Prosper, the P2P lending site, has extended their referral program to now end at the end of the year. It was originally scheduled to end September 1, but it obviously did very well. I managed to squeak out a fair response for the program and really can’t find too much to say about it that’s poor.
The payouts are actually pretty generous as well. For each referral, you can get one of two referral fees. If the referral becomes a lender, you get a flat $25. If the referral becomes a borrower, you get 0.5% of their first loan. Of course, they have to become a lender or borrower within a set amount of time. They have to sign up within the 30 day life of the cookie and then must become a lender or borrower within 90 days.
I’ve managed a fairly good response so far this year on this program. What’s even better is that I’ve lent out the money I’ve made with them for an average rate of 22%. It’s a little risky, but I figure it’s worth it to see my money grow at that kind of rate. You’ve just got to be careful when picking the loans to fund.
If you think you’re site visitors will be even slightly interested in Prosper, I suggest giving it a try.
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About Shane Ede
Have you had any defaults on the loans you have made?
Eric: I haven’t had any defaults to date. Keep in mind that I am extremely picky about the higher rate/ higher risk loans and look at about 30 or so before finding one that might work. At some point, as I diversify my portfolio a little, I’ll be adding some lower interest loans that should be a little safer.