[moneydance] Prosper.com Account Question

[rich]

Fascinating.  Prosper.com.  Just fascinating.

Rich

On Thursday 17 August 2006 07:56, Scott Zahn wrote:
> I set up my prosper.com account as an asset account.  It seemed closer
> to an asset than a bank account when I set it up, probably because I was
> reading an article by Robert Kiyosaki of Rich Dad, Poor Dad fame.  I
> might have to change the account type after I get my first statement,
> but for now it's an asset.  Trying to set it up as an investment account
> just wouldn't work since it's not really an investment in the typical
> sense.  It's more like a wierd capital generating thingy.  I guess
> that's how I describe peer to peer lending.
>
> cheers,
> Scott
>
> P.S.  What are your impressions of it as part of an investment strategy?
> My thoughts so far are that, while there are certainly loans to
> consider, most of them are crap.  After the .5% service fee and income
> taxes, any loan under ~13.5% (possibly higher) won't beat stocks over
> the long term, which then provides a real disincentive for me to invest
> in them.
>
> On Thu, 2006-08-17 at 06:26 -0400, Elana Shenton wrote:
> > Prosper.com is a peer-to-peer lending system and it's new.  I'm trying it
> > out with a VERY small amount of money (as a lender) and was wondering
> > about the best way to track loans with Moneydance.  It's a very
> > interesting concept but it's so new, I'm not sure it's an investment
> > account or something else.  It works a bit like an investment account,
> > but you're investing in people.   They have grades based on their credit
> > score (reminds me of Morningstar) and you make a decision whether or not
> > to invest in all or part of the desired loan.  You can put in as little
> > as $50. You bid on the loan based on interest, so you could bid $50 at
> > 23% on a high risk loan and you'd get 23% back on that loan (as long as
> > it's paid).  Or it can be thought of as a CD with a variable yield and
> > risk you won't get some or all of the money back if the borrower
> > defaults.  As I said, it's interesting. I'm just not sure how to track it
> > in Moneydance.   I do transfer funds from my bank account into my
> > prosper.com account and they have to be available before I can invest in
> > a loan.  Any thoughts?
>
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