Has anyone used a P2P Lending site like Prosper or Lending club? - Mothering Forums

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#1 of 4 Old 12-12-2009, 12:37 PM - Thread Starter
 
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If so, what was your experience like? I was looking into http://www.prosper.com/ and wondered if it was a wise way to get a loan at lower interest than the bank/credit union.
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#2 of 4 Old 12-12-2009, 12:44 PM
 
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Hmm - I had never heard of sites that dealt with peer to peer lending until I just read your post. In my brief reading about Prosper anyway, it seems that most critics think the site will fail and/or give people issues in that there are some downfalls (scammers, etc.).

See this: http://www.finance-weblog.com/502267..._will_fail.php Of course that was written in 2006 and it says why it will fail, and it's now of course 2009!

And see this: http://www.budgetcents.net/2009/11/1...ucking-me-dry/

I'm finding a lot of negatives in my searching, some negatives from reviewers/critics, others from previous customers and finally, bad reviews from some ex employees (granted, a lot of ex employees of any company have something negative to say about that company it seems).
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#3 of 4 Old 12-12-2009, 08:08 PM - Thread Starter
 
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Yikes, looks like Posper.com is a minefield! I looked further and it seems that Lendingclub.com is more stable, but I guess that's because they have a stronger "vetting" process.
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#4 of 4 Old 12-12-2009, 10:47 PM
 
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Interesting link Ubermama -

Quote:
in my case, I am down about $575 since I started investing with them 3 years ago.
Investing? The author has a really unique definition of investment. I could understand someone trying to get a loan there, but not someone being involved on the giving side.
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