From what I have heard, Prosper was a real nightmare. I signed up for lending club in June 2011 ($20k). I am not sure if it really matters, but I take pains to do only 25-50$ notes that I buy in the aftermarket. I look for notes with a rising or flat credit score, a history of payments on the note, and I check each note's application to try to weed out fishy stuff like a history of non-payments, or anything to do with starting a business or medical expenses. I am getting 13% on an annual basis. yes, I have had some charge-offs, but not many. I have about 500 notes and I have lost 3-4. honestly at at that rate I am wondering why I bother with stocks.
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