Showing posts with label p2p lending. Show all posts
Showing posts with label p2p lending. Show all posts
Tuesday, April 29, 2008
2008 Stimulus Check $600
Well for some the stimulus check is going to buy that new plasma tv or pay down those credit card bills. I have a week or so before mine hits my bank account and have been trying to find a place to put it. I will be investing it somewhere other than Prosper. I have reached a personal milestone on Prosper.com and will stop all additional fund transfers to the online lending platform. I am now receiving over $100 a month from my loans and its become self sufficient as far as funds go. I will still log in weekly to check balances and make new bids with available funds from interest and principle payments. So what to do with my new $600 windfall. I have recently started to pump up my TDAmeritrade for a stock purchase. I have thought about using the $600 to buy a few more shares but with the market the way it is... I have been buying shares of MVIS steadily for the past year. The price has been somewhat of a roller coaster. The company is developing a small pico projector that will be installed in cell phones and will allow beam of light to project whatever is on your cell phone screen to a wall or any other solid surface. This is a good idea for people that have trouble seeing the screen. They make the screens so small these days. The shares run between $2-4 depending on the month. They are a well known company in the military field and offer many other applications for their technology's. I feel they have a great future and will offer a great return on my $600!
Thursday, April 17, 2008
Recent Site update at Prosper.com
Nationwide lending at 36% interest rate capAfter a couple years of turning away Nevadans completely and forcing Pennsylvanians to set their interest rates below 6%, prosper.com is opening up the marketplace to borrowers in almost every state of the union, with a marketplace-wide rate cap of 36%
Minimum instant transfer amount lowered to $50For lenders who install Prosper’s Facebook application, prosper lowered the minimum transfer requirement from $500 to $50. Additionally, the maximum instant transfer amount has been raised to 50% of your active loan value.What this means is that with as little as $100 in active loans, you can instant transfer $50 to Prosper for that “must have” loan that you just came across. Prosper’s Facebook application keeps your Facebook friends updated on your Prosper lending activity, and is a great way to share Prosper with your friends and family.
Second loan criteria updatedThe requirements for borrowers who wish to take a second loan on Prosper have changed. The new rules for whether a borrower is eligible for a second loan are dependent on the borrower’s credit grade, and the factors taken into consideration include time since last loan originated, consecutive months of on-time payments, and whether the borrower’s credit grade has dropped or not.See the full list of eligibility requirements.
Lender servicing fee for AA changed to 1% per annum. The lender annual servicing fee for AA borrowers has changed to 1%. Listings created on or after April 15 will be subject to this new servicing fee. Learn more about fees and charges.
Listing durations standardized at 7 daysAlong with some other changes to the listing creation process, prosper has fixed the duration of all new listings to 7 days. This change is part of a larger effort to simplify the listing creating process, and help more borrowers create fundable listings.
Your tax forms are right here. If you are a lender who owned loans in 2007 or earlier, and are eligible to receive a Consolidated Form 1099 from Prosper, your 1099 is available from the “My Account > Statements” page. Learn more about tax reporting. There are many other changes under the covers, and some not so under the covers.
Please leave a comment.
Minimum instant transfer amount lowered to $50For lenders who install Prosper’s Facebook application, prosper lowered the minimum transfer requirement from $500 to $50. Additionally, the maximum instant transfer amount has been raised to 50% of your active loan value.What this means is that with as little as $100 in active loans, you can instant transfer $50 to Prosper for that “must have” loan that you just came across. Prosper’s Facebook application keeps your Facebook friends updated on your Prosper lending activity, and is a great way to share Prosper with your friends and family.
Second loan criteria updatedThe requirements for borrowers who wish to take a second loan on Prosper have changed. The new rules for whether a borrower is eligible for a second loan are dependent on the borrower’s credit grade, and the factors taken into consideration include time since last loan originated, consecutive months of on-time payments, and whether the borrower’s credit grade has dropped or not.See the full list of eligibility requirements.
Lender servicing fee for AA changed to 1% per annum. The lender annual servicing fee for AA borrowers has changed to 1%. Listings created on or after April 15 will be subject to this new servicing fee. Learn more about fees and charges.
Listing durations standardized at 7 daysAlong with some other changes to the listing creation process, prosper has fixed the duration of all new listings to 7 days. This change is part of a larger effort to simplify the listing creating process, and help more borrowers create fundable listings.
Your tax forms are right here. If you are a lender who owned loans in 2007 or earlier, and are eligible to receive a Consolidated Form 1099 from Prosper, your 1099 is available from the “My Account > Statements” page. Learn more about tax reporting. There are many other changes under the covers, and some not so under the covers.
Please leave a comment.
Tuesday, February 5, 2008
Prosper Days 2008
Prosper Days 2008 will be held on Monday, February 25 - Tuesday, February 26, 2008 a at the Parc 55 Hotel, San Francisco. Registration is still open via the prosper.com website. There will be a very well known speaker Stephen Dubner Co-Author of the Best Selling Book Freakonomics.
The Parc 55 Hotel, San Francisco.
The Parc 55 is conveniently located within walking distance to Union Square and several San Francisco attractions.
To book a room by telephone:
1. Please call Parc 55 Reservations at 1-800-697-3103 between the hours of 7:00 a.m. – 6:00 p.m. PST, Monday through Friday.
2. Attendees should request the Prosper Days rate in order to receive the group rate.
Prosper Days has historically released information regarding the companies focus for the year and both short and long term fixes to the website and loan platform itself. Previous Prosper Days have also provided speeches and keys to success from some of the websites top group leaders and some early adopters of P2P lending.
