So I have been looking over the listings. Some of them look more like they are asking for charity than for a loan. I read one today where a woman sounded like she was in desperate times and I couldn't see how she would ever pay the loan back. It didn't even sound like she had any intentions of paying the loan back. She probably won't get funded.
I think I'm going to go lower risk this time. I've looked at a couple loans that would fit what I'm looking for today. I'll pick one this afternoon and make my bid. I'll probably fund another one later this week.
I have money earmarked to be used for Prosper. $100 a month. That's $50 put toward two loans. My goal is to get to where I have money coming back to me just about every day of the month. That will be pretty cool.
I'm also going to put the money that I get back, right back into loans so that it acts like compound interest. It should add up after a while. I plan on doing this for 36 months and then seeing if I want to continue from there. I may move on to putting my $100 a month somewhere else or I may continue to fund Prosper loans.
If it works out for me, then I'll probably keep going because it's a way to help people who can't get help (or as good of an interest rate) at traditional places.
I have been thinking about starting my own Prosper group. I'll explain that tomorrow.