Looking to invest in Prosper
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|Loan Status:||Paid||Origination Date:||2007-03-28||EricsCC ROI:||8%|
|Mar 27, 2007||Current|
|Jan 11, 2008||Payoff in progress|
|Jan 16, 2008||Paid|
I am another person who is new to the Prosper.com community and think this is a great opportunity to get a better return on my investment than what the bank is paying.
My goal is to borrow $3500, add $3500 of my seed money, and leave $3500 in the savings account set up for my prosper investments. By leveraging with other people's money (OPM), I can get a better return than if I put up only my own. Worse case scenario, I lose all my seed money and the savings account slowly gets drained to pay back the prosper loan. But I plan to make a slightly conservative mix of $50 loans that I expect will return 12+%. If all goes well, I should be banking a positive sum each month. I plan to continue adding up to $150/month to the prosper account and utilize the compounded interest to keep making new investments in prosper.
As you can see, I've got a great credit score and intend to keep it that way.
In case you are wondering about the revolving credit. $4000 is on a 0% interest furniture loan until 2010, so I'm in no hurry to pay it off.The other $2000 odd dollars is curently at 3.9% on a CitiBank card and should be paid off within 2 months. I used it to pay for our vacation flight. Credit cards offer better protection for travel arrangements than does cash.
Any other questions, feel free to ask.
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