Through its members Prosper.com has evolved to a very user friendly environment. The largest problems that seem to have plagued the platform from day one are still present. Collections and Time in transit for money resulting in Float for the bank that handles the Propsper.com finances. There have been some great number crunches that were very active forum members before the old forum was deleted that ran some numbers on the "float" they weren't large numbers considering the size of prosper at its current age. The way around this was for Prosper.com to offer interest bearing accounts so that money could be stored within their system without losing precious time. Paying a small percentage to a Prosper members account would most likely generate more bids and successful loan listings.
To all that will be attending Prosper Days 2008! Have a wonderful time and make sure to ask the questions that they never seem to have answers to on the forum!
Prosper Days 2008 Agenda Highlights
Monday, February 25th sessions include:
- High ROI Lender Panel
- P2P Lending 2.0 Trends
- Pricing Fundamentals: Earning a Risk Adjusted Return
- Social Finance Economics: Risk vs. Reward
- Managing Large Portfolios
Tuesday, February 26th, sessions include:
- Privacy & Security
- Collection Practices Update
- Prosper API Workshop
- Town Hall Lunch with Prosper Founders
The Parc 55 Hotel, San Francisco.
The Parc 55 is conveniently located within walking distance to Union Square and several San Francisco attractions.
To book a room by telephone:
1. Please call Parc 55 Reservations at 1-800-697-3103 between the hours of 7:00 a.m. – 6:00 p.m. PST, Monday through Friday.
2. Attendees should request the Prosper Days rate in order to receive the group rate.
Prosper Days has historically released information regarding the companies focus for the year and both short and long term fixes to the website and loan platform itself. Previous Prosper Days have also provided speeches and keys to success from some of the websites top group leaders and some early adopters of P2P lending.
Through its members Prosper.com has evolved to a very user friendly environment. The largest problems that seem to have plagued the platform from day one are still present. Collections and Time in transit for money resulting in Float for the bank that handles the Propsper.com finances. There have been some great number crunches that were very active forum members before the old forum was deleted that ran some numbers on the "float" they weren't large numbers considering the size of prosper at its current age. The way around this was for Prosper.com to offer interest bearing accounts so that money could be stored within their system without losing precious time. Paying a small percentage to a Prosper members account would most likely generate more bids and successful loan listings.
To all that will be attending Prosper Days 2008! Have a wonderful time and make sure to ask the questions that they never seem to have answers to on the forum!
Tuesday, November 27, 2007
6th November Loan - Rehab rental properties
Lowered amount...Rehab rental properties (Loan #22058)
177 bids
oasismgt -
Description I just relisted to see if my home owner status and debt to income ratio were corrected and they are not....I am an active lender on prosper with over 168 active loans and 24 loans pending review....I am owner of 2 multi family properities with no mortgage 100 percent free and clear with over 1300.00 month profit in which on one property I pay only water bill which is 40-46 a month payment...I keep a close watch on my credit report thru true credit and my scores are as follows trans union - 660... experian- 640 equifax- 658 and I am truly working my way to an A credit rating.....I dont understand how debt to income ration is 37% when I have no real bills...my credit cards are paid in full and student loan is a 10.00 a month payment in which I have been paying 300.00 a month or 100.00 a month...In which will be paid off by the end of march.
7% is my state max sorry....
This was my previous listing.....As stated I have since rasied credit score and paid off student loan in full...I have a few projects that I am trying to finish that Includes upgrades to properties...such as replacement windows in which I have already Installed most of them myself and have 5 left to Install....I am replacing carpet thu out and kitchen and bath remodling..Tile flooring, new vanities etc...It would be of great help If this loan could get funded as I dont want to use credit cards to finance..
Thank you for considering this loan
no endorsements from friends
no questions / answers
Looking at this loan it is a fellow lender who has a steady stream of income just from prosper. There is a credit history that tells us that 8 late payments have been made but the debt to income is extremely low for Prosper borrowers. The interest rate that I normally look for in a "B" credit grade is 14%+ but I feel this is a safe loan with the fellow lender or "blender" as they are frequently called in the forums. I think giving him 1 less point is fair. Again I am happy to be part of this loan as well.
177 bids
| Borrower APR: | 13.70% |
| Mo. payment: | $219.01 (3y loan) |
YOUNGSTOWN, OH 
| Lending Limits | (Close) |
 | Second Mortgage Lender License #SM.501506.000 | ||||||
| Ohio limits as of Nov-17-2007 | |||||||
| |||||||
| Max. borrower cap | 23.24% | ||||||
| Failed payment fee | $15 | ||||||
| Late fees | the greater of 5.00% of the unpaid installment amount, or $15 | ||||||
| Credit Profile |  Help |
| B credit grade |  Homeowner  Account verified | 28% debt to income ratio | |||
 | | | | | |
| Now delinquent: | 0 | First credit line: | Jul-1998 | Employment status: | Full-time |
| Amount delinquent: | $0 | Current / open credit lines: | 10 / 7 | Length of status: | 5y 5m |
| Delinquencies in last 7y: | 8 | Total credit lines: | 31 | Income range: | $1-$24,999 |
| Public records last 12m / 10y: | 0 / 0 | Revolving credit balance: | $903 | Occupation: | Self Employed |
| Inquiries last 6m: | 2 | Bankcard utilization: | 10% | ||
Description I just relisted to see if my home owner status and debt to income ratio were corrected and they are not....I am an active lender on prosper with over 168 active loans and 24 loans pending review....I am owner of 2 multi family properities with no mortgage 100 percent free and clear with over 1300.00 month profit in which on one property I pay only water bill which is 40-46 a month payment...I keep a close watch on my credit report thru true credit and my scores are as follows trans union - 660... experian- 640 equifax- 658 and I am truly working my way to an A credit rating.....I dont understand how debt to income ration is 37% when I have no real bills...my credit cards are paid in full and student loan is a 10.00 a month payment in which I have been paying 300.00 a month or 100.00 a month...In which will be paid off by the end of march.
