After reading Frank (The F.S.A) defend Prosper.com against Miserly Bastard over at Yet Another Blog about Money I just had to check this place out for myself. So I created an account (my profile) and joined a group (#1 Goal, Wanna Be Debt Free!).
My desire is to get a small ($2,000 – $5,000) loan that I can use to pay off the remaining back interest on my child support. This will allow the extra money that I send in support each month to actually pay off against the back principle instead of simply paying for debt management. I realize that I will then be paying debt management on the new loan instead of the old, but I still feel this has a few benefits:
- Another positive line on my credit report.
- Help my negotiations with the child support office over things like my drivers license, passport, etc.
- Hopefully, my ex-wife will actually spend some of this large influx of cash to actually buy some things that my daughter needs as well instead of the money simply disappearing into the quagmire that is her finances as it usually does.
Being able to shop for my own interest rate is appealing as I can guarantee that I’ll be able to not only make the payments on-time, but probably have the loan paid off in less than 18-months (all Prosper loans are 36 months).
Still puzzling this one through, but it seems like it’s going to happen.