Avoid This Company Like the PlagueThat’s the headline of the article written by Chuck Saletta about Prosper. The article is primarily concerned with Prosper’s filing in a US Bankruptcy Court regarding this loan. In the filing, Prosper denies directly l…

Continue reading → The Motley Fool Slams Prosper

Following up on our earlier post, here is the full summary of Bank results from the Globe and Mail.
Canadian banks’ decline benign next to U.S - Globe and Mail
Big Six report 21-per-cent drop in profits in past three days, but remain among highest-valued stocks in industry

Continue reading → “Canadian Banks’ decline benign next to US” | Globe

Sunday Money Madness is back again this week under the header of the Hurricane Gustav and Tropical Storm Hanna. Rainy and windy weather is about to bombard the southeast again and looks like Louisiana, and Texas are going to take the brunt of the category four hurricane. For those living in [...]

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• Sunday Money Madness Welcome to a new edition of the Sunday Money Madness roundup. I hope you enjoy this light bit of weekend reading. Debt | Debt Leveraging: Cash Money Life presents 10 Ways to Pay Your Debt Off Faster. College Loans: Not Always Good Debt at National Payday explains. What do you......
• Sunday Money Madness Welcome to another edition of Sunday Money Madness. The posts below are from several blogs in the financial blogosphere that I found to be well worth reading. Have a great finish to your weekend and as the summer wraps up good luck with your back to school shopping. Free Money......

Continue reading → Hurricane Gustav and Tropical Storm Hanna Roundup

Late last month I reviewed the loans made in May that were already falling behind. One month later, I thought it would be a good time to check on their status.You can see the four late A loans I discussed last month in this post. There is some good new…

Continue reading → May 2008 Late Loans Revisited

I’m heading on an extended vacation in Sydney, Australia and Phuket, Thailand for a few weeks… or at least that’s the plan. It appears that I need Hurricane Gustav to cooperate a little. My wife, being in the military is on notice that she may be necessary for the relief work. I [...]

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Continue reading → Going on Vacation… Maybe.

I regularly receive scam emails requesting large loans through my contact form on this loan related website. Most of these are probably some type of advanced fee fraud if you were to start corresponding with the individual.
There are some people who take pride and joy in wasting scammers time by [...]

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Continue reading → Internet Loan Scams - Scammers Contact me for Funding

If you’re like me, you probably have a to-do list that you’re constantly working on. When a new project begins, creating a list of all necessary tasks is usually one of the first things I do. At times new lists, particularly long ones, can prevent progress because they seem so insurmountable. Once you get on [...]

Continue reading → Being Productive Takes Action

I promised a long time ago to write about housing in Nuevo Laredo.
So I will exercise self-control and delay the gratification of writing about my recent outing to a lucha libre pro wrestling extravaganza. I will write instead about how housing gets built here in Nuevo Laredo – more of a sweaty struggle than the [...]

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Continue reading → Progressive housing 101, or, an intro to why housing microfinance matters

Keep your eye on the horizon looks like another storm or two is brewing. Be prepared and stay safe as hurricanes are blowing. Well they’re not listed at hurricanes right now, they’re still tropical storms, but damage can still be severe. Check weather updates at www.weather.com.
 
It’s August and that means going to school. Brip Blap [...]

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• Sunday's Money Madness Good morning and welcome to Rich Credit's Sunday's Money Madness. This week from the finance blogosphere you can learn more about the Obama Stimulus Check, Congress' Housing Rescue Bill, how to protect yourself from unnecessary purchases and more. Free Money Finance writes Almost Anything Has Better Odds than Winning the......
• Sunday Money Madness This week on Sunday Money Madness, the weekend material includes many varied financial tips. Enjoy! Tell me what you think! Get Rich Slowly goes into credit card basics: five essential skills for mastering plastic. Water fun activities to cool you off this summer by Digerati Life examines the cost of......

Continue reading → Gustav, Hanna, and Finance - Prosper Roundup

Has Prosper turned the corner and realized that lenders are the key to it’s success? The official Prosper Blog, which for so long seemed dedicated to attracting only borrowers, has focused its last three posts on lenders’ concerns. But that’s not all.O…

Continue reading → Could it be?