7% is my state max sorry....
This was my previous listing.....As stated I have since rasied credit score and paid off student loan in full...I have a few projects that I am trying to finish that Includes upgrades to properties...such as replacement windows in which I have already Installed most of them myself and have 5 left to Install....I am replacing carpet thu out and kitchen and bath remodling..Tile flooring, new vanities etc...It would be of great help If this loan could get funded as I dont want to use credit cards to finance..
Thank you for considering this loan
no endorsements from friends
no questions / answers
Looking at this loan it is a fellow lender who has a steady stream of income just from prosper. There is a credit history that tells us that 8 late payments have been made but the debt to income is extremely low for Prosper borrowers. The interest rate that I normally look for in a "B" credit grade is 14%+ but I feel this is a safe loan with the fellow lender or "blender" as they are frequently called in the forums. I think giving him 1 less point is fair. Again I am happy to be part of this loan as well.
5th November Loan - Debt Free Listing #231830
$4,000.00 @ 13.36% AF
42 bids
erac1006 - Alabama
Description Purpose of loan:
I will be using this loan to pay off my credit card and become debt free within 2 years or less with the exception of my car loan.
My financial situation:
I have great credit, make all payments, and pay more on loans than expected
Monthly net income: $2,500
Monthly expenses: $
Housing: $ 280.00
Insurance: $
Car expenses: $ 434.00
Utilities: $ 50.00
Phone, cable, internet: $
Food, entertainment: $ 200.00
Clothing, household expenses $
Credit cards and other loans: $ 250.00
Other expenses: $ 200.00
No endorsements from friends
42 bids
| Borrower APR: | 14.07% |
| Mo. payment: | $135.47 (3y loan) |
erac1006 - Alabama
| Credit Profile | Help |
| A credit grade |  Homeownership not verified Account verified | 32% debt to income ratio | |||
| | | | | |
| Now delinquent: | 1 | First credit line: | Oct-1997 | Employment status: | Full-time |
| Amount delinquent: | $256 | Current / open credit lines: | 15 / 7 | Length of status: | 1y 1m |
| Delinquencies in last 7y: | 0 | Total credit lines: | 31 | Income range: | $25,000-$49,999 |
| Public records last 12m / 10y: | 0 / 0 | Revolving credit balance: | $1,390 | Occupation: | Retail Management |
| Inquiries last 6m: | 1 | Bankcard utilization: | 5% | ||
Description Purpose of loan:
I will be using this loan to pay off my credit card and become debt free within 2 years or less with the exception of my car loan.
My financial situation:
I have great credit, make all payments, and pay more on loans than expected
Monthly net income: $2,500
Monthly expenses: $
Housing: $ 280.00
Insurance: $
Car expenses: $ 434.00
Utilities: $ 50.00
Phone, cable, internet: $
Food, entertainment: $ 200.00
Clothing, household expenses $
Credit cards and other loans: $ 250.00
Other expenses: $ 200.00
No endorsements from friends
Q: Please explain the current delinquency and the reason the first loan attempt did not fund. Thank you -calculating1
A: Iam working on finding out where the delinquency comes from. I'm never late on any of my bills. The first loan attempt didn't go through because I sent off the wrong information and they didn't receive the correct info in time. (Nov-14-2007)
Looking at a "A" credit grade there is one current DQ but this may be inaccurate reporting and leads to higher interest rates. There is a 10 year credit history with no DQ's I think this loan is going to pay off and be on that helps the portfolio stay in the double digits!
Looking at a "A" credit grade there is one current DQ but this may be inaccurate reporting and leads to higher interest rates. There is a 10 year credit history with no DQ's I think this loan is going to pay off and be on that helps the portfolio stay in the double digits!
4th November Loan - Paying off debt!
Paying off debt!
Listing #228317$2,500.00 @ 23.15% AF
24 bids
| Borrower APR: | 23.90% |
| Mo. payment: | $96.97 (3y loan |
| Credit Profile |
| D credit grade | Homeowner Account verified | 40% debt to income ratio | |||
| | | | | |
| Now delinquent: | 0 | First credit line: | Aug-1992 | Employment status: | Full-time |
| Amount delinquent: | $0 | Current / open credit lines: | 18 / 15 | Length of status: | 5y 7m |
| Delinquencies in last 7y: | 1 | Total credit lines: | 37 | Income range: | $50,000-$74,999 |
| Public records last 12m / 10y: | 0 / 0 | Revolving credit balance: | $4,175 | Occupation: | Other |
| Inquiries last 6m: | 1 | Bankcard utilization: | 38% | ||
Description Purpose of loan: The purpose of this loan is to pay off some credit cards that I had to use when my wife went out for emergency surgery and I am needing to pay them off and try to get going again.And also using this to pay the hospital loans off that had acquired since then from the surgery,so then each month I can pay off those hospital bills and creditcards that have added up to be paid off and save me money each month as well.I am greatful to have the opportunity to do this and greatful for the company or person who came up with this.And an average person like me who is not rich just needs a little help every now and then to get ahead,so please consider my request for this loan and thank you.
(explain what you will be using this loan for)
My financial situation: My financial situation is good I pay all my bills each month and able to take my family out to dinner and buy what we need when they need it.I am a good father and a good provider and I do things to help my family out!And I am a good candidate for paying back this loan because each month it comes out no matter what and I do everything in my power that I can to always make my payments on time,even if it means to set @ home for a weekened.
