What are your qualifications to write a Prosper Review?
A: I have been a lender on Prosper since February 2006. I have lent nearly $10,000 there. I write for the Prosper Blog and review all the changes in the Prosper product regularly.
Do you have any Prosper lending tips?
A: Yes, I actually have quite a few. I would suggest lending only to those with AA, A or B credit. Don’t use the Experian default data that Prosper provides, review Prosper’s own data. Also review Prosper’s bidding guidelines – that will help you quite a bit.
I see you didn’t do so well lending on Prosper according to some third party websites. What happened?
A: The Experian data led me to believe that making loans to grade E borrowers at 29% was a great strategy. It’s not. If they had the bidding guidelines in place to start, I would have done much, much better. It’s the risk you take for being an early adopter. Think of it this way, I made the mistakes so you don’t have to.
I hear that Prosper is giving away free money to join?
A: If you sign up through one of my affiliate links (like this one), Prosper will give you $25 for free when you open an account. I will also receive $25 as well.
Is that all I have to do to get free money with the Prosper program?
A: Not entirely, you have to fund the account with some of your own money, and fund a loan. This isn’t difficult, but it takes a few days for the processing to go through.