So, I have been using Prosper.com for a few months now, and I just wanted to report on my experience.
I graduated from university in December, and just got a job a few weeks ago, so finances have been tight, to say the least. I decided to invest $100 in October, and then I added $50 in January. So, I am funding three loans. The way I see it, Prosper is a way for borrowers whose credit scores are an unfair reflection to have another chance. So, I have tried to find borrowers who were cosigners with a poor credit risk, for example, and have had their own score unfairly hurt.
All of my borrowers are D grade or lower, so I am definitely taking some risks. So far, all three of my borrowers are current in repaying their loans, and have been right on time every month.
This success has made me think more about the other possibilities on Prosper.com. I am a member of the Church of Jesus Christ of Latter-Day Saints, and our church teaches a lot about the importance of wisely managing finances.
I think that Prosper.com can be used as an important tool to escaping financial mistakes, and regaining good credit. I recently created a group on Prosper.com called "Stormin' Mormons" in an attempt to show people how to use Prosper.com responsibly, and to create a community of LDS borrowers who are committed not only for selfish reasons, but because of spiritual reasons.
All borrowers in my group must follow the entire program of the Church's "Peace in Your Hearts" system of financial management from a gospel perspective, and commit to continue to pay tithing and use their loans only for debt consolidation and necessities.
For more information, check out my group page at