Just a quick update on my experience with this site. So far, all of my borrowers are current on their loans. Each has made at least one payment. Of the $500 I've lent out, I've received back $20.73 in principal and $4.81 in interest. Prosper has collected 15 cents in service charges from me, giving me a net interest total of $4.67. My ROI is holding steady at 17.79%.
The errors I was seeing on their loan detail screen were resolved a week or two ago. Hmm.. I thought I wrote about that, but in checking my previous Prosper posts, it looks like I didn't. The problem was that the Remaining Principal figure shown on one of my loans was wrong. I had lent $200 but the report showed there was over $300 outstanding principal remaining. This was the loan that the borrower had made early payments on, so I figured it was a simple calculation error. I emailed Prosper tech support, sent them a screen shot, and it was fixed very quickly.
It's still taking about a week for payments to get completely credited to my account, but again, that's a function of how the ACH system works and is nothing Prosper has control over. However, they are very good about noting which payments are still in process and which have been completed.
I'm pretty happy with Prosper so far. In another month or so, when I've collected enough to reach their $50 minimum, I'll probably lend again and keep my money in play. It's possible I may deposit some more of my own money to lend, but right now, I have too many possible other investments I'm looking at and I want to keep my options open for a while.