Become a Lender on Prosper and Make Easy Revenue

I never thought I would want to get into the business of lending revenue but Prosper has changed my mind.  It makes it really easy and almost like investing in stocks.  You sign up for a free account deposit only $50 (minimum lending amount) and you create a portfolio.

The Way it Works

A person who is interested in borrowing revenue creates a listing, like on Ebay, with the amount and the interest % they wish to pay.  Lenders, then bid on the loan with as much revenue as they want.  Once the loan is fully funded by many lenders the loan goes through.

Automatic Portfolios

Fairly simple, and there are some risks, like any investment, but you get to control the amount of risk.  There is an option to create a standard portfolio from low risk to high risk.  It will then automatically bid on loans for you based on your preferences.  I personally chose high risk and set it and forget it.  Of course you can go in and study your borrower’s (highly recommended).  I just want to see how the program will work with an initial $50 and see how far it will go automatically.  The most I will lose is $50.

Get $25 Bucks for Referrals

Prosper is a great way to go if you need to borrow revenue or become a lender.  I personally like the fact that people owe me revenue, instead of owing people revenue for once!  Another great thing I noticed is that if you sign up through someone else you get $25 in your account right off the bat.  

I just got mine from signing up through Living off Dividends.

Click to Sign Up on Prosper

Protecting Your Revenue

The program lets you sign up with a collection agency when you sign up.  This will help to get those payments from people who default on the loan.  You can control your level of risk by lending to only safe borrowers.  People with AA credit ratings, etc.  If you plan to lend a lot of revenue you should take your time and find some safe borrowers.  If you need some advice on how to build a custom portfolio you can check out this post on living off dividends.

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