(explain why you are a good candidate for paying back this loan)
Monthly net income: $ My monthly net income is 3600.00
Monthly expenses: $ 2974
Housing: $ 732
Insurance: $ 202
Car expenses: $ 1300
Utilities: $ my wife pays with her check
Phone, cable, internet: $ 150
Food, entertainment: $ 200
Clothing, household expenses $ 100.00
Credit cards and other loans: $ 240
Other expenses: $ 50.00
no endorsements from friends
no questions / answers
Again looks to be a safe bet. Credit history indicates only 1 late in the last 7 years. The debt to income is a little high but hey its America. The monthly expense report indicates that this family should be able to make the monthly payments and help their financial situation. Glad to be in on this one as well.
3rd November Loan - Credit Card Consolidation
Credit Card Consolidation
Listing #229312$9,100.00 @ 14.00% AF (auto fund)
| Now delinquent: | 0 | First credit line: | May-1999 | Employment status: | Full-time |
| Amount delinquent: | $0 | Current / open credit lines: | 11 / 11 | Length of status: | 0y 8m |
| Delinquencies in last 7y: | 0 | Total credit lines: | 17 | Income range: | $25,000-$49,999 |
| Public records last 12m / 10y: | 0 / 0 | Revolving credit balance: | $6,889 | Occupation: | Retail Management |
| Inquiries last 6m: | 0 | Bankcard utilization: | 23% |
| Loan history | Payment history | Credit grade history | |||
| Active / total loans: | 1 / 1 | On-time: | 12 (100%) | A (Oct-2006)  | Drop of 1 credit grade since last loan |
| Principal borrowed: | $3,000.00 | <1> | 0 (0%) | ||
| Principal balance: | $2,102.18 | 1+ mo. late: | 0 (0%) | ||
| Total payments billed: | 12 | ||||
Hello, I am looking to consolidate a couple of credit card balances and a prosper loan into asingle loan. I have had my current prosper loan for over ayear and have made my payment on time each month. I am a responsible individual and will use this money to pay off my credit cards to improve my credit score. I am a retail manager at a national big box chain. This loan will be my only debt payment as my car note has been paid off for over a year. I am currently living with a close friend and therefore my monthly rent payment is very low at $360 a month. I will most likely make prepayments on the loan to pay it off early and be completely debt free.
Monthly Net Income:
$2350
Monthly Expenses:
Prosper Loan: $311
Insurance: $100
Car Expenses (gas, mantenance,etc): $500
Housing: $360
Utilities and Phone: $250
Food, Entertainment: $300
Clothing, household expenses: $200
No endorsements from friends
No questions / answers
This looks to be a promising loan. The credit history is clean as well as already having a prosper loan out for 12 months with zero late payments. The debt to income ration is relatively low even with the new loan. Glad to be part of this one.
Monthly Net Income:
$2350
Monthly Expenses:
Prosper Loan: $311
Insurance: $100
Car Expenses (gas, mantenance,etc): $500
Housing: $360
Utilities and Phone: $250
Food, Entertainment: $300
Clothing, household expenses: $200
No endorsements from friends
No questions / answers
Jessie4209
| Location: | Illinois |
| Member since: | Oct-29-2006 |
This looks to be a promising loan. The credit history is clean as well as already having a prosper loan out for 12 months with zero late payments. The debt to income ration is relatively low even with the new loan. Glad to be part of this one.
Single Dagger
Well my first late for the Holiday season seems to be flipping current! I assumed that this was most likely a banking issues and it appears that I was correct. While i am not out of the woods until the funds hit my account I feel that the A credit grade gives us more hope than normal. A credit grade default rates are extremly low but still out there.
Official Prosper.com Forums
Prosper has brought back the community forums. There have been a few changes for the better of the community and continued Prosper success. First they completely removed access to the old forum to bring people onto the new forum. While this may seem like Prosper going back the their bag of tricks and erasing history yet again it was needed. Many of the older forums members had posted many negative things about Prosper when in fact their (older lenders) made bad decisions and have been blaming someone else (Prosper.com) ever since their ROI dropped below double digits.
Prosper also has enabled a cool new feature that we needed from the start. From the beginning of time at forums.prosper.com borrowers have had full access to the lenders side of the forums and could easily tailor their listings to meet exactly what we were looking for and created a edge for themselves over possibly better borrowers that were not as forum savvy. There is a very easy way to get access to all areas....simply apply for borrower or lender status. The group leader role may be more difficult these days but about a year ago anyone interested was granted the role as long as they had a phone and could respond to a system generated email.
The moderation team will have its hands full in the coming months as many lenders expect higher than normal lates and defaults which will in turn generate many more posts inquiring what happened to double digit ROI. Posting on the Prosper.com forums is no longer John Wayne style, every post is read and approved or declined by the Prosper.com moderating team. Big Brother...
Prosper also has enabled a cool new feature that we needed from the start. From the beginning of time at forums.prosper.com borrowers have had full access to the lenders side of the forums and could easily tailor their listings to meet exactly what we were looking for and created a edge for themselves over possibly better borrowers that were not as forum savvy. There is a very easy way to get access to all areas....simply apply for borrower or lender status. The group leader role may be more difficult these days but about a year ago anyone interested was granted the role as long as they had a phone and could respond to a system generated email.
The moderation team will have its hands full in the coming months as many lenders expect higher than normal lates and defaults which will in turn generate many more posts inquiring what happened to double digit ROI. Posting on the Prosper.com forums is no longer John Wayne style, every post is read and approved or declined by the Prosper.com moderating team. Big Brother...
