If you’re looking to diversify your portfolio prosper is a good option. Full disclosure, I consider myself a regular person who tries to invest with his limited knowledge. I am not a banker or financier, just a working professional trying to maximize his money into investments that grow. I saw prosper as an opportunity to do this. Prosper makes it very easy on their app to invest and check your returns. I have been a lender with prosper for at least 5 years now. At one point I was ready to pull my investments from prosper after getting discouraged with some failed repayments by borrowers. While I did withdraw some of my investment, I still kept more than half of my initial capital investment tied into loans. I decided against fully withdrawing and closing my account after realizing it was a safer investment and offered decent but modest returns. If you’re looking for large returns north of 7-8% you’re in the wrong spot. But a return of 4-5% is very possible. You just can’t have all your money tied down in equities. That’s just not safe. And while some prosper investments fizzle when borrowers fail to repay, the vast majority do. I don’t have a huge sum of money invested in prosper but I like the balance it provides me for my portfolio.
For this type of investing, the risk is totally on you. Almost anybody can apply for loan from Prosper. I’ve had borrowers form group A come up late sometimes but if you get greedy wanting a higher return from borrowers in group C, D, E, and HR (High Risk) just know it’s possible they come up late majority of the time and or go into default which ends up as a lost for you. I place higher dollar amounts in AA and A loans. Keep it as minimum as you can for other groups.
Future investor with Prosper... or so I wanted to be. Set up my account. A week ago, roughly. Made a mistake, tried to correct it. Issue was that I fat fingered the account number when I entered it via the account set up. My mistake. The fouled up account information can’t be fixed from my end. I have no way to delete the account, and no way to verify the account. Can’t add a new account, either. Tried to call in, no go. They’re closed when I’m off of work. Write in via email, and immediately got a very unhelpful run around from investor support. First, held up two days for them to get back to work. Then I get emails asking me to verify the existing bank account, and closing the ticket. Apparently the ONLY way to fix this is by mailing in the verification of the fouled up account. Which I can’t do, because I don’t own the account. I ask them to delete the account (so I can set it back up again). Nope, they closed it instead. To set it back up, I have to call in to a company that is closed when I’m off. Apparently, they don’t want my business.
This is super simple. Maybe not the fastest way to invest, but I just check on it once in awhile. Perhaps I would earn more if I put more in, but I’m still fairly new with this. I started with $1000 and only gained a few dollars. But it’s money I wouldn’t have had otherwise, and this is just the start. Would recommend for those who want a low risk, passive investment.
I like this platform, but I don’t like this app. The desktop website is useful and shows the information I want to see, even if I have to navigate more than I would like. I want to see granular information about my investments. Just show me a list of the notes I’m invested in with information like the interest rate, when the next payment is due and how much I’ll get paid, etc, etc, etc, etc. I shouldn’t have to tell you. This is basic stuff
For several years, Prosper has stated that they are going to provide for a means to designate a beneficiary to inherit an existing account. To date, that feature has not been provided. Aside from that deficiency, I believe the platform provides an excellent addition to a diversified investment program.
I love the Home Screen Widget. However, the widget keeps removing itself from the home screen. It’s so annoying. I always have to put the widget back on the home screen then it removes itself again. It keeps repeating. Its an annoying bug/glitch, whats the point of enabling a widget if its bugging out fix it asap. I’m using the iPhone 13 pro max and I’m updated to the latest ios software. I’m using version 1.3.3 of the prosper app.
This company does nothing to get your money that has been defaulted by lenders. If they cared about you, they would do more to not let it go to collections, and even more, they should chase them and get you something in return. This malpractice will only encourage people to get loans they know they won’t have to really pay back - maybe I should do the same since they’re not strict at all. This company makes profit in your losses. Invest in anything else but this company. Feel free to reach to me and I can personally clarify further with receipts.
