P2P No Bank

Last night we released another update to the Prosper site. The most significant change is the way that severely delinquent loans (charge-offs) are now reflected in lender’s accounts. You may also notice a few other small changes that we hope you will appreciate, as I will detail below.
Loans designated as “Charged-offs” after 4 months late
As [...]

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Continue reading → Site Update – September 24, 2008

Ever since we changed the marketplace performance page from listing old loans as “Defaulted” to calling them “Charge-offs”, and then promising more changes inside lender accounts, we’ve had a lot of questions. Let me try to explain why we’re making this change, how it will look if you’re a lender, and what you can expect [...]

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• Prosper Delinquent Debt Sale In Progress Yesterday Prosper began a delinquent debt sale.  This happens when loans are 4 months or more late and are sold to delinquent debt buyers... Loans receive different amounts depending on the credit grade and other borrower information.  From my standpoint (observer as I have no loans in the debt sale)......

Continue reading → Charge-offs Explained

Last September, I took out a $10,000 home improvement loan on Prosper, to fix a leaky patio that I inherited when I bought my apartment. It was a known repair, and the leak wasn’t particularly bad, but I knew that it should be patched soon. With my annual property tax bill taking up all my [...]

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• Virgin Money Review Virgin Money is another the brainchild of Richard Branson, the well known entrepreneur that is behind a multitude of businesses, record labels and projects throughout the world. His belief is that everyone should have access to the money they need when they are trying to get money for a business......
• The Dangers of Long Term and Interest Only Loans There are two new trends in the banking world that may actually be very dangerous for consumers. Long term personal loans and interest only loans are gaining in popularity, especially in the wake of the housing crisis. While these may seem to be a great option at the time, there......

Continue reading → I paid off my loan

Last night we made another update to the Prosper site. We’ve focused on making the site easier to use (particularly for first-time members), and have changed the way delinquent loans are displayed.
Family and Friend Lenders can bid via PayPal or Credit Card
In this release, borrowers will find it easier to request (and receive) bids from [...]

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Continue reading → Site Update – August 14, 2008

Last night we made another update to the Prosper site. The update includes a few nice changes for lenders and some important process changes. 
Adjust the rate on your portfolio plans
When you add a portfolio plan to your lender account, now you can adjust the average bidding rate on your portfolio plan from the “Fund your [...]

Continue reading → Site Update – June 24, 2008

Last night we did one of the biggest releases of code to the Prosper site that we’ve ever done. What? You didn’t notice anything? Perfect.
One of the less glamorous sides to building web sites (or building anything, come to think of it) is that sometimes you have to stop working on the sizzle and get [...]

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• Prosper Release -- All Steak No Sizzle Prosper Andrew announced another Prosper release: Site Update – May 19, 2008 In his own words... One of the less glamorous sides to building web sites (or building anything, come to think of it) is that sometimes you have to stop working on the sizzle and get working on......

Continue reading → Site Update – May 19, 2008

 We made an update to the site last night to add a new feature to portfolio plans.
Prosper has updated the criteria in the templates for the Conservative, Balanced, Moderate and Aggressive portfolio plan models. This will not change the criteria of your portfolio plans; however, if you wish to alter your plan criteria to match [...]SHARETHIS.addEntry({ title: “Portfolio Plan Updates Are Here”, url: “http://blog.prosper.com/2008/04/25/portfolio-plan-updates-are-here/” });

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Continue reading → Portfolio Plan Updates Are Here

We’re all taught: when in polite company, don’t talk about money, sex, politics, or religion. I don’t know about the last three, but when it comes to money, people are decidedly tight-lipped. A cousin once confided in me (after a few drinks) that he’d racked up $50,000 in credit card debt. You could have knocked [...]SHARETHIS.addEntry({ title: “Putting the social in social capital”, url: “http://blog.prosper.com/2008/04/23/putting-the-social-in-social-capital/” });

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• What You Need to Know Before Going Into Debt Let’s face it, if you want to get ahead in today’s world, you’re going to need to go into debt, at least a little. The key is managing your debt properly and avoiding common traps. Not all debt is bad, even if we have been trained to think that it......
• 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 → Putting the social in social capital

Last night we released some big changes to the Prosper site.
Nationwide lending at 36% interest rate cap

After a couple years of turning away Nevadans completely and forcing Pennsylvanians to set their interest rates below 6%, we are opening up the marketplace to borrowers in almost every state of the union, with a marketplace-wide rate cap [...]SHARETHIS.addEntry({ title: “Site update – April 15, 2008″, url: “http://blog.prosper.com/2008/04/15/site-update-%e2%80%93-april-15-2008/” });

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• Big Prosper Changes -- 2nd Loans, Authenticated API, 0% on AA, 36% Max Rate, and Portfolio Plans Big changes for Prosper today in new release... Borrowers can now have second loans Authenticated API for access to extended credit and a lender's loans for lenders 0% servicing fee on AA credit In states where rates aren't capped the new maximum is 36% Portfolio Plans might be the biggest change of......

Continue reading → Site update – April 15, 2008

We generally don’t like to pre-announce new features here at Prosper. But over the past few months we’ve put so much time and energy into a new feature called “Predictive Bidding” that we’re too excited to keep it under wraps any longer.
After mining our database of lender activity (don’t worry, no canaries were harmed), we [...]SHARETHIS.addEntry({ title: “Predictive Bidding”, url: “http://blog.prosper.com/2008/04/01/predictive-bidding/” });

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Continue reading → Predictive Bidding

Portfolio Plans for everyone
Now lenders can create their own portfolio plans, with all of the controls available in the existing portfolio plan templates. Existing standing orders have also been converted to portfolio plans, and will include estimated return data (when available) to help lenders make better lending decisions.
Additionally, lenders can now share their portfolio plans [...]

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• Prosper Released the Market Survey Results for March 2008 Here is the March 2008 Prosper People-to-People Lending Market Survey... I thought the commentary was particularly interesting this time... Market Commentary By Prosper Co-founder and Chief Executive Officer, Chris Larsen As we have previously reported, Prosper’s mix of “well priced” loans – loans with an attractive risk-return tradeoff – has......

Continue reading → Prosper Release — Pre-ProsperDays

Tonight we did a bunch of back-end work and made a couple of changes that you might notice…
Lender overview changes
We’ve received a lot of feedback from lenders that the “Active loan summary” box on the “Your Account > Lending” page is confusing and unclear. Furthermore, it looks like some of the items should add up, [...]

Continue reading → Site Update 12/19/2007