Monday, November 26, 2007
Double Dagger
Today brings new hope to my late loan. The loan is showing the infamous double daggers. This is prospers way of telling lenders that they are attempting another pull from the borrowers bank account. This process can take up to 4 days to find out the results. The double daggers will change to a single dagger if payment is in transit. If the payment is unsuccessful prosper will follow up with phone calls and emails to the borrower. The borrower on this loan has A credit grade and has not missed a payment yet so I am hopeful that the late status of the loan is just a banking issue rather than the beginning of default status.
Tuesday, November 20, 2007
1st Late for the Holiday season
Loan to pay off credit cards -
Nutritionman - UTAH
Mo. payment: $164.64 (3y loan)
Origination date: Dec-15-2006
Collection Agency: Penncro Associates, Inc.
Principal balance: $37.77
Principal paid: $12.23
Interest paid: $4.23
A credit grade - Account verified
17% debt to income ratio
Delinquencies in last 7y: 0
Inquiries last 6m: 0
Total credit lines: 13
First credit line: Feb-1993
Listing Description
I am a hard-working family man who is just trying to catch up. If I can get this loan, it will allow me to pay off my high-interest credit cards and put a little in savings for emergencies.
Endorsements from Friends
Michael has always been a financially responsible person. I have lent him money (sometimes sizeable amounts) through the years and have ALWAYS been repaid as agreed or better--sometimes much better. He is always a good investment. Operator 17
At first glance this loan looks ok. Look closer at operator 17 there is a strong facial similarity. Most likely his father. So it looks like we have a father vouching for his son on a unsecured loan... I bet that means a lot.
I have sent a email to the borrower to see if Prosper.com has has issues with the bank withdrawal again. If a reply is not receive within the next few days I will contact the endorsement to see if there are any system issues preventing him from making payment. Prosper does have its share of system issues.
I believe this loan will flip current due to the low payment amount and the fact that he has made 1 payments on time and sees himself as hard working and hopefully is going to use that emergency cash that we help him put away to take care of his Prosper.com loan.
till next time
Happy Lending!
Nutritionman - UTAH
Mo. payment: $164.64 (3y loan)
Origination date: Dec-15-2006
Collection Agency: Penncro Associates, Inc.
Principal balance: $37.77
Principal paid: $12.23
Interest paid: $4.23
A credit grade - Account verified
17% debt to income ratio
Delinquencies in last 7y: 0
Inquiries last 6m: 0
Total credit lines: 13
First credit line: Feb-1993
Listing Description
I am a hard-working family man who is just trying to catch up. If I can get this loan, it will allow me to pay off my high-interest credit cards and put a little in savings for emergencies.
Endorsements from Friends
Michael has always been a financially responsible person. I have lent him money (sometimes sizeable amounts) through the years and have ALWAYS been repaid as agreed or better--sometimes much better. He is always a good investment. Operator 17
At first glance this loan looks ok. Look closer at operator 17 there is a strong facial similarity. Most likely his father. So it looks like we have a father vouching for his son on a unsecured loan... I bet that means a lot.
I have sent a email to the borrower to see if Prosper.com has has issues with the bank withdrawal again. If a reply is not receive within the next few days I will contact the endorsement to see if there are any system issues preventing him from making payment. Prosper does have its share of system issues.
I believe this loan will flip current due to the low payment amount and the fact that he has made 1 payments on time and sees himself as hard working and hopefully is going to use that emergency cash that we help him put away to take care of his Prosper.com loan.
till next time
Happy Lending!
Wednesday, November 14, 2007
Strong Demand for Prime & Near Prime Loans
People-to-People Lending: Strong Demand for Prime & Near Prime Loans
link to article
It seems that Prosper.com lenders have been lending in line with fed rate cuts. Since Prosper isnt directly tied to any other credit markets it seems to be following them. The report outlines the rates that have been available in the Market place dating back to 2006 and also list the top 5 lending states.Top Lender States |
| 1) California |
| 2) Texas |
| 3) New York |
| 4) Florida |
| 5) Illinois |
There was also some great information at the bottom of this report. Email and phone numbers to a prosper employee. So if you are having trouble getting Prosper.com to answer the phone and/or emails.... give her a call or send her a email perhaps she will respond.
Prosper Marketplace, Inc.
Tiffany Fox, 415-593-5416
Communications Director
tiffany@prosper.com
Strong Demand for Prime & Near Prime Loans
link to article
It seems that Prosper.com lenders have been lending in line with fed rate cuts. Since Prosper isnt directly tied to any other credit markets it seems to be following them. The report outlines the rates that have been available in the Market place dating back to 2006 and also list the top 5 lending states.
There was also some great information at the bottom of this report. Email and phone numbers to a prosper employee. So if you are having trouble getting Prosper.com to answer the phone and/or emails.... give her a call or send her a email perhaps she will respond.
Prosper Marketplace, Inc.
Tiffany Fox, 415-593-5416
Communications Director
tiffany@prosper.com
It seems that Prosper.com lenders have been lending in line with fed rate cuts. Since Prosper isnt directly tied to any other credit markets it seems to be following them. The report outlines the rates that have been available in the Market place dating back to 2006 and also list the top 5 lending states.
Top Lender States |
| 1) California |
| 2) Texas |
| 3) New York |
| 4) Florida |
| 5) Illinois |
There was also some great information at the bottom of this report. Email and phone numbers to a prosper employee. So if you are having trouble getting Prosper.com to answer the phone and/or emails.... give her a call or send her a email perhaps she will respond.
Prosper Marketplace, Inc.
