Start Up Solo Law Firm Needs Cash

Today's headline comes straight from one of the borrowers to whom I have loaned. 

There are numerous reasons for a borrower to use Prosper.com.  Some refinance existing debt.  Some would simply rather owe the money to real, live human beings instead of a faceless corporation.  Others need capital for a business, whether a start-up or an existing business.  I saw a church get a loan for about 11% to complete the purchase of a building.  Still others with excellent credit actually get low interest loans and re-loan the money to other Prosper borrowers.

No matter what the purpose of the loan I find it exciting that the payments are now coming in.  So far I have had 1 borrower completely pay off his auto loan in a few days.  I assume that he refinanced at a lower rate once he got the loan through Prosper.  In addition, I have received 5 payments on time and currently there are 8 more payments being processed.  I have also received one very early payment from a Kiva.org borrower and not one borrower is late.

This seems like a really good time to do some good and make a good return.


Click here or on the title of this post to explore loan possibilities (as a lender or a borrower) at Prosper.com.

Prosper Communicates Well

If you're like me, you want to have timely and accurate information regarding what's going on with your money.  I like that Prosper instantly sends you an email to let you know if your loan offer is outbid.  Below is one of the first notices I received.  Click here or on the title of this post to visit Prosper.com.

From:	Prosper (No reply)
Received:	Oct-22-2009 3:37 PM PDT
To:	Toastmaster007
Subject:	You were outbid! Listing #XXXXX

Dear Charles,

You have been outbid. This means that other lenders bid at a lower yield percentage. By bidding your minimum rate from the onset, you can help prevent having to rebid your offer should another lender outbid you later.

If you want you can bid again now:

Bid again now

Helpful links:

• Wondering why you were outbid? Learn how bidding works.
• Want to place bids automatically? Choose a portfolio plan.
• Want to place more bids? Search listings now.

Title: Paying off CitiBank Mastercard
Listing #: XXXXXX
Amount requested: $7,500.00
Current yield: 15.30%
Listing ends: Oct-22-2009 3:57 PM PDT
Time left: 0d 0h 19m

Your bid amount: $25.00
Your minimum bid yield: 15.32%

Regards,
Prosper 


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You can see that my minimum bid on this particular loan was 15.32% and when all the bidders collectively pushed the rate below that my bid was null and void.  When Prosper sends this email it gives you a chance to bid again at a lower interest rate if there is still time left.  If you look closely you will see that when I received this email there were only 19 minutes left to bid.  If you are serious about a particular loan you need to stay on top of it.