Ok so Prosper.com is at it again. From my previous blogs you can see I really have a place in my heart for this place and I want it to survive. There are some things that even I cannot deal with. Recently Prosper.com decided that people are now able to post for a second loan. Yes a second loan...heres the scary part the restrictions are at best a set up for failure. The first loan must be at least 6 months old and no more than two payments can be late during that 6 month period.. KO alarms just started going off. Allowing for two lates in only a six month period my credit card company waits for something like that to happen so they can jack up the rates. Heres the second issue the lenders on the first loan had originally agreed to lend the money on the terms that the borrower would not be able to post for another loan until the 1st loan was paid in full. Prosper has re written history and is now allowing this and many lenders have now asked Prosper.com in a open letter on the Prosper forums to completely buy them out and some are even willing to sell cheap just to get out.
Ok so say we get by this and continue lending prosper has blocked all history of other listings to lenders that were not in on the original listing. This proves almost impossible for anyone to do research. Also Prosper no longer give contact information to group leaders who used to able to keep other lenders aware of what was going on with the loan in their group. I still have my funds on the way in and will post blogs about each successful listing that I fund.
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