used Prosper.com - cougarguard.com — unofficial BYU Cougars / LDS sports, football, basketball forum and message board

Parrot Head · 09-25-2007, 04:12 AM

I repeat, has anyone used www.Prosper.com? It looks completely safe to give my money to complete strangers with piss-poor credit ratings, but I want to know if something should deter me from 24% returns.

hyrum · 09-25-2007, 04:18 AM

Quote:

Originally Posted by Parrot Head

I repeat, has anyone used www.Prosper.com? It looks completely safe to give my money to complete strangers with piss-poor credit ratings, but I want to know if something should deter me from 24% returns.

common sense??

I suppose you could investigate the portfolio theory on this, but I suspect you would have to own a lot of loans at 24% interest to even out the credit risk, even if you could evaluate the risk accurately from afar.

Perhaps better returns than Vegas or the lottery, though.

jay santos · 09-25-2007, 02:49 PM

Fascinating idea. I'd stay away, but it's interesting.

BYU71 · 09-25-2007, 02:50 PM

Quote:

Originally Posted by Parrot Head

I repeat, has anyone used www.Prosper.com? It looks completely safe to give my money to complete strangers with piss-poor credit ratings, but I want to know if something should deter me from 24% returns.

24% returns. I don't even have to read the site to know it is a high risk type deal.

SteelBlue · 09-25-2007, 07:06 PM

I think you guys need to turn your sarcasm detectors on.

jay santos · 09-25-2007, 08:07 PM

Quote:

Originally Posted by SteelBlue

I think you guys need to turn your sarcasm detectors on.

I don't get it. Is the web site a joke? It looked like a serious business.

SteelBlue · 09-26-2007, 04:59 AM

Quote:

Originally Posted by jay santos

I don't get it. Is the web site a joke? It looked like a serious business.

I'm saying ParrotHead wasn't seriously asking for advice. Or maybe he was and I just always assume he's sarcastic.

Parrot Head · 09-26-2007, 05:50 AM

Yes, seeing those proposed returns catches your eye, but if you look at some of those stories, they look like sub-subprime. And how bad are some people's scores if they're willing to pay 20% + to consolidate?

First, folks, stop spending money like you have it - because you don't!

jay santos · 09-26-2007, 04:33 PM

Quote:

Originally Posted by SteelBlue

I'm saying ParrotHead wasn't seriously asking for advice. Or maybe he was and I just always assume he's sarcastic.

Oh yeah I knew Parrothead was being sarcastic, but I still made a serious comment about the business. It does look interesting to me.

UteStar · 09-27-2007, 12:57 AM

I have a neighbor that has done it. He does not loan out large amounts of money, usually in the $500 range...he says that he has done about 6 different deals and he has been paid back on every one of them. From what I understand, the thing that helps is he is able to be very, very picky on who he chooses to loan out the money. Not every loan is 24%...some of them are as low as the 10% range depending on the guy asking for it and his credit history. He has enjoyed doing it.

And yes, Parrot, I am still considering the $7,000 loan that you need financing for...I feel bad though that it has a 33% interest rate on it--man, your credit stinks. Give me a bit more time though and I will sign up to help ya.

09-25-2007, 04:12 AM	#1
Parrot Head Senior Member Join Date: Aug 2005 Posts: 763	Has anyone used Prosper.com I repeat, has anyone used www.Prosper.com? It looks completely safe to give my money to complete strangers with piss-poor credit ratings, but I want to know if something should deter me from 24% returns. __________________ Oh, he's very popular Ed. The sportos, the motorheads, geeks, sluts, bloods, waistoids, dweebies, dickheads - they all adore him. They think he's a righteous dude. - Bronco, when asked how to describe PH

09-26-2007, 05:50 AM	#8
Parrot Head Senior Member Join Date: Aug 2005 Posts: 763	Yes, seeing those proposed returns catches your eye, but if you look at some of those stories, they look like sub-subprime. And how bad are some people's scores if they're willing to pay 20% + to consolidate? First, folks, stop spending money like you have it - because you don't! __________________ Oh, he's very popular Ed. The sportos, the motorheads, geeks, sluts, bloods, waistoids, dweebies, dickheads - they all adore him. They think he's a righteous dude. - Bronco, when asked how to describe PH

09-25-2007, 02:49 PM	#3
jay santos Senior Member Join Date: Jan 2006 Posts: 6,177	Fascinating idea. I'd stay away, but it's interesting.

09-25-2007, 07:06 PM	#5
SteelBlue Senior Member Join Date: Aug 2005 Location: Norcal Posts: 5,821	I think you guys need to turn your sarcasm detectors on.

09-27-2007, 12:57 AM	#10
UteStar Senior Member Join Date: Aug 2005 Posts: 1,817	I have a neighbor that has done it. He does not loan out large amounts of money, usually in the $500 range...he says that he has done about 6 different deals and he has been paid back on every one of them. From what I understand, the thing that helps is he is able to be very, very picky on who he chooses to loan out the money. Not every loan is 24%...some of them are as low as the 10% range depending on the guy asking for it and his credit history. He has enjoyed doing it. And yes, Parrot, I am still considering the $7,000 loan that you need financing for...I feel bad though that it has a 33% interest rate on it--man, your credit stinks. Give me a bit more time though and I will sign up to help ya.