So cool. You’re basically a Bank. You review applications, and pick the borrowers you want to lend to. Very simple to use. This app is a great way to make money and help people at the same time. Prosper is hands down one of the best investment companies on the market, a hidden gem so to speak. No scams, no bs......just profit. I would rate it 10 stars if I could.
The only people making real money off using this lending app is prosper and the people who default on their loans. Terrible high risk investment. These non-secured loans prosper hands out like candy to anyone so they can charge fees (none of which you get to collect) for being late and charge off if the people default leaving you stuck to take the loss. Oh and have fun waiting years to get your money back after it’s invested since you can’t sell the garbage notes to anyone stupid enough to buy them!
The mobile app is direct, simple, and easy to use. Besides the platform being great, I embrace the ability to diversify my investments away from real estate, stocks, and other equities, and be embedded in credit. A great product to diversify for anyone into investing!
Not bad if you have the patience for a long term investment. I’ve already seen returns and pretty happy. My only gripe is that it takes forever for your deposits to clear unless you set up the deposits ahead of time, but if you’re depositing on a whim it takes a very long time.
Easiest way I’ve ever invested. Simple to use App, easy transfer of funds, auto-invest option is great. I feel like I’m helping people to get funds they need. All around win-win!
I agree with some other comments — the app requires too much bouncing around to find basic info about what the user is invested in, what is still pending funding, the acct’s available balance, etc. Info is hidden behind illogical icons and banners (that often do not look ‘selectable’) and unexpected sub-menus. The app requires too much scrolling and guesswork. It looks pretty but is not user friendly.
Need to be able to change your bank if you have to maybe I lost my card to it or something but luckily it’s connected to my acct I wouldn’t want it to deposit to a old card which wouldn’t but it getting held up is a bummer
Downloaded the app and set everything up. I transferred a small transfer to try -which I’m glad I did. And it’s taken about 5 days to transfer my money to them and about 5 days to send back to my bank. They said after the first transaction it speeds up but that’s not the case. If anything my recent transfer has taken longer than my first.
This app ROCKS! Great service and commission rate! BUT I CANT STAND THE INTERFACE... like I have no idea who’s paying me and what day a payment is due. I accidentally invest in the same notes twice cuz I have no way of telling if it was a note I bought into or not. IT JUST. DOESNT. FEEL. SATASFYING being on the app. I wish it had like a Robinhood feeling to it.
Love the ease and use of the app. The percentage are easily understandable across the platform. Auto invest tool options ensures the platform and the return percentages are on target.
The notes that you’ve already invested in stay up so you need to remember which ones you’ve invested in. And when you want to set the $ amount to invest you have to tap the button a ton. If you wanted to invest 1 $1,000 in a note you’d have to sit there and tap 1000 times.
Prosper is a joke for investing standards of Europe and some American firms.
Horrible customer service that can’t help with anything, Prosper charges way too much with no fund that protects investors at all, they don’t care as long as the volume of loans coming in is sufficient for them, they are inefficient, very slow and default rate is quite high, along all credit ratings mind you. And other investment companies already have a fund and protect investors with zero amount of dollars and euros lost by investors to this day. Prosper needs to get their game together before they go underwater. Also they need better website and app interface before I invest any more money or find an alternative.
This app will have you transfer funds in and then won’t actually make them available to invest. I transferred money in on Friday, it’s still reading as “pending” on end of business Wednesday despite the transaction having been completed and confirmed by my bank institution. DO NOT USE.
The app is beautiful, but the investment functionality is buried. Initially I thought it was just an account review and I’d still have to go online to invest. I’d love to be able to invest from the opening page!
Over the years the Prosper UI has been utterly rubbish across all platforms, today you can’t confirm withdrawals in the iOS app, you enter the amount but then it doesn’t do anything. Had to do it via the site. It’s like they never use their own products.
Tested this with $500 to see the experience: 1) negative return after 2 years 2) money is tied up for years 3) they make you call their support to change your bank account. A very simple change that should be easy to do within the app.
