Comments on: Yes, Peer-to-Peer Lending is Risky, But Not Cursed http://www.beatingbroke.com/yes-peer-to-peer-lending-is-risky-but-not-cursed/ The Borrower is SLAVE to the Lender Fri, 30 Jul 2010 18:38:52 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: B.B. http://www.beatingbroke.com/yes-peer-to-peer-lending-is-risky-but-not-cursed/comment-page-1/#comment-292 B.B. Wed, 20 Jan 2010 03:46:06 +0000 http://www.beatingbroke.com/?p=214#comment-292 For sure, Jim. I don't think I would know nearly as much about it as I do if it hadn't been for dabbling in Prosper before they went through their quiet period. Now, North Dakota is locked out just like Maryland and it's mostly useless to me. I did transfer my cash out of Prosper and I'm going to use some of it over at LendingClub's secondary market. That's still open to all residents. But, in comparison to the rest of my portfolio, the money we're talking about here is less than 2%, so if it all goes away, it's not a big deal. It is very risky and dangerous if you don't think you need to do your research though. I agree with you on that. For sure, Jim. I don’t think I would know nearly as much about it as I do if it hadn’t been for dabbling in Prosper before they went through their quiet period. Now, North Dakota is locked out just like Maryland and it’s mostly useless to me. I did transfer my cash out of Prosper and I’m going to use some of it over at LendingClub’s secondary market. That’s still open to all residents. But, in comparison to the rest of my portfolio, the money we’re talking about here is less than 2%, so if it all goes away, it’s not a big deal.

It is very risky and dangerous if you don’t think you need to do your research though. I agree with you on that.

]]> By: jim http://www.beatingbroke.com/yes-peer-to-peer-lending-is-risky-but-not-cursed/comment-page-1/#comment-291 jim Wed, 20 Jan 2010 02:36:20 +0000 http://www.beatingbroke.com/?p=214#comment-291 Part of the reason for my ignorance is because I can't invest in peer to peer lending (Prosper or LC) because I'm a Maryland resident. That being said, even if I could, I'd probably only dip my toe in with a few dollars here or there just to play with the system. Ultimately though, the Big Money article has shown that a lot of people don't know as much as they think they do about p2p lending. It's dangerous when you think you know what you're doing but you're not. :) Part of the reason for my ignorance is because I can’t invest in peer to peer lending (Prosper or LC) because I’m a Maryland resident. That being said, even if I could, I’d probably only dip my toe in with a few dollars here or there just to play with the system.

Ultimately though, the Big Money article has shown that a lot of people don’t know as much as they think they do about p2p lending. It’s dangerous when you think you know what you’re doing but you’re not. :)

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