P2P No Bank

Prosper Marketplace has just announced that their affiliate program has shut down and has requested that sites “take down any reference to Prosper immediately.” It seems ridiculous to remove all references to Prosper especially since this would take a long time to remove all mentions of Prosper in a P2P lending blog. However, [...]

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Continue reading → Prosper Referral Program Closes

Prosper announced that they are entering a quiet period and will not be accepting new commitments from lenders. This follows on Lending Club’s announcement yesterday that it is coming out of their quiet period. It seems Prosper is interested in having the same form of loans that can be resold which Lending Club [...]

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• Original Period Items 1903-13 Militaria Collectibles

Continue reading → Prosper Marketplace Enters Quiet Period

I planned to blog in commiseration with Tom about being denied for a loan. Tom was denied for a Zopa loan and I was rejected for a GE Money Bank credit card through Amazon. GE Money Bank took 10 days to tell me that they could not verify my identity despite the promise [...]

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Continue reading → Zopa Closes: More Negative P2P Lending News

Prosper Marketplace’s recent fee changes on P2P loans are further separating P2P lenders’ interests from those of Prosper. Prosper is loading up more fees at the front of the loan so they will be earning a far greater percentage of their income from loan origination. Lenders, on the other hand, earn all their [...]

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Continue reading → Prosper Fee Updates: Separating alignment from lenders

Loanio has continued to claim be almost available since I started blogging on P2P lending. Loanio in fact has been promising its imminent release since before I started blogging P2P lending — back in November of 2008.
For about the past year (maybe more), Loanio has been requesting you to sign up for their [...]

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Continue reading → O Loanio, Loanio, Wherefore art thou Loanio?

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

Question: What is the difference between my Prosper Marketplace remaining cash and a wide-angle lens for my DSLR camera?

Answer: In a week, they will be one in the same so there will be no difference.
I had $250 in cash in my Prosper account waiting to be loaned out to borrowers, but today I [...]

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Continue reading → 11 Reasons my Prosper Experiment is on Hold: Withdrawing Cash

I mentioned earlier that I had one Lending Club loan fall behind, but the loan recovered in less than 30 days. I now have one Lending Club loan more than 30 days late.
I had my doubts when I bid on it because the person sounded too desperate to get out of town. [...]

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Continue reading → Another Late Lending Club P2P Loan

For some time now, I have been warning about the mortgage crisis and its impact on P2P loans. The fact that Ed Mcmahon, Johnny Carson’s former sidekick, is in default on his home mortgage shows just how screwed up some Americans were in their thinking about debt, the housing market, and personal finances. [...]

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Continue reading → Donald Trump Saves Ed Mcmahon’s Mansion

I received a Prosper Marketplace update via email. There were several interesting items, but it the last item stood out:
Legal Agreement Revisions
A minor change has been made to the following legal agreements, to clarify that selling or buying a recommendation or endorsement is not allowed. Please refer to the links below to view these changes.

This [...]

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Continue reading → Prosper Marketplace Update Targeted at “Lazy Man and Money”?

I have been fascinated with Kiva for sometime but have not jumped into the concept yet. Part of my hesitancy is that I feel awkward about earning a return on these micro-loans for international development. I don’t see them fitting with my goal of trying to offer a higher return, but as a [...]

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Continue reading → Kiva: Micro-Foundations for Micro Loans?

Thank you to the blogs and forums that sent me the most traffic in the first half of the year. Also, I’d like to take a look back on the most popular posts of my p2p lending blog for the first half of the year.
Top Referrers:

1) Lazy Man and Money has sent [...]

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• Half Dimes Coins US Coins Paper Money

Continue reading → Top Ten Referrers and Posts for the First Half of 2008

According to NetBanker, Lending Club has a $500,000 per month burn rate. That is lower than my earlier estimation my estimate of the monthly cash burn rate delta due to the quiet period. As some of the commentators on my site mentioned, it seems to have been reasonably easy for Lending Club to [...]

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• Canadian Club Distillery Advertising Collectibles

Continue reading → Lending Club Quiet Period Burn Rate Update

Welcome to the 10th peer-to-peer lending blog carnival. There were some good submissions of a new market niche, a bonus program, two guides for borrowers, and a few P2P lending summary articles. I hope that you enjoy the articles.

Wiseclerk posted about Zopa UK planning a Young Market to target borrowers [...]

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• Circus Art Circus, Carnival Historical Memorabilia Collectibles

Continue reading → Carnival of Peer-to-Peer Lending #10

In Lending Club’s SEC S-1 Filing in relation to the quiet period, Lending Club listed many risks. It is similar but not exactly like the financial risks Lending Club originally posted on their website.
The following risks are taken directly the SEC S-1 filing in which there are more details, but the following [...]

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Continue reading → Lending Club’s SEC S-1 Risks

The next p2p lending carnival will be hosted here at Personal Loan Portfolio. There are not a large number of submissions that have been received to date, so you have a great chance of being prominently featured in the carnival. If you have recently written about Lending Club, Prosper Marketplace, Fynanz, or other [...]

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• Circus Art Circus, Carnival Historical Memorabilia Collectibles

Continue reading → Submit for the next P2P Lending Carnival

Lending Club just sent an update via email about their latest filing with the SEC. Unfortunately, they are still in a quiet period so they do not say much about the ongoing outlook, but it seems they may be one step closer to completing the requirements to return to P2P lending. So maybe [...]

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• Club Heads Clubmaking Products Golf