There shouldn’t be a ton of hoops to jump through to check what you currently have and how they are doing. Also, there needs to be a more simple way to get to the notes to manually trade.
Do NOT go with this company. They wanted me to send SS card and ID over email. ID is one thing, but sending social security documents over an unsecure email server? Thats not just daft, thats recklessly irresponsible and lacking in any sort of forethought. If my bank has a secure portal to collect personal information, why doesn't this supposedly ‘professional’ company?
Prosper is only good to get a loan and then not pay it back. Way too many charge offs. Waste of time and high risk with your money. There are many other places that offer a safer investment. As my loans time out I’ve been moving all of my funds out of their platform.., you can’t even sell off notes anymore so I’m stuck waiting
Thank you to everyone who works at Prosper, an thank you for the best return I have received from any other Company l. You guys rock 5 stars ⭐️. Mr Davis
I put 200 dollars in and I’m not able to withdraw I wasn’t even able to invest in anything or even see options to. Kept saying try again later it’s on our end. Terrible app doesn’t even work.
You’re better off putting your money into a high interest savings account. The returns here take years, and you’ll end up with 1-2% gains. Absolutely not worth it.
I’m nearing the 5-year mark since starting my Prosper journey, and overall, I would highly recommend the platform. The app interface is clean and intuitive, and the auto-invest feature has made Prosper a very low-maintenance investment vehicle for me over the years. Due the the long-term investment approach, Prosper has in a way become a psychological nest egg building savings account for me. Great alternative investment platform to help diversify your portfolio— especially for anyone who would benefit from having investments that aren’t easy to emotionally buy/sell all the time. I’ve gradually made small increases to the transfers going into the account and reinvest all interest earned… no withdrawals planned until the account reaches a target level in the future. The main things that could use some work: 1) I don’t like feeling like I have to always work between the website and the app since each has different functionality/views. Messages and notifications are on the website only, for example (why?!). 2) The app has a great simple view for showing historical gains… but just for the very moment in time that you are viewing it. They need to improve tracking these gains. It sounds ridiculous, but I literally take periodic screenshots in order to look back and compare what my average monthly gains are over time. Please, please add functionality to view gains/losses by month— or better yet— the ability to filter by specific dates to view the simple gains number for any date range selected. /// These are technical pet peeves coming from years of using Prosper Invest… I really recommend the platform overall. I recommend creating initial funding and portfolio allocation strategies you are comfortable with and sticking to them, only making planned, periodic changes. 🌟
I have only selected AA, A, and B notes and a disproportionate number of these notes get charged off. If I can get at least 10% back I am out. Prosper’s underwriting doesn’t inspire confidence lately. I’d prefer to purchase ETFs.
App is very confusing to use. Tried to use Auto-invest. It never auto-invested. What happened to my money in between the time I initiated the transfer to the time it showed in my account? I got out pretty quickly.
Welcome to Prosper Invest! Our beautiful new mobile experience was designed from the ground up based on feedback from Prosper investors like you. Now you can easily manage your portfolio anytime, anywhere: * Set up, review, and adjust your target portfolio allocations using our Auto Invest tool * Invest manually by browsing and selecting from individual loan listings * Add cash to your Prosper investment account in one-time, weekly or monthly increments * View details on each Note you’ve invested in, at a glance * View your total gain/loss to date * See how your investments have impacted the lives of borrowers across the country * Keep tabs on how your portfolio is performing You must have an active Prosper investor account to use this app. ABOUT PROSPER: Prosper was founded in 2005 as the first peer-to-peer lending marketplace in the United States. Since then, we’ve facilitated more than $20 billion in loans to more than 1,000,000 people. Through Prosper, people can invest in each other in a way that can be financially and socially rewarding. Borrowers apply online for fixed-rate, fixed-term loans between $2,000 and $50,000. Individuals and institutions can invest in the loans and earn solid returns. For more info or to create a new Prosper investor account, please visit http://prosper.com/invest .
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