High risk loans lender

i was wondering if you could actually explain this prosper lending thing? i am not sure how much i have to have to start?

Hi, lpetges, The minimum bid on any loan at Prosper is $50.00. You can choose any credit grade (AA, A, B, C, D, E, HR, or NC). They do not have to be high risk loans. They can be up in the higher grades just as well. Loans made are for three years. So you would be receiving payments for three years. Money you've made has to be withdrawn at a minimum of $25 (I didn't realize this when I first signed up). You choose one of two collection agencies when you bid on a loan, that will pursue the borrower if they reneg on their agreement. It is wise to bid on people who have incentive to pay and care about their credit. I look at not only their credit grade and credit stats but also the attitude that comes through in their writing. I may also ask them a question. If they are open and have a good attitude, there's a good chance I'll bid. If they show some bad attitude, I'll move on. If you have more questions, ask away! You can find a link to join on my blog http://wisdomofabundance.blogspot.com/. There are some pretty great referral commissions ($25 to $125) for those who refer lenders or borrowers, so, please consider it. Also, those who sign up and lend their first $50 get $25 credit for doing so, if done while the referral promotion is on. You could also be referring, too, once you get started. The end of the referral thing is to be August 31, 2007. I found $10 yesterday in a binder that I hadn't used in over a year. If I am very good with the last $100 I have left after bills, and don't use it all for food, maybe doing more rice and stored things, I may be able to make another Prosper loan shortly. It encourages me to think frugally so that I have money to invest! It's quite the entertainment too!