Although Prosper rates an F for most of what it does, its marketing department clearly deserves an A for its ability to get articles published that read as if they were Prosper press releases.  There have been a bazillion articles published about Pros…

Continue reading → Finally — A Realistic (Though Narrow) Article About Prosper

Old-timer Prosper.com members may remember John Witchel (former CTO) blogging briefly (or is that briefly blogging?) at prospers.org. The melt-down started when he used an analogy of couches ina bus station. Things never were the same after that.Today …

Continue reading → Couldn’t Help Myself

Just in case anyone still reads this blog and missed the thread over at prospers.orgAvoid this Company Like the Plague

Continue reading → Motley Fool article about Prosper

I shot an arrow into the air,It fell to earth,I knew not where;For so swiftly it flew, the sightCould not follow it in its flight.I breathed a song into the air,It fell to earth,I knew not where;For, who has sight so keen and strongThat it can follow t…

Continue reading → The Arrow And The Song

Venture capitalist Paul Graham has a famous essay on 8 lessons for startups. I’d like to add a ninth lesson to the list: You Will Get Fat. Being stressed supposedly causes weight loss, but the effect is easily offset by an abundant supply of food. Whether it’s the weekly catered lunches, or [...]

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Continue reading → Social Lending… and Push-Ups

Today is the last business day in August so all the data is in for the month and it ain’t pretty.  Prosper has originated 25% less in loans this month than last, from ~$8 million down to ~$6 million.I don’t know what their recovery plan is but this is…

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Continue reading → Prosper loans dropped 25% in August

One way we often end up overspending is by overvaluing convenience. At times, we don’t even realize we’re doing this. A trip to the eye doctor can fall into this category if we blindly purchase our glasses and contacts from our eye doctor, without considering alternative sources.
You probably chose your eye doctor because of a [...]

• Banking, Insurance Advertising Collectibles

Continue reading → Smart Shopping for Glasses and Contacts

If you’re a follower of Matt’s blog at all, what we’re doing today is old news to you:http://www.socialedge.org/blogs/kiva-chronicles/archive/2008/08/26/liquidity-and-communityHe’s explained what we’re doing far better than I ever could. To s…

Continue reading → Two BIG steps for the Kiva website

When making purchasing decisions, we typically look at price rather than at cost. Both are important, but paying the lowest price often ends up costing us more.
Rather than looking at the price of an item, consider the cost of the need it hopes to fulfill. By thinking about paper towels in terms of dollars [...]

Continue reading → Price Versus Cost

My job at Prosper is to show lenders how to use Prosper and its various bidding tools. I speak with dozens of new lenders at Prosper every day. I often share the learnings of successful lenders, as well as the teachings of the marketplace results.
One of the most critical messages I try to share with [...]

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• Prosper Diversification Diversification is essential to success on Prosper.  There are many kinds of diversification: multiple loans, geographic, loan use...  While the most important kind of diversification is accomplished via as many as loans as possible (no more than 2% of your portfolio in a single loan), the type of diversification that......

Continue reading → The Marathon, not the Sprint

An interesting article recently published in the Independent reveals some of the workings of the now ubiquitous comparison websites.
There’s no doubt that they certainly do provide a service much needed to save us time and from sheer boredom in repeating the same details to each and every provider…yawn!
But the issue that David Prosser raises about [...]

Continue reading → Apples and apples?

Squeezing people into taxis is par for the course in Cameroon. As cabs approach, you shout your destination to the driver and if you get the nod you hop in. If there are already three in the back, no matter, there’s room for one more. If there are two in the front, again, no problem: [...]

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Continue reading → Mama’s Left Leg

In their latest edition of Retail Banking Insider, Jane Cooper at Lafferty has a piece entitled ‘Credit Crunch a boon to social lending’. We are mentioned and quoted in the along with Zopa and Prosper.
The themes are:

banks have increased their pricing
banks have cut back lending
lenders [investors] are seeking alternative vehicles with better and predictable [...]

• Credit, Charge Cards Trading Cards Collectibles

Continue reading → “Credit crunch a boon to social lending” | Lafferty Retail Banking Insider

When the economy experiences a serious downturn, most companies experience changes in the way their business operates. This also holds true for the nations colleges, universities, community colleges and trade schools Many people are opting out of the workplace to go back to school while many high…

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Continue reading → State of U.S. Economy Boosts Enrollment

Dar es Salaam. The city is an assault on the senses. Flying into Nyerere International airport, my first glimpse of Tanzania, and indeed of Africa, is incredibly beautiful – mile upon mile of azure ocean clings alluringly to a sandy coastline, clusters of coconut trees spring up from between houses with maroon and blue roofs, [...]

Continue reading → A Study in Contrasts

We are pleased that we have been selected as a finalist for the Top 50 Award that will be announced by Red Herring September 16th, 2008.
Red Herring Canada 2008
Red Herring Canada will host its first annual Top 50 Awards, celebrating the most innovative and promising companies in Canada. Adding to the success of our yearly [...]

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Continue reading → CommunityLend is a finalist for Red Herring Top 50 Award

Although many people realize that smoking is bad for your health, few realize just how big of an impact it can have on your wallet. If you are finding it difficult to quit smoking the following information may just change your mind. Let’s take a look at just how expensive smoking can be.

The actual cost [...]

