This is my fourth prosper loans review post, if you missed the first one you can check it out here. I started doing these posts to keep track of my peer to peer loan project I started this year. I’m excited to see things moving along smoothly. It also really is cool to track the increase in interest income from month to month and I hope you enjoy watching along to see how it goes. You can check out my latest update from July 2013 here!
In April I purchased 9 different notes for $25 dollars each for a total of $225. Below you can see a screen capture of the notes I purchased. The percentages ranged from 10.89% to a high of 27.86%. This gives me an average return of 15.05% for all of the notes I purchased in the month of April. I stuck to my criteria when purchasing these loans and I still find it interesting to see the wide array of loan percentages that meet my criteria. Sometimes when I am filtering out loans my search will only return 4 possible matches but then I will have other times that return me with much more.
My total interest earned in the month of April for all notes purchased in 2013 was $6.25. This is a nice jump compared to the $3.70 I earned in March. I also received $10.05 in principal payments. Although this is not interest gained it does help me re-invest a little more.
With earning $6.25 in interest this month I am about 25% of the way to meeting my goal of earning $25 a month in interest from Prosper loans. I am still a little bit behind since we are about 33% of the way through the year, but there is still ample time to make up the difference. If I had a ton of money I could just dump it all in and be there, but that is not why I am doing this. I want to show how someone can build up an interest income with a small amount of money.
This post came a little late since this was a very busy time of year for me and I was extremely focused on school and work. My next prosper loans review update for the month of May will come along much quicker.
Good luck with your own peer to peer lending!
If you would like to sign up with Prosper.com you can use this link I provided. This link is an affiliate link. If you use this link to sign up with Prosper I will receive compensation at no extra cost to you. As always, if you have any questions please contact me. I will also use all income generated from my affiliation with Prosper to reinvest back into my Prosper account. Thank You!
As always, thanks for stopping by.