I’ve been putting this off, mostly because one of my loans was going bad, but I waited long enough and now the loan is current again. I have 6 remaining loans left out of the 8 total I made. 1 loan is charged off in ‘recovery’, which is still being paid off, but the borrower is very behind. The last loan was successfully paid off in full, early.
I’ve slowly be withdrawing all my cash there because I cannot make a new loan. I originally put in $275.00 and made about $405.00 in loans. The 1 bad loan was about $37 left on it, so I’m still making a ROI of about 13+%. The little experiment is still a success, but since their quiet period is still going, I’m moving my money back into my checking account and using it to pay off my credit cards. It’s not much, but it’s a nice little snowflake.
I’m seriously thinking about Lending Club once I clear out all my credit cards at the end of the year. It seems appealing and quite a few PF bloggers are doing well with theirs: Dual Income No Kids, Five Cent Nickel, Savingforhome, Sun’s Financial Diary
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What’s this “quiet period” I keep hearing about?
Girl hurry up and move to Lending Club. I have more loans there than at Prosper and the LC ones are doing better anyway.
@ Rob..the quiet period is where they are getting different things filed and no new loans are allowed.
You seem to be doing quite well, but you are not typical, nor is your investment (only loans?). If you are serious about investing in p2p loans, I would strongly suggest Lending Club. It’s the clear winner of the category with best borrower quality and lowest defaults. In only makes sense if you invest in 40+ loans ($1,000 min). If you try less than that, you might as well keep your money in your savings account because a default will impact your return.
I have about ~$275 invested in P2P loans through Prosper and Lending Club. All of my loans are current, so I have no complaints. I’m planning on slowly cashing my loans out to put toward savings…I need to beef up my savings after buying a condo!
I am using Lending Club and have been quite happy with it. I think they also have a $25 sign-up bonus for investors. I got my first month’s payments and everything went through.