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• Does Insurance Really Matter When it Comes to Personal Finance? Most of us look at insurance premiums as a big drain on our finances. Insurance policies do not come cheap, but they may be essential. In many ways, you can look at insurance as a way of avoiding financial failure in the years to come. While you can’t buy a......
• It's Time for Some Personal Budget Planning Tips Personal budget planning is an important part of keeping a handle on your finances. Because there is so much turmoil in today's economy, maintaining a healthy personal budget is more vital than ever. Crafting a personal budget begins with determining how money comes in, and how money goes out, but......

Continue reading → The Hidden Costs of Smoking

I’ve been pretty conservative from the start as you can probably tell by the average lender rate on my portfolio. So far, it’s paid off. A while back, I decided I’d try a portfolio plan to increase my ROI. (In a future post, I’ll examine this sub-po…

Continue reading → I’ll stick with handpicking loans for a while

The Olympics may be over, but the competition at Zopa is on fire.
With only 5 days left in the How Low Can You Go? Help Challenge, we’ve decided to take another peek at the race.
To all of you who’ve made the leap already, congrats! To everyone else, there’s still plenty of time to get on [...]

Continue reading → The Path to Glory

You can opt out of receiving most unsolicited credit card applications, insurance offers, and similar junk mailings by using the opt-out procedure I’ve previously covered. One limitation of that program is that you may still receive offers from companies that you do business with and their affiliates.
Help in that realm has been in the works [...]

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• Are You Managing Your Debt Correctly? Although debt is a dirty word to many, the fact of the matter is that the vast majority of us are in debt in some way or another. No matter how hard we try, there are times when you simply need something and cannot afford to pay for it straight......

Continue reading → Limiting Affiliate Marketing Offers

In this crazy, mixed up world it has become more and more apparent that the bottom line rules. Everywhere you turn, hidden fees are nickel and diming us to oblivion (and into the poor house). Certain businesses have created these fees like an art form, com-plete with the brush stroke of fine print. And of [...]

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Continue reading → See Me, Fee Me

Most of us look at insurance premiums as a big drain on our finances. Insurance policies do not come cheap, but they may be essential. In many ways, you can look at insurance as a way of avoiding financial failure in the years to come. While you can’t buy a policy to protect your checkbook, [...]

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• July 4th Weekend Roundup Sunday Money Madness is your guide to the rest of the blogosphere on personal finance. The Other America - Commentary on Food Stamps and the Economy by Patrick at Cash Money Life talks about the food stamp predicament. With food being more expensive it looks like the money allotting through......
• All About Emergency Funds The news is full of heartbreaking stories about people losing their homes, going bankrupt and facing financial ruin. If you don’t want to be among them, it is time to take a hard look at some steps that you can take to insure yourself against financial ruin. One of the......

Continue reading → Does Insurance Really Matter When it Comes to Personal Finance?

Is it really possible to Make Money on Ebay?
Ninety-nine percent of the time that I hear, “make money on Ebay” it turns out that the person is simply getting rid of stuff they no longer want. I don’t consider that making money, because you lose the possession - one that you likely paid more [...]

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Continue reading → Make Money on Ebay

Kiva’s project “Loans That Change Lives”, is currently a contestant for the Members Project Award! Please support us and help our organization win $1.5M through popular vote. Here’s what you can do to help Kiva win:1) Visit the following site:http:/…

Continue reading → Do you have 2 minutes to help 25,000 entrepreneurs receive a loan?

Kiva has a pretty important software release in a couple of days. 

First, we are releasing a "community" section of the site.  The purpose of the section is clear enough — to foster a sense of community among the 300K plus Kiva lenders.  The way we are going about this…

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Continue reading → Liquidity and Community

AMK has the lowest average loan balance per borrower. According to MIXMarket, AMK’s average balance at the end of 2007 was $86 per borrower. To put that in perspective the second lowest was AMRET at $164, which is nearly 90% higher. HKL, Credit MFI, and Maxima (the other three Cambodian MFIs working with Kiva) have [...]

Continue reading → Targeting the Poorest of the Poor

Kiplinger’s recently published an article about Prosper entitled “Risks and Rewards of Online Lending.” The article addresses the expectations Lenders should have with regard to interest rates.
“Lend to a borrower with bad credit and you can expect a higher interest rate. A borrower with a better credit history will get you a lower rate?”
Generally speaking, [...]

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Continue reading → Distinguishing between Interest and Return

“When every page has been read and the book put down, is the story over?”      -Larry Niven

• Chardonnay Lakes Meadow Golf Course Chardonnay Lakes Meadow Golf Course is located in: Phone:  (800) 788-0136 Website: http://www.chardonnaygolfclub.com Course History: The Lakes-Meadow course at Chardonnay was developed to give golfers of all skill levels a challenge. The course stretches out over 6700 yards and while it can be a bit difficult, even novice players find......
• Dolphin Isle Marina, Fort Bragg, CA Dolphin Isle Marina is located in: Fort Bragg, CA Phone: 707.964.4113 Average Water Depth: The average water depth here is around 14 feet, but this is subject to change due to weather conditions. We recommend calling ahead to check the current levels before you arrive. Marine Standby Channel: Yes, the......

