Well I knew it was coming but how long will it stay. I have now 1 loan that is 2+ months late and I have given up all hope on since the collection companies now have control of the notes. The first of the two new late loans has yet to make a payment and is a A credit grade. This has happened to my portfolio once before and it turned out to be fraud and Prosper.com repurchased the loan. This loan was to a male who claimed he wanted to be debt free and had a great plan. I just didn't realize that part of him being debt free was to use the Prosper.com community as a charity. Propser.com has been taking more legal action agaist non payers and I hope that the do in this case.
if we cant rely on A borrowers to be the base of our Prosper.com portfolio I would say that we are in serious trouble and maybe CD's are the way to go. I always kept a good share of A borrowers in my portfolio just in case one of the more high risk loans that I took in good faith went south. I do have faith in the Prosper.com community as a whole its just the few dirt bags that leave a sour taste around the place that makes it so difficult to transfer more money into Prosper.com
I am changing investment vehicles for the time being. Prosper.com has become more or a liability than a asset. I cant be sure that it actually ever was a asset but rather some blind hope that I was helping someone out that really wanted to be helped and just needed opther good hearted people to lend them some cash in a time of need. I will still reinvest interest and principle loan payments back into Prosper.com but only to the members of my group as they are vetted and I feel more comfortable having a human check the paper trails rather than some computer asking questions and then trusting the answer given by the user. In some cases the user is not telling the truth and Propser.com has gone out of its way to block lenders from gaining more information about the borrowers.
I plan to place a large percentage in some speculative stocks that I have been watching for the last 6 months. Primarily MVIS and SANM. These companies are undervalued at the current price so now is the time to get in and hope the so called recession never really takes hold. The remaining percentage will be stored as cash in a non interest bearing account right here in my home safe in the form of gold and silver. I have lost faith in the US dollar for the time being and gold and silver may be the only form of "currency" accepted in the future. Since currency is not just the green stuff we so commonly think of I would suggest to anyone reading this to maintain a "currency" that you are comfortable with.
Wednesday, February 6, 2008
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.
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