Posted by WAREIA on September 13, 2006 at 22:29:48:
Yes, if it is the “Prosper” Group out of Utah, run! They are bad news and have left dozens of Investors hanging.
I spent countless hours last week meeting with and straightening out Prosper Clients.
The Principles have now started several new companies doing variations of the same garbage using your credit. One of them I knew personally and he has always been involved in hairbrained schemes and has a track record or ripping off investors.
Anyone use Prosper for private funds? - Posted by Mike
Posted by Mike on September 13, 2006 at 09:58:39:
I came across this service that basically matches borrowers to private lenders. It’s basically an e-bay type bidding system for borrowers to find money.
I was about to put a listing out there, but, naturally they want to check your credit so the lender can assess the risk of lending to that person. But, you have to provide SS#, Driver’s License #, checking account number to verify your identity and have a credit check done.
Am I just asking for identity theft to provide all this info? It seems like a legit company. They say the co-founder of E-Loan started up Prosper.
Thoughts?
Re: Anyone use Prosper for private funds? - Posted by Ryan (NC)
Posted by Ryan (NC) on September 14, 2006 at 21:18:23:
I have tested/used prosper and everything is fine, the funding is legit and most of this message is for the other side.
My biggest complaint about the site is that I’m sure most of the investors that are there trying to get better returns don’t know what the heck they are doing … which is kinda like telling a 5 year old to pull the pin on a hand grenade and then walking away. I’ve already seen a lot of loans in the sites HR rating getting burned, if you invest with this company my recommendation is no lower than “c” and only with high yield returns to offset the losses.
The concept is good but they require little or no documentation and are all to willing to allow investors to get burned by the “I swear I’ll pay the money back even though I’ve never paid anyone before” crowd. Just know what you’re getting into, AA, A, B, and possibly some C’s should be fairly safe from what I’ve seen of the system but as with any investment there is always a risk of getting burned.
Best wishes,
Ryan Needler
Re: Anyone use Prosper for private funds? - Posted by Anne
Posted by Anne on September 14, 2006 at 10:19:58:
This is a legit company. Written up the other month in the Wall Street Journal, amongst other publications. They have tons of VC and investor funding. I don’t think you need to be worried about identity theft.
You should be wary of the fees charged (and people who LEND on the site should make sure they understand the risks).
Re: Anyone use Prosper for private funds? - Posted by Mike Tassone
Posted by Mike Tassone on September 14, 2006 at 08:48:54:
It looks like these guys are out of SanFrancisco.
Here’s the web site if anyone is interested.
FYI, I’m not affiliated in any way. I’m trying to see if they are legit.
Thanks.
Re: Anyone use Prosper for private funds? - Posted by ChrisX
Posted by ChrisX on September 13, 2006 at 20:11:30:
“Prosper” rings a bell, I believe there are posts about that company, if it’s in Utah, on the “ripoff report” online.
You have to check carefully there because you’ll see a lot of name changes for the companies related to real estate investing and financing in Utah.
You could call to get the name of the company, the physical address and the owner’s names to run a check for reports online before deciding whether to give personal financial information.
ChrisX
Re: Anyone use Prosper for private funds? - Posted by WAREIA
Posted by WAREIA on September 14, 2006 at 22:26:04:
It sounds to me that we are talking about two different organizations. Good Luck.