Continue reading → Philosophic

Irrespective of the way that the capital markets react to this week’s earnings announcements from most of Canada’s largest banks, the core message from each of their announcements will be clear – banking in Canada continues to be a highly profitable business, this, despite the significant issues around sub-prime investment exposure and a worsening economy.
Looking [...]

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• Boston Globe Covers Prosper Boston Globe Covers Prosper, Zopa, Circle Lending, and Lending Club... Need cash? Just ask It's getting easier to borrow money via the Internet, and not just from banks. A host of financial websites help arrange loans between friends, family members, and even total strangers. "People have been borrowing money from......

Continue reading → Even in Turbulent Markets, the Core Business of Banking Remains Profitable in Canada

When I decided to withdraw some money from my Kiva account, I was informed:
This email confirms your withdrawal request of $25.00. You can expect the funds to be deposited into your paypal account within 1-3 weeks.
This astonished me. The withdrawal is conducted via paypal (as is the upload). The upload was almost instantly. Therefore [...]

• My First Kiva Payments Are Made On Time About a month ago I made my 4 loans on Kiva to women in Somoa.  I was both testing Kiva and hopefully making the world a better place.  Kiva allows you to make individual loans to people in need through NGOs around the world.  I went with 4 women from......

Continue reading → It takes weeks to withdraw money from my Kiva account

Like many new young entrepreneurs, three years ago I thought I was pretty hot stuff. I had a few employees, raised some angel money… and then proceeded to make huge mistake after huge mistake.
Of all my business blunders, these 7 are the ones that still make me gnash my teeth.
1) I Managed People like Michael [...]

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Continue reading → 7 Teeth-Gnashing Mistakes I Made as an Entrepreneur

There are many ways for you to start saving your money; some work, most don’t. Especially if you come from a family and background where nobody saved and that was not an integral part of dealing with money. One way to force yourself into saving is by having the government help you with it. This [...]

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Continue reading → Have the Government Help You With Saving

If you’re phone is ringing off the hook, or your debt collectors are literally breaking down your door, it’s time to learn your rights and how to handle them. No matter why you ended up delinquent on your accounts, dealing with debt collectors is humiliating and infuriating. However, there are a few steps that you [...]

• Restore Your FICO Score – Part Two In our last post, we covered how to begin the process of restoring your FICO score, as well as how changes can affect this score. Now that you are ready to begin, there are a few steps that you will need to take. Many of these steps require diligence on......
• How to Handle Debt Collectors If you’re phone is ringing off the hook, or your debt collectors are literally breaking down your door, it’s time to learn your rights and how to handle them. No matter why you ended up delinquent on your accounts, dealing with debt collectors is humiliating and infuriating. However, there are......

Continue reading → How to Handle Debt Collectors

With the recent run-up in fuel prices, you have likely been seeing prices rise in your grocery store too. This weekend, I went with my wife to buy our produce. She first asked me to stop at the ATM to get $20. Going to the ATM is unusual for us in the [...]

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Continue reading → All Your Produce for $20

It’s been 10 years since I graduated college, excuse me if I’m not fully in character. School was a different time in my life. I didn’t spend a lot of time thinking about money. My mother raised me to think frugally and I think that stuck in my subconscious.

Car - I was [...]

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Continue reading → Going Back to School? Here Are Some Tips That Helped Me

It’s been a while, but I have a few updates here. First, I’ve added a Map function to the lender data screens that will show a kind of “heat map” for which states you are lending to. Not extremely useful, but a neat curiosity anyways.

Second, I finally added a real blog to the site. I’ll…

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Continue reading → Borrower Maps, Blog & Bug Fixes

Let’s start with some housekeeping issues. First of all, the refunds of AmSher collection fees should be processed in the next few days. We have calculated the refund amounts on all payments through the end of July. Once the program is written and tested is should be an easy matter to run it for [...]

• Doug Fuller Update Legal Test The New Agency Test aka Legal Test has been updated via the blog: Legal Test Update We have obtained service on 12 of the suits – and have sent “proof of service” back to the courts. Another 41 have been formally entered on the dockets of the court in and......

Continue reading → Collections Update

The latest book review here at Richer by the Day is Your Money or Your Life by by Joe Dominguez and Vicki Robin.

Your Money or Your Life is one of those classic personal finance books that everyone seems to have read. After finally getting around to reading it myself, I can [...]