A Penny Saved

I’ve been a member of Prosper for quite some time.  I was actually a beta tester for the site.  I’ve put up a few borrowing listings since which haven’t been funded.  A mix of poor credit at the time and inexperience.

But now, I’ve deposited a little money into my Prosper account and won my first bid for $50.  It’s a little exciting.  There is some element of character judgement that is involved.  Especially if you plan on lending to the higher risk crowd as I most likely will do.  I’m not that afraid of the high risk people, because as I’ve stated, I still qualify as moderate risk and was high risk and of course the interest rates are a little better in the high risk area than in the low risk area.  Ok, a lot better.  That and I honestly believe that some of them are good intentioned people who need a break.

Take for instance the loan I bid on.  A contruction worker who needs to buy a used truck so that he can have reliable transportation to and from work.  The reliable transportation also will allow him to pick up some extra hours that he was unable to before because of his carpool situation.  I’m all about being an enabler for him to gain extra income potential.  If he does, the chances of him paying his loan off(maybe even early) are greater.

And frankly, that’s what Prosper is all about.  Second chances and eliminating the hard analysis of financial institutions.

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