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Happy About People-To-People Lending With Prosper.com - 241 Views
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Happy About People-To-People Lending With Prosper.com Description
PrefaceThis book provides a roadmap for lenders who want to help out other people by lending them money through the Prosper marketplace. By using the conservative investment approach outlined in this book, lenders can better manage the risks associated with lending money to friends they have never met. Chapter 1 -- Introduction This book is written for investors and lenders who do not have a background in consumer finance, yet who wish to participate in this new form of interpersonal finance. A premise of the book is that many people will want to engage in passive lending, where they automate the process of finding and bidding on listings. People can also choose to automate the process of finding appropriate listings to review and then bidding on them manually if they wish. Chapter 2 -- Getting Started To become a lender on Prosper, you first have to register with Prosper, have your bank account verified, and then transfer money to your Prosper account. It’s also important to realize that lending money to consumers is risky. As a result, there are a variety of safety precautions to be taken to manage this risk. Chapter 3 -- Basic Lending With Standing Orders Standing orders are instructions to Prosper’s computer for finding and bidding on borrowers’ listings that meet your search criteria. By using standing orders, you can run a highly-automated virtual business that works whether or not you are signed in to your Prosper account. But standing orders have to be designed correctly or you could be bidding on listings that have a high likelihood of becoming delinquent and then defaulting. Chapter 4 -- Working With Groups Groups are the foundation for Prosper because they represent communities of borrowers and lenders with shared interests. Groups also let group leaders create “virtual credit unions” of borrowers and lenders in cyberspace. This chapter describes what groups are and how lenders can work effectively with groups and group leaders. Group affiliation can be included in advanced searches and standing orders when searching for appropriate listings to bid on. Chapter 5 -- Using Multiple Standing Orders A set of standing orders can work in concert to implement a lending strategy. This chapter describes the various factors to consider when developing such a system. The chapter concludes with recommendations for when to use various types of standing orders. Chapter 6 -- Dealing With Late Payments and Defaulted Loans Delinquencies and defaults are a cost of doing business on Prosper because loans are made to consumers. But delinquencies and defaults are mostly an emotional issue to the lenders because Prosper outsources the collections process to collections agencies. Chapter 7 -- Exiting the Lending Business The time to start thinking about how to exit the lending business is before you start lending in the first place. Amortized loans pay interest and principal every month, but you have to wait until the loan is paid in full before you can get all of your principal back. If you need to get out early, you may be out of luck and you need to factor that possibility into your financial planning. Appendix A -- Additional Aspects of people-to-People Lending People-to-people lending sites can be used for social lending and for managing private loans. There is also a list of URLs for the resources mentioned in this book. |
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