Tiffany Fox, 415-593-5416
Communications Director
tiffany@prosper.com
Monday, November 12, 2007
HR Problem on Prosper.com Fixed
It seems that HR ( High Risk) borrowers not Prosper.com has actually fixed the HR problem. In a effort to make people more aware of the risks associated with HR loans Prosper.com has added new features while bidding. When preparing to place a bid for the loan there is a option to calculate the estimated ROI (Return on Investment). Currently even with a 29% interest rate on a HR borrower the expected ROI is still only 5.54% as of today 11/12/2007
It seems that most people werent taking the time to do some research or even visit the prosper.com forums before lending to HR borrowers. Now that its directly in your face it seems that less HR loans are being funded. Prosper now displays a message when placing a bid for low ROI loans advising that you may be able to get the same or better rates on www.bankrate.com using standard CD's. CDs pay higher yields than liquid savings accounts, but to earn that, you need to let someone else hold your money for a specific period of time.
It seems that most people werent taking the time to do some research or even visit the prosper.com forums before lending to HR borrowers. Now that its directly in your face it seems that less HR loans are being funded. Prosper now displays a message when placing a bid for low ROI loans advising that you may be able to get the same or better rates on www.bankrate.com using standard CD's. CDs pay higher yields than liquid savings accounts, but to earn that, you need to let someone else hold your money for a specific period of time.
Sunday, November 11, 2007
2nd november loan - Paying off a Personal Loan
I'm off to a great start in the month of November. I have funded two loans and both are meeting market standards for interest rates. I was lucky enough to get in at the right time and not get out bid. The second loan that I chose to fund was also a "A" credit grade.
Here are the extended credit details from this listing
There were a few delinquency's that I generally try to steer clear of but 6 in 7 years is far better than a lot of others here on Prosper.com The debt to income ratio is very low here and looks liek the borrower can very much afford to repay this loan and can properly manage their available credit.
The Additional information that the borrower added in the desciption field added to me placing my bid on this listing.
Below is the description from the listing
Description
Looking for my next loan to pass the Prosper.com review process. So far this month I find myself taking on little risk and looking for people that are refinancing current debt for lower payments and/or interest rates.
Paying off a Personal Loan - Listing #224708
There were a total of 165 bids placed on this listing adn when it closed the lenders locked in a great 10% rate!Here are the extended credit details from this listing
| Credit Profile |
| A credit grade | Homeownership not verified Account verified | 15% debt to income ratio | |||
| | | | | |
| Now delinquent: | 0 | First credit line: | Jul-1997 | Employment status: | Full-time |
| Amount delinquent: | $0 | Current / open credit lines: | 15 / 14 | Length of status: | 2y 7m |
| Delinquencies in last 7y: | 6 | Total credit lines: | 30 | Income range: | $50,000-$74,999 |
| Public records last 12m / 10y: | 0 / 0 | Revolving credit balance: | $1,544 | Occupation: | Computer Programmer |
| Inquiries last 6m: | 1 | Bankcard utilization: | 5% | ||
There were a few delinquency's that I generally try to steer clear of but 6 in 7 years is far better than a lot of others here on Prosper.com The debt to income ratio is very low here and looks liek the borrower can very much afford to repay this loan and can properly manage their available credit.
The Additional information that the borrower added in the desciption field added to me placing my bid on this listing.
Below is the description from the listing
Description
| Purpose of loan: I'm asking for this loan to help pay off higher interest personal loan I took to combine my credit card debt. Since getting this personal loan from a banking institution, I've made inroads on all my other debt and this is the only high interest debt I have left. I'd like to pay this off with a Prosper loan to lessen the amount of interest I pay over the life of the loan. My financial situation: I am employed in a full-time capacity in the IT division of a higher education institution. In addition, I have a regular perlance (permanent freelance) assignment that helps me pay off debt. I don't live paycheck to paycheck, I pay all my bills on time, and I now manage my money well. Monthly net income: $ 3800 Monthly expenses: $ 3000 Housing: $925 Insurance: $ 40 Car expenses: $ 0 Utilities: $85 Phone, cable, internet: $125 Food, entertainment: $650 Clothing, household expenses $75 Credit cards and other loans: $1000 Other expenses: $100 |
Looking for my next loan to pass the Prosper.com review process. So far this month I find myself taking on little risk and looking for people that are refinancing current debt for lower payments and/or interest rates.
Saturday, November 10, 2007
Lender Access Update
Recently Prosper.com changed lender access to listings that had expired unfunded or made them unable to see if you were not in on the loan. After many large lenders in the prosper.com forums publicly announce that it was the last straw and they would halt all lending until it was restored prosper came to and reversed its decision. One forum moderator stated that they didn't see a need to view old listings and didn't realize it would inhibit our abilities to analyzed listings and create strategies based on our findings.
Its seems that lenders who stated they will quit lending have resumed and its one big happy Prosper.com community once again. Some seem to be skeptical of prosper saying it was taken away knowing they intended to give it back......the batter of prosper.com vs the prosper,com forum community continues.
the below info was taken from prosper.com forums: view the entire article
"Allowing members access to old listings is an example of Prosper’s ongoing efforts to balance transparency with privacy in the marketplace. Our original objective was to restrict access to non-active listings if there was no need to see them. However, many of you indicated that lenders use old listing data to formulate ongoing listing strategies. As a result, we changed the access to past listings so lenders can conduct research for future bidding decisions.
The changes include the following:
• Borrowers can access all their past listings
• Registered lenders have access to all past listings
• Potential borrowers and lenders have access to only current, active listings. This will allow registered lenders to conduct necessary research while ensuring borrower privacy.
• All of these changes are reflected in the “Listing not available” page
Thank you for your feedback. We hope this makes a positive impact on your lending strategies.
