Second Proper loan goes South

More than a year ago I began making micro loans via the peer to peer lending site, Prosper.com. I'm still in the black and much better than my 401K and other investments.

The above loan was my second one to default and result in a charge off (of $ 50.) This one was a complete surprise as the borrower had no delinquents in the previous 7 years, had a credit grade of "A" and had a stated income of over $ 100,000. In the case of this particular loan, the borrower did not make one payment! Oh well, live and learn.

My Prosper.com stats are here.

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