I Decided Against Investing into Prosper
I have been thinking about putting money into social lending for a few months now. I was just about to take the plunge when somebody put me onto a very interesting Review of Prosper Loans. The good thing about this review was that it was not promotional in nature and it mentioned many of the drawbacks of investing money into social lending schemes such as Prosper. There were two things that have particularly put me off investing my money into this company:
Firstly, the review stated that in order to make money from this type of investment, one needs to commit a large amount of their time to tracking their investments. Unfortunately, I do not have the time to do this.
The second reason why I am not investing any of my money into Prosper is because I have found out that any earnings that I make from such a scheme are liable for income tax.