Anyone here a Lender at Prosper.com??

Quote from thesharpone:

yes 25% of my loans are 4+ months late, and will go into default in a few weeks, because they will be sold to junk debt buyers before year end

and only 60% of my account loans is on time

there are websites that offer lending statistics, a good one is http://www.lendingstats.com/

for instance look at the top Prosper lenders, carrey79 is lending close to $1M, if you click on his name (here or on the website) you can find all the details of his loans and brief statistics of his account
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That big lender is only getting 8.9% return. Doesn't really seem like its worth all the risk and extra effort.

I would imagine that as these sites get more popular you'll start seeing more scams and higher delinquencies.
 
Quote from damnit:

You would be better off in VEGAS, that 50k will disappear, who wants to pay some idiot loaner on the internet back.
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the loaner is actually Prosper

the supposed lenders are only bidders on the loan

the main reason why anyone with a decent credit grade would want to pay it back, would be not to ruin their credit grade, as Prosper reports any late payments to all three credit reporting agencies specially Experian
 
Quote from ryank:

What grade of borrower have you been funding?
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I injected almost all the money into Prosper at once, that was early 2006, I started by lending to HR and E grades, but now I am trying to reduce risk by lending to A and B grades
 
Quote from damnit:

What is your return since you have been there thesharpone?
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because the loan terms are 3 years, it is hard to make a conclusion now, that is mainly because those who don't want to pay usually don't pay from the start, and the rest continue to pay for the term of the loan, plus I don't withdraw the return, I only circulate it back into Prosper, anyhow for around 50K, I have earned $5,800 or something YTD, but like I said the late loans are going to be defaulted this month, that is when this years real numbers will start showing, come back and ask in January and I will let you know
 
Quote from ryank:

I've looked that site over several times iin the last few months for fun. Lots of people trying to pay off their credit cards, then what? Run them up again I'm sure. What grade of borrower have you been funding?
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I lend on prosper. Carrey79 bad loans are High risk loans. The one loan i may have also got caught on would be the borrower with the B score 18.00%DIT. Employment "mortgage business" is what brought him on hard times. CS under 700 and a DIT over 20% i wouldn't lend unless they met a higher standard.




Some of the listing's i just shake my head.
 
Quote from traderpro:

I lend on prosper. Carrey79 bad loans are High risk loans. The one loan i may have also got caught on would be the borrower with the B score 18.00%DIT. Employment "mortgage business" is what brought him on hard times. CS under 700 and a DIT over 20% i wouldn't lend unless they met a higher standard.




Some of the listing's i just shake my head.
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why would anyone seek a loan on prosper if they don't have any issues? with your criteria, why can't the borrowers just go to a bank, etc? doesn't make sense to me.

surf
 
Quote from marketsurfer:

why would anyone seek a loan on prosper if they don't have any issues? with your criteria, why can't the borrowers just go to a bank, etc? doesn't make sense to me.

surf
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A personal loan is not easy to obtain. You get a much better rate than a bank from prosper. As a lender you also get a better rate then from a bank. The purpose of prosper is to "Cut out" the bank and their high rates.


Here are some rates

http://moneycentral.msn.com/loan/lo...iType=4&iLiStateID=20000&iLiRegionID=20000502



Citibank has very high rates on PL. And you need very good credit and income verification to qualify. A loan that is not secure is difficult to obtain. p2p loan that's all it is. Right now 8% is the low rate on prosper. A bank won't give me that. Also you should fund a small amount of a loan as to fund a large percent and the loan does default you are at risk. To ruin your credit today the loop hole is gone and you will pay up for years to come.
 
On our side of the pond we have similar gig called Zopa.com . Got a few pennies loaned out in the A market just for a punt, but putting more than £2000 on a P2P ( peer to peer ) personal finance website is just asking for it.:)
 
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