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View Full Version : Please - Help Endorse My Listing


ABurlison
12-28-2007, 04:23 PM
Hi,

I've applied for a loan on Prosper, and your endorsement will help me get it funded. Giving an endorsement is free and will only take a minute.

You can help even more by bidding as little as $50 on my listing. If you sign up as a lender and bid on my loan, you'll earn a $25 sign-up bonus.

Thanks,
Andy

Steve
12-29-2007, 11:58 AM
Quote[/b] ]http://www.prosper.com/lend/listing.aspx?listingID=258969

I couldn't click on the link without my browser freezing! Was it just me or did anyone else have that problem?

realhuntin
12-29-2007, 01:17 PM
funny you say that steve my norton freaked out when i clicked it.

ABurlison
12-29-2007, 04:15 PM
Weird, I could email it to you, it suppost to be directed to a specific email, so that may be why this happened. If you give me your email, I will send you the specific link directed to you.

Steve
12-29-2007, 04:50 PM
Email me here. (slow@gophersoftware.com)

ABurlison
01-01-2008, 04:55 AM
Can't you just pretend to be my long time friend, and give a little story about how reliable and trushworthy I am? LOL

Steve
01-04-2008, 06:12 PM
Andy,

Any updates on this? Were you able to raise any money? What's your view of using this site so far?

ABurlison
01-04-2008, 07:17 PM
Yes, I was able to get my loan 100% funded:

http://www.prosper.com/lend/listing.aspx?listingID=258969

I think this site is great when people need money or want to earn a higher rate than a bank. I don't have good credit so my rate was alot higher than I wanted, but I always get a large tax refund, so I'll pay this loan off quick. If I had went to a bank they would have laughed at me. But if you look at some of the listings, you can see, people with good credit can get great rates, even for a car or for whatever reason. The only thing I dis-like about this site is all loans are 3 year term, so if you were to borrow 25k or something higher like that, you would have very large payments.

You should all check it out, it might be worth something.

ANDY

Steve
01-04-2008, 08:28 PM
WOW This is awesome! Ok so give us the low down, how do you pay this back?

How does this compare to say, taking a cash advance from a credit card? What the difference in the % rate?

Also who picked that interest rate? Did you? Or how does that work?

Steve
01-04-2008, 08:31 PM
Also I checked out your listings and it seems like you tried this a couple of times with different figures.

Did you find that asking for less money was an easier way to get the money you were looking for?

http://www.prosper.com/lend/listing.aspx?listingID=258969

ABurlison
01-05-2008, 07:26 AM
yeah, I figured I shouldn't ask for more than I really need, so I lowered the amount to have a better chance. The interest rate was high just based on my credit, and I could of made it lower but I wanted to make sure I got the loan. Now what happens is I make $56 a month payments to the prosper website and then they divide that up into the persons accounts who bid and gave me the money, for 3 years, unless I pay it off quicker which I'm sure I will.

I couldn't qualify for a credit card this high of a limit, so this was why I used this method. I'm sure as time passes and My credit gets built up again, I'll have a better chance next time should I need a little loan for something.

ABurlison
01-05-2008, 07:32 AM
Now what happens that my loan is 100% funded and I have half a day left, is people want to get great returns on their money, so they start bidding down my interest rate that I'll have to pay, it started at 35% and its down to 30%, so when it ends, I hope to see that % drop even more.

Steve
01-05-2008, 11:44 AM
This is fascinating!

Did you have total control over what you set the interest rate too? Or was there some sort of credit check that this site ran on you to create a baseline interest rate?

ABurlison
01-05-2008, 03:02 PM
Yes, they pulled my credit report, and my score was what determined my credit grade, this place is basically a lender like a bank, they also report my this loan on my credit report.

Steve
01-05-2008, 04:06 PM
Can you choose the length of time you want to repay the loan? Also is there any penalty for early payment?

ABurlison
01-05-2008, 06:47 PM
All loans are fixed at 3 year terms, and yes, there is NO penalty for paying this off early, which is what I will definately do cause 25% is pretty high. But at this point, my loan was for $1250 and my payments are $50/month until I can just pay it off.

Steve
01-05-2008, 07:02 PM
Are these loans on this site just for businesses or are they for anything, cars or whatever you want?

Do you need to put up any collateral?

Also would you ever invest in others in the future? Or is it too risky?

ABurlison
01-05-2008, 07:15 PM
No they have several categories, from business loans to personal and debt consolidation. No collateral is required, just your credit and verification of your information is true and legit, they actually will call my bank to verify I own my bank account and so forth.

And, yes I would invest later on, anytime you lend money there is some risk, but instead of giving 1 person lets say $500, I'd be more apt to give 10 people $50, you know, not put all your eggs in 1 basket. I think someone looking for a decent long term return on their money could do very, very well with this website vs. a traditional savings account or fluctuating stock market. I even see people on the website with AA credit borrow lets say $1,000 at 5% interest to then lend that money to borrowers at higher interest rates %, make sense?

ABurlison
01-05-2008, 07:18 PM
You know, I wouldn't mind getting to know a little more about you, are you in the lawn care business, or were you previously? Are you the one in the gopher haul videos?

Steve
01-05-2008, 08:01 PM
Andy,

That is great stuff. I bet a lot of other lawn care business owners could benefit from this site!

Yea that's me up there in the video. It's been a blast to do. I hope it's been entertaining and educational!