Sincerely,
Shira"
Its seems that lenders who stated they will quit lending have resumed and its one big happy Prosper.com community once again. Some seem to be skeptical of prosper saying it was taken away knowing they intended to give it back......the batter of prosper.com vs the prosper,com forum community continues.
the below info was taken from prosper.com forums: view the entire article
"Allowing members access to old listings is an example of Prosper’s ongoing efforts to balance transparency with privacy in the marketplace. Our original objective was to restrict access to non-active listings if there was no need to see them. However, many of you indicated that lenders use old listing data to formulate ongoing listing strategies. As a result, we changed the access to past listings so lenders can conduct research for future bidding decisions.
The changes include the following:
• Borrowers can access all their past listings
• Registered lenders have access to all past listings
• Potential borrowers and lenders have access to only current, active listings. This will allow registered lenders to conduct necessary research while ensuring borrower privacy.
• All of these changes are reflected in the “Listing not available” page
Thank you for your feedback. We hope this makes a positive impact on your lending strategies.
Sincerely,
Shira"
Thursday, November 8, 2007
First Loan Funded in November
I have funded my first loan in the month of November. The listing information is as follows:
Purpose of loan:
I would like to consolidate some 22% credit card debt to a manageable level.
My financial situation:
I have a steady income and work history. My credit rating is good because I pay all my debts.
Monthly net income: $ 2k
Monthly expenses: $ 1k
Housing: $ ***Borrower failed to fill in this field***
Insurance: $ ***Borrower failed to fill in this field***
Car expenses: $ ***Borrower failed to fill in this field***
Utilities: $ ***Borrower failed to fill in this field***
Phone, cable, internet: $ ***Borrower failed to fill in this field***
Food, entertainment: $ ***Borrower failed to fill in this field***
Clothing, household expenses $ ***Borrower failed to fill in this field***
Credit cards and other loans: $ ***Borrower failed to fill in this field***
Other expenses: $ ***Borrower failed to fill in this field***
Endorsements from Friends
We met professionally about 5 years ago. "xlr8profits" has always demonstrated to be a hard worker, fair, and accountable. I endorse "xlr8profits" 100%!
There were 45 total bids on this listing it was a AF ( Auto Fund ) which most lenders stay away from. I really don't have a issue with AF loans. There are a few reasons but most of all its a locked in rate that you do not have to fight for and the default rates are minimally different from standard 7 day listings.
The Reason I chose this loan is that its a little above the average rate for this credit grade. The borrower has had perfect credit history since 1982. They have manage to pay the bills without fail since then. I really don't care how they pay them as long as they are paid. If someone has to go hungry and thats how they pay the bills great. All I know is that somehow this borrower manages to pay the debt they take on. With that kind of track record and offering the right interest rate I felt it was a good time to place a bid.
I feel this is a strong leg to place in my portfolio and these are needed to get me through the Holiday season if for any reason someone was to go late or even default these strong legs will hold the ground.
Debt Consolidation Listing #225073 - $5,000.00 @ 10.00%
A credit grade - Homeownership not verified - Bank Account verified| Now delinquent: | 0 | First credit line: | Apr-1982 | Employment status: | Full-time |
| Amount delinquent: | $0 | Current / open credit lines: | 5 / 1 | Length of status: | 1y 7m |
| Delinquencies in last 7y: | 0 | Total credit lines: | 13 | Income range: | $25,000-$49,999 |
| Public records last 12m / 10y: | 0 / 0 | Revolving credit balance: | $5,586 | Occupation: | Sales - Commission |
| Inquiries last 6m: | 0 | Bankcard utilization: | 57% |
Purpose of loan:
I would like to consolidate some 22% credit card debt to a manageable level.
My financial situation:
I have a steady income and work history. My credit rating is good because I pay all my debts.
Monthly net income: $ 2k
Monthly expenses: $ 1k
Housing: $ ***Borrower failed to fill in this field***
Insurance: $ ***Borrower failed to fill in this field***
Car expenses: $ ***Borrower failed to fill in this field***
Utilities: $ ***Borrower failed to fill in this field***
Phone, cable, internet: $ ***Borrower failed to fill in this field***
Food, entertainment: $ ***Borrower failed to fill in this field***
Clothing, household expenses $ ***Borrower failed to fill in this field***
Credit cards and other loans: $ ***Borrower failed to fill in this field***
Other expenses: $ ***Borrower failed to fill in this field***
Endorsements from Friends
We met professionally about 5 years ago. "xlr8profits" has always demonstrated to be a hard worker, fair, and accountable. I endorse "xlr8profits" 100%!
| Borrower APR: | 10.69% |
| Mo. payment: | $161.34 (3y loan) |
There were 45 total bids on this listing it was a AF ( Auto Fund ) which most lenders stay away from. I really don't have a issue with AF loans. There are a few reasons but most of all its a locked in rate that you do not have to fight for and the default rates are minimally different from standard 7 day listings.
The Reason I chose this loan is that its a little above the average rate for this credit grade. The borrower has had perfect credit history since 1982. They have manage to pay the bills without fail since then. I really don't care how they pay them as long as they are paid. If someone has to go hungry and thats how they pay the bills great. All I know is that somehow this borrower manages to pay the debt they take on. With that kind of track record and offering the right interest rate I felt it was a good time to place a bid.
I feel this is a strong leg to place in my portfolio and these are needed to get me through the Holiday season if for any reason someone was to go late or even default these strong legs will hold the ground.
Wednesday, November 7, 2007
Chinese stock-bubble, when will it pop
It seems that many are worried about the Chinese stock-bubble and when it will pop... Well it doesn't look like its going to happen tomorrow but is in the future for lenders on the Prosper.com
Teh inability to resell the loans currently makes the Chinese stock-bubble a scary event. Cab drivers, housecleaners, college kids and Buddhist monks are opening brokerage accounts and speculating in stocks for the first time, says ChinaDaily.com. Most of these are part of the army of amateur investors. So everyone is curently in a buy buy buy mentality similar to the .com era.
