If this looks good, check out our Lending Club review as well!
For those of you who are interested in learning more about Prosper lending or borrowing, there’s a new book available on Amazon.com that was written by Sean Bauer, a successful group leader on Prosper.com who’s well versed with the ins and outs of online lending and borrowing in this environment.
Though I’m not much of a borrower at all, I’m looking to learn more about how to be a lender on these online social lending sites, so when I heard of this book, I thought to alert you about it. Of course, if you’re not into this sort of thing, please feel free to skip the rest of this post 
.
As part of this book’s promotion, anyone who picks up this book today will receive some bonus gifts from various financial sources, though I’ll be straight up and tell you that I’m not as interested in the free gifts as I am on the book itself, but the extras are always icing on the cake. [Some of my own favorite articles that I've written are part of the freebies, but I'm not affiliated with Sean Bauer in any manner and I'm NOT getting paid by him for doing this; I just found out about this promotional event and I'm all for information sharing.]
So to purchase the book, you can click on this “special offer” link. It’s actually available straight from Amazon.com but if you’d like to get the bonus gifts, then do your purchase within the next 24 hours using this link I’ve just provided. You’ll then get an Amazon confirmation email message, which you should forward to this email address: bonusgifts@prosperbook.com. Once your Amazon order confirmation is received, you’ll get email instructions that will let you know how to access the freebies.
Now if you’d rather wait for more reviews of this book, then by all means, take your time to hear what others have to say about it.
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I have heard of Prosper.com (Prosper Lending) and always wondered how the lender was protected from the borrower if the borrower never paid back what they borrowed.
I’m sure this book covers that. Thanks for heads up on the source. I too have contemplated being a lender but was always afraid that I would get robbed by some borrower not paying me back.
Working Dollar,
Unfortunately, there may be borrowers who default on loans which you end up funding. That would be part of the risk of participating in the Prosper or other P2P environment.
As a lender, you’re really just looking to find alternative ways to make your money work for you. Lending is one such way, but like other investments, there’s just no guarantee you’ll protect your money.
Here’s a post on how to address the risk of P2P lending, which I wrote a while ago. Like all other ventures, don’t enter into it blindly.
The jury may still be out on how well P2P lending makes money for its lenders as I hear spotty results from people. As time goes on, I’m sure we’ll get a better idea about potential returns from moneylending via this method.
I’ve done well with Prosper so far and I’m getting into it slowly. I’m still nervous about the risk, but it’s gone pretty good so far.
Prosper is a great alternative to high interest credit cards and gives lenders an opportunity to earn a nice rate of return.