Friday, October 24, 2008

Pulling out of Prosper

Prosper is not currently accepting new loans while it goes through a new verification process. They are also canceling their referral program.
I'm a big big fan of Prosper, and my intent has been to keep re-investing the money that I get when loan payments come in. Since they are holding you from making new loans, though, I'm going to start pulling that money out of my Prosper account, keeping track of the totals, and putting it in my savings account.
When Prosper reopens new loans, I will put the money back in.
I'm hoping it will reopen soon because I love the person to person lending concept!


Anonymous said...

Have you tried Lending Club or Loanio?

I'm also a Prosper lender but stopped making loans a few months back when my default count went as high as I could bear.

I still like the concept, so I may try one of the other sites. Any recommendations of which one?

Anonymous said...

Loanio has little to know worthwhile loans to bid on. I'm waiting for lendingclub to reopen in my state, and then I'll be shifting my prosper money there. The returns look pretty good...

Redd Horrocks-Maier said...

I haven't tried either of those but I'll be sure to check them out! Thanks so much for the comments!