Book Review: "The Complete Guide to Prosper.com," by Sean Bauer
by
Scott Bilker |
Here is a book that’s a long time coming.
Prosper.com is a website that
facilitates connecting people that want to lend money with people that want
to borrow money. It can be great for those who want to get better returns than
their money markets are paying as well as borrowers who cannot get a good
interest rate from their credit cards or their bank.
Prosper.com is changing the face of lending every day and will be a financial
force as people discover they can cut out the middleman and make more money on
their savings or pay less in interest. But here’s the problem: just because you
want to borrow money doesn’t mean there are people out there that want to lend
it.
Also, just because you have money to lend doesn’t mean that you’re going to
bid on a profitable borrower. Potential borrowers and investors need good,
timely information that will walk them through understanding this fantastic, and
sometimes complex, process. That’s where Sean Bauer comes in.
Sean Bauer is a borrower, lender, and group leader on Prosper.com. He is also
a member of the American Finance Association and former winner of the Finance &
Credit Competition in Ohio. Sean has personally borrowed over $25,000 using the
Prosper.com marketplace. Using his book, you should be able to duplicate his
success.
The first thing I like about Sean’s book right off the bat is that it’s a
true manual. He covers plenty of details, and I’m very detail oriented. I want to
be able to look everything up and get answers to my questions. The table of
contents breaks everything down into logical sections.
The book is packed with great, specific advice. For example, Sean explains
that borrowers need to explain why they need the money in the borrower listings,
“What will you do with this loan?” Bauer’s tip, “Be detailed, ‘I will place
$2,000 of this loan toward the credit card debt that I have and the other $1,000
would help to pay off my car, making me virtually debt free!”
Sean also goes over the step-by-step process for
borrowers and lenders as well as group leaders. The bottom line is that this book
lives up to its title as,
The Complete Guide to Propser.com.
You would be well-advised to read this
before getting involved. And, if you are involved, then this book will help make
you more prosperous.
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