Hi, what are you looking for?

Prosper Blog

Why I Love Being a Prosper.com Lender

Why I Love Being a Prosper.com Lender? I come from a background in international development and I’m a huge fan of empowering entrepreneurs.

Why I Love Being a Prosper.com Lender? I come from a background in international development and I’m a huge fan of Muhammad Yunus /Grameen Bank and the concept of micro-loans and empowering entrepreneurs. I was so excited when Prosper started because it’s the first large-scale micro-loan concept I’ve seen in the US. I believe that micro-loans and the social community around borrowers will make them responsible, low-risk investments. So far, my borrowers have not disappointed me. (Disclosure: I’ve got $200.00 spread across 4 loans.)

Growing up Korean-American, I saw how pooling community finances made a real difference in helping new immigrants get start up capital to buy their own businesses and live out the American dream.  How can immigrants with zero credit history get a bank loan? They can’t. By drawing on their cultural bonds, and loaning one another money, it was possible to avoid banks and their credit risk models that aren’t willing to take a bet on a man because they like the cut of their jib.

Prosper.com Lender

Why I Love Being a Prosper.com Lender? Being a bit of an iconoclast, I love the idea that Prosper lies just outside of traditional banking and circumvents some of the hide-bound thinking of regular banks. I’m willing to take a risk on a person at 19% APR when their local bank isn’t. Heck, so are another 100 people and that’s how a borrower can get a real loan.

I wish Prosper had been around 5 years ago. I could have really used it. I walked into my credit union with my high-interest rate credit cards (19% and 20+%), filled out a loan application and literally cried tears of joy when they said they could give me a 5-year installment loan at 15% APR. It was a godsend for me, but I wonder if Prosper.com existed back then, whether or not I could have done better in the open market. Who can say, but I do know that my situation was like that of many loan listings out there to consolidate credit cards. Getting a loan when you think a bank won’t make one can make all the difference in a person’s psyche.

Why I Love Being a Prosper.com Lender? I love it when loan listings have budgets and monthly cash flow statements. Listings like that show me that people really care about getting their financial house in order. That’s so exciting. I love sharing in people’s financial dreams of owning a home, a business, going to college, etc. It makes me feel a little like a philanthropist, but with tangible, re-investable returns. And who doesn’t like that?

Mapgirl writes daily on her financial goals at Mapgirl’s Fiscal Challenge.

Read more

Join our mailing list

Blog Opt-In (General)

Latest

Investor Center

Today we are sharing performance data from the Prosper Portfolio for December 2021. Highlights from the report include: Performance Update In December, approximately 60%...

Prosper Blog

We’re excited to announce the launch of the Prosper® Card!  Now you can take control of your finances with access to affordable rates and...

Graphic showing dropping interest rates and mortgage rates Graphic showing dropping interest rates and mortgage rates

Financial Literacy

Best Ways to Use Low Interest Rates  Now is a great time to borrow money.  To continue to aid in the economic recovery from...

Person learning about financial management Person learning about financial management

Best Practices

Most people can’t help but let their emotions affect their financial management decisions, even if it’s subconscious. We learn many of our attitudes about...

Company News

We’re excited to announce the Prosper: Personal Loans App to improve borrower experience! Now you can explore new loan options or manage your existing...

Performance Updates

Today we are sharing performance data from the Prosper Portfolio for November 2021. Highlights from the report include: Performance Update • In November, approximately...

You May Also Like

Credit Management

Unemployed and looking for ways to borrow money? We’ll reveal what options you have when it comes to accessing emergency loans with no job.

Best Practices

Even before COVID, expensive healthcare costs had many Americans wondering what happens if you don’t pay medical bills. If you’re struggling with medical bill...

Finance for Homeowners

Taking out a HELOC to pay off your mortgage is a common practice among many homeowners today. Read more to find out the pros...

Financial Literacy

With the right interest rate and terms, a personal loan from a trusted lender can provide an avenue for getting out of debt, funding...