The Prosper forums can turn into an echo chamber with some very angry folks returning to the same arguments again and again. I want to add a difference perspective on the forum wars from one of my favorite forum posters, rgf.
Just another whining poster that thinks because they weren't successful, no one can be, and the reason they weren't successful was prosper's fault, and not their own. And thinks they can run the business better than Prosper.
Then, like a bunch of the other whiners here, many posting above, they think their mission now is to warn everyone else not to be a lender here. They all have that same arrogant way of thinking; basically, "I'm REAL smart, and if can't succeed here, it's impossible! And it's not my fault, it's prosper's fault. So no one else should try, if I can't do it, it can't be done." Such arrogance.
Unfortunately, that's what these forums have become. Whining ex-lenders that weren't successful, who I assume will stay here ranting their vitriol until they're able to withraw their last dollar.
Unfortunately, successful lenders don't seem to come here, perhaps because they don't feel the need or feel it's not in their best interest to help others.
Well, I started out slow, like anyone should when venturing their capital into a new endeavor. I tried as hard as I could to make intelligent decisions, and not to underestimate how difficult it may be to make this work. Now, after doing this over a year, and 44 loans, I have zero defaults, and zero delinquencies. I don't have a huge amount invested (around $2k) but there is no way I was going to dump a bunch of cash here until I'm sure this can work. I'm still not convinced, if I'm still around 10% after 2.5-3 years I'll be confident. Not 100% convinced, but confident. I admit I have the advantage of being an real life lender at a bank, so I do this for a living.
But I'm earning 12%. It is possible, I think. It just didn't turn out to be easy.