No I’m not dead — just busy with some new toys 
Anyway, It has been a few weeks since I heard about Prosper.com. Prosper is an online community for person to person lending. Individuals borrow money from other individuals on a secure P2P loan marketplace.
This idea seems cool but of course there is the obvious question — what if the borrowers don’t pay you back?
Looking on the FAQ I found these answers
What happens if a borrower misses a payment?
Borrowers who miss payments on Prosper face the same consequences as they would if they miss payments with any form of bank credit, including the reporting of late payments to the credit bureaus.
Will delinquency be reported?
In addition, delinquencies are also reported to our creidt reporting partner, so bad performance will affect a borrower’s credit score negatively.
It seems like people who can’t/won’t make payments will be punished with negative marks in their credit reports. Regardless there is still a huge risk factor — as with most investments. If this service was open to Canadians I would try it, this would be a great asset (if its not a total scam:) )
