has anyone used prosper loans and if yes your opinion ?

I have been a lender on Prosper and have found it to be a very good solution. In most cases the folks paid me back or were late and eventually paid me back. I think we had a 22% interest rate (max) on that loan because of the State. I put $100 into it and others put in $900 and we thought they were going to default.

All in all Prosper is a good solution and there is some risk from the debtor and the lender. Prosper lenders usually want additional information and there are even private sites where groups store provided information. They can ask for this because it is like getting a loan from a friend. Prosper is registering to be able to sell loan-backed securities and hasn’t been taking new loans.

Those private lending sites do have some downsides since they are not (yet) largely regulated. One of the creditors had a debtor that did not pay them back. He went to their business and bought a lot of stuff, got his payment when they were expecting a “large bonus” check from work, and then returned everything unopened 89 days later. Another took the person to court; had them served at work and showed up at their work to collect the judgement and then filed a garnishment. When they quit their job he found out from their MySpace where they went to work and filed the garnishment there. Eventually they paid it off so that he would leave them alone.