The Shanghai composite A index — open only to local Chinese investors — is up 245% since the end of 2005 and up 50% so far this year. This has shown some anxiety on wall street as well putting china on some top investors so called risk list. Many top investors have a lot to lose. US investors have put over 14 Billion into China funds.
Teh inability to resell the loans currently makes the Chinese stock-bubble a scary event. Cab drivers, housecleaners, college kids and Buddhist monks are opening brokerage accounts and speculating in stocks for the first time, says ChinaDaily.com. Most of these are part of the army of amateur investors. So everyone is curently in a buy buy buy mentality similar to the .com era.
The Shanghai composite A index — open only to local Chinese investors — is up 245% since the end of 2005 and up 50% so far this year. This has shown some anxiety on wall street as well putting china on some top investors so called risk list. Many top investors have a lot to lose. US investors have put over 14 Billion into China funds.
Tuesday, November 6, 2007
SEC Filing By Prosper Hints At Secondary Market
Prosper seems to be setting up for a secondary market. This has been a major topic in the Prosper forums from almost the beginning. View the entire article
Key Points in SEC filing
"Prosper is not obligated to repurchase a Note from a Lender if his or her investment is not realized in whole or in part due to fraud (other than verifiable identity theft) in connection with a listing or due to false or inaccurate statements or omissions of fact in a Borrower’s listing, whether in credit data, Borrower representations, user endorsements, group affiliations or similar indicia of Borrower intent and ability to repay the Notes. If Prosper repurchases a Note, the outstanding principal balance will be returned to the Lender."
"The Platform may fail to comply with borrower protection laws such as state usury laws, other interest rate limitations or federal consumer protection laws such as the Truth in Lending Act, the Equal Credit Opportunity Act and the Fair Credit Reporting Act. Borrowers may make counterclaims against us, any collection agency or you after collection actions have commenced."
"
Key Points in SEC filing
"Prosper is not obligated to repurchase a Note from a Lender if his or her investment is not realized in whole or in part due to fraud (other than verifiable identity theft) in connection with a listing or due to false or inaccurate statements or omissions of fact in a Borrower’s listing, whether in credit data, Borrower representations, user endorsements, group affiliations or similar indicia of Borrower intent and ability to repay the Notes. If Prosper repurchases a Note, the outstanding principal balance will be returned to the Lender."
"The Platform may fail to comply with borrower protection laws such as state usury laws, other interest rate limitations or federal consumer protection laws such as the Truth in Lending Act, the Equal Credit Opportunity Act and the Fair Credit Reporting Act. Borrowers may make counterclaims against us, any collection agency or you after collection actions have commenced."
"
Risks Related to Our Ability to Service the Notes
We have a limited operating history. As an online company in the early stages of development, we face increased risks, uncertainties, expenses and difficulties."
"Notes. If we are unable to increase the capacity of the Platform and maintain the necessary infrastructure, you may experience delays in receipt of payments on your Notes and periodic downtime of our systems."
"
We are subject to extensive federal, state and local regulation. There can be no guarantee that we will be able to continue our servicing obligations.
We are subject to extensive federal, state and local regulation, non-compliance with which may expose us to adverse consequences. Additionally, new laws and regulations could be enacted that could have a negative impact on our ability to service the Notes, provide a resale market for the Notes, or maintain the Platform. We could suffer adverse consequences if we were to fail to comply, even inadvertently, with these laws and regulations.
Additionally, we are licensed as a finance lender under the California Finance Lenders Law and are regulated and examined by the California Department of Corporations. We hold similar lending licenses or authorizations in 24 other states, which also supervise and examine our activities. If we do not comply with applicable laws, we could lose one or more of our licenses or authorizations, which may have an adverse effect on our ability to continue to perform our servicing obligations or to maintain the Platform. See “Description of the Securities – Regulatory Matters – Licensing and Consumer Protection Laws” beginning on page 41 for more information regarding governmental regulation of the Platform.
The federal Fair Debt Collection Practices Act and similar state debt collection laws regulate debt collection practices by “debt collectors” and prohibit debt collectors from engaging in certain practices in collecting, and attempting to collect, outstanding consumer loans. For example, debt collectors are prohibited from contacting debtors at unreasonable times, revealing or discussing the nature of the debt with third parties, making false representations in association with efforts to collect the debt, seeking collection fees or other charges not permitted under contract or by state law, making threats of arrest or legal action without actual intention of action on the threat, and using abusive or profane language in the course of collection on the debt. While Prosper obligates its collection agencies to comply with applicable law in their efforts to collect Loans made on the Platform, it is possible that improper collection practices may occur which could adversely impact the collectability of particular Loans originated through the Platform."
"We may not realize enough fees from our services to offset the cost of maintaining the Platform. In the event that we should fail to maintain operations, you may experience a delay in realizing your investment or an inability to resell the Notes or Borrowers may default on their Notes."
"In most instances, Prosper does not verify the income, employment and occupation or other information provided by Borrowers in listings. The Borrower’s income, employment and occupation is self-reported, and the Borrower’s DTI is derived by Prosper from a combination of the Borrower’s self-reported income and information from the Borrower’s credit report. The credit data that appears in listings is taken directly from a credit report obtained on the Borrower from a credit reporting agency, without any review of verification by Prosper."
Credit Grade |
| AA |
| A |
| B |
| C |
| D |
| E |
| HR |
| Experian Scorex PLUSSM Credit Score |
| 760 |
| 720-759 |
| 680-719 |
| 640-679 |
| 600-639 |
| 560-599 |
| 520-559 |
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