prosper. com
#1
09-06-2008 | 03:57 PM
Thread Starter
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Senior Member
Joined: Mar 2006
Posts: 530
From: cleveland, ohio
prosper. com
does anybody have any experience with using prosper.com I a few grand sitting in a savings account making nearly no money and was looking at how much I could be making if I was to lend it out on prosper. Some of these people are willing to pay some pretty damn high interest rates, granted i would check the credit scores and whatnot. What do you guys think about what they have going on?
#2
09-07-2008 | 08:28 AM
Wowbagger hates me too!
Joined: Nov 2005
Posts: 9,865
From: Magrathea/California
if it looks too good it is. You assume ALL the risk of a lender without any of the rights. STAY FAR AWAY. What you get to do is **** people who need help without a UFIA, but you get to stuff a UFIA in their basket anyway.
If you want to turn your liquid savings into income, then put it in a money market or ING Orange Savings account. You could also take this opportunity to butter that cash across some other investments like maybe a few shares of Spider (Spider is an index fund of the S&P 500), some blue chips, and a little Money Market account. If you have ANY debt which charges you interest but doesn't charge you for early payoff then channel all you can into those debts as reducing 19% interest on 1000 bucks to 0% on 0 bucks saves you big and is just like paying yourself that 19% for as long as you were gonig to hold those balances. It also helps your credit score which can position you for a better rate on your next refi or mortgage.
If you want to turn your liquid savings into income, then put it in a money market or ING Orange Savings account. You could also take this opportunity to butter that cash across some other investments like maybe a few shares of Spider (Spider is an index fund of the S&P 500), some blue chips, and a little Money Market account. If you have ANY debt which charges you interest but doesn't charge you for early payoff then channel all you can into those debts as reducing 19% interest on 1000 bucks to 0% on 0 bucks saves you big and is just like paying yourself that 19% for as long as you were gonig to hold those balances. It also helps your credit score which can position you for a better rate on your next refi or mortgage.
#3
09-07-2008 | 08:59 AM
Thread Starter
|
Senior Member
Joined: Mar 2006
Posts: 530
From: cleveland, ohio
if it looks too good it is. You assume ALL the risk of a lender without any of the rights. STAY FAR AWAY. What you get to do is **** people who need help without a UFIA, but you get to stuff a UFIA in their basket anyway.
If you want to turn your liquid savings into income, then put it in a money market or ING Orange Savings account. You could also take this opportunity to butter that cash across some other investments like maybe a few shares of Spider (Spider is an index fund of the S&P 500), some blue chips, and a little Money Market account. If you have ANY debt which charges you interest but doesn't charge you for early payoff then channel all you can into those debts as reducing 19% interest on 1000 bucks to 0% on 0 bucks saves you big and is just like paying yourself that 19% for as long as you were gonig to hold those balances. It also helps your credit score which can position you for a better rate on your next refi or mortgage.
If you want to turn your liquid savings into income, then put it in a money market or ING Orange Savings account. You could also take this opportunity to butter that cash across some other investments like maybe a few shares of Spider (Spider is an index fund of the S&P 500), some blue chips, and a little Money Market account. If you have ANY debt which charges you interest but doesn't charge you for early payoff then channel all you can into those debts as reducing 19% interest on 1000 bucks to 0% on 0 bucks saves you big and is just like paying yourself that 19% for as long as you were gonig to hold those balances. It also helps your credit score which can position you for a better rate on your next refi or mortgage.
#5
09-07-2008 | 02:19 PM
Wowbagger hates me too!
Joined: Nov 2005
Posts: 9,865
From: Magrathea/California
the orange account is great. twice the national average.
consider all your investments as CD's of some sort. they all have a time period that they're intended to yield the most return in. Your liquid savings needs to stay liquid but it also would be nice to earn interest... don't lose sight of that need to be able to suddenly use your savings. That's what it's there for. ING savings accounts for what it's worth are about the best thing you can do with short term savings. Even CD's don't usually earn as much as ING pays on deposits and you can access your money at your whim.
consider all your investments as CD's of some sort. they all have a time period that they're intended to yield the most return in. Your liquid savings needs to stay liquid but it also would be nice to earn interest... don't lose sight of that need to be able to suddenly use your savings. That's what it's there for. ING savings accounts for what it's worth are about the best thing you can do with short term savings. Even CD's don't usually earn as much as ING pays on deposits and you can access your money at your whim.
#6
09-07-2008 | 04:13 PM
Thread Starter
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Senior Member
Joined: Mar 2006
Posts: 530
From: cleveland, ohio
yea I checked the ing deal out. it does look reall good nearly 4%. I imagine i can just do a funds transfer from my checking account into an ING account and let it sit for a while, and then if i need to get at it ill be able to transfer the money right back. Thanks.
