I have a confession to make. I live and work in New York City, but unless I get a major upgrade in pay, I don’t ever expect to own a home here. Why? Home prices are crazy here, but even worse than that, I think that 30 year mortgages are for suckers, and that’s the only way that I could ever be able to afford mortgage payments. Before you get all upset with me for talking down to you about your own mortgage situation, hear me out. […]
With banks paying virtually nothing in interest on small accounts, I turned to Prosper.com last year to possibly increase my rate of return. It’s time to see how the initial loans that I made are doing one full year later.
Out of 11 loans, 5 are just about one year old. In the interest of fairness, we will look at just those five. I loaned $25 to each of the 5 borrowers for a total of $125, with an unweighted average interest rate of 9.12%. I have received a total of $48.48 in principal and interest from these loans. Instead of writing this all down, why not review it all in chart form? […]