I read about Prosper in a brief MSNBC/Newsweek story on July 31, 2006 titled “Money: Lend Me a Little?” I figured, I should check it out. As a young working professional, working at a non-profit organization, it’s not like I have the many thousands (or tens of thousands) of dollars most other investment opportunities require to ‘buy in’. I decided to start off with $250 in late August 2006. A small start, for sure. I found awesome loans right away; so a month or two later, I put another $250 into Prosper loans. Here’s the three amazing things:
(1) It’s easy — even for someone like me, who is not a business and finance guru;
(2) It’s a win-win — as borrowers propose loans they feel are reasonable given their circumstances, and investors pick and choose loans to bid on based on what they feel is reasonable given their circumstances; and,
(3) It’s enriching — as my $500 has grown by 15% while, during the same 1-year period, I had a CD (with a major bank) at 5% APR.
Prosper staffers: Expect more investment from a satisfied ‘low budget’ investor, as Prosper loans fit well with other investment options: CDs, mutual funds, IRAs, etc.
Thank you, sincerely,
omahajay
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