Looking for Prosper.com group members

[Guest guest]

Looking to start a lending group, with fellow

devotees, on Prosper.com. I first read about

this in a magazine, and the website is sort of

like an Ebay or Napster for private lending.

I'm still learning about it and would like to

get some devotees together to start a group,

for mutual benefit. You can lend as little

as $50 I think, but there's no guarantee of

being paid back since it's unsecured lending.

 

Although it provides a means of "helping" other

devotees who may have trouble getting loans

any other way, it can't really be called Seva

because there's money to be gained from it.

But, it does provide an added layer of

security to those lending if someone or

people can at least vouch for the character

of the one making a listing for a loan.

Also, not all requests for loans are actual "needs"

but may be simple desires to be fulfilled.

 

The guy in the magazine article tended to loan

small amounts and admits many of his loans pay

up to 30 days late, which confuses me, because

I thought the FAQ says it takes it out of your

bank account.

 

Anyways, it can help devotees get the money

they need, and help build their credit, while

providing a little extra income for others.

 

Although I'm initiating this request to start

a group of devotees, with no official mentioning

of Amma in the group's name, I'm completely open

to someone with more of a financial background

in leading the group on Prosper.com

 

Anyone remotely interested please send me

an email and I'll start a list. Like I said

I'm still learning about it myself.

 

http://www.prosper.com

tom

[Guest guest]

>From what I've learned so far, it's quite a legit operation, this

Prosper.com. I'll try to start a group of devotees later on, but

will try the site for myself first. The discussion boards on their

website tell alot of people's experiences.

 

I first learned about it in the current issue of Esquire Oct '06, the

one with Brad Pitt on the cover. The article's in the later portion

in their list of 100 (somethings). The article is incorrect when is

says that a person gets their money right away if the loan is

matched. There's all the usual faxing of signed papers and of

copies of driver's licenses and recent paystubs, etc. The author

makes a point that he loans mostly to the High Risk rated people,

making almost 20% on the loans, although I think he says about 10 of

his loans are often late. I'm not a normal Esquire reader, but my

airline miles from 10 years ago were expiring and I took their offer

of free mags.

 

It's definitely a way to save money in a different way, and help

others out in the process. It's a slightly different service than

outright charity, as no one's going to bid on a loan unless the

risk/return scenario seems acceptable. But, I've met quite a few

yogi-bums among Amma devotees, and I don't mean things like bumming a

ride so I'm not naive about those requesting loans. It's also a way

to "put your money where your mouth is". If someone like Themba

needed this kind of service in getting a loan for a need or desire,

and/or wanted to improve their credit, using something like

Prosper.com as a middle man would be very convenient.

 

The site has different ways of verifying identities and avoiding

fraud. For example, if your listing (request) has too many

unverifiable claims about your income, etc. they'll reject it. Some

groups require you to post your photo and your 'story' to join them.

 

tom

 

 

 

Ammachi, "Tom" <tomgull wrote:

>

> Looking to start a lending group, with fellow

> devotees, on Prosper.com.

 

(snipped)