Prosper: Invest

I've been investing with Prosper for over two years, so this is a fair review. As a San Francisco based company, at first glance seems reputable. Prosper is far from it. They hire professional accountants to manipulate data to attract investors and borrowers. You will lose money guarantee either way. Highly unethical. Stay away from Prosper! D-

I have been investing small amount on the Prosper platform since 2019. I was initially excited about it and the potential to be able to make small investments. As I was using the platform, it consistently told me that I was earning around 11% interest on my investments. But as I decided to change some of my strategies, I started withdrawing my money from Prosper to invest in other areas. This is where the wheels fall off. As I started withdrawing money, all of the so-called profit I had made was eaten up in losses to defaulted loans. So after 5 years investing on the platform, I am now currently on track to have a total overall loss instead of any profit. I would highly recommend investing your money somewhere else.

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.

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.

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.

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.

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.

Total waste of time. Given the default rates on this unsecured debt, I’m barely beating 4%. Might as well stuff it in the mattress.

Prosper gives me the tools I need to manage risk to my preference.

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