So an update on www.prosper.com. I have been reading more about this unique financial experiment and spent quite sometime reading their lender and borrower forums. From what I understand most of the borrowers have bad credit and also there are some borrowers, who get cash and never pay back the money. This fact has led to some lenders being very picky about who they lend to.
Some lenders even have a "wall of shame" where they track borrowers who have no paid back their loans. There are arguments that prosper.com will fail because pretty soon the website will be taken over by people with bad credit who don't want to use payday loan lenders. This will inturn lead to more loans that are unpaid and eventually the lenders will run.
So, i guess only time will tell - let's see where this goes.
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