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The Irony of “Proper”.com

June 6, 2011

 

prosper.com is a peer to peer lending site. desperate individuals can create an account and receive funds from individuals willing to lend. Prosper assigns a credit rating and asks the individual to describe why they need the cash, and thats the interesting part. All borrowers are in some sort of situation involving massive debt, low income, and no way out. When you have income of $2500 a month and 10-15k in debt at 20-35% YOU ARE SCREWED. Proper’ing, no.

To wit:

Purpose of loan:
This loan will be used to consolidating outstanding medical (~$10k) and credit card (~$15k @ 15.99%) bills. My oldest son had an unexpected surgery which was unexpected and more expensive than my insurance estimated.

My financial situation:
I am a good candidate for this loan because my company is stable and growing and my wife’s daycare business has been very good during these tough economic times.

Additionally about 4yrs the investors of Prosper were kind enough to provide for me and that loan was paid off within 9 months. It is my intent to have this loan paid off within 2 years.

Thank-you for your consideration in funding this loan.”

 

Purpose of loan:
This loan will be used to pay off 3 high interest credit cards so they can be closed. All 3 cards have interest rates of 29 – 35%.

My financial situation:
I am a good candidate for this loan as I have a wonderful job with great job security.
The monthly payment due for this loan will be less than the current payment for the 3 cards which is $330.00 a month.

Monthly net income: $2700.00
Monthly expenses: $2100.00
Housing: $1050.00
Insurance: $85.00
Car expenses: $220.00
Utilities: $100.00
Phone, cable, internet: $145.00
Food, entertainment: $200.00
Clothing, household expenses: $200.00
Credit cards and other loans: $ 100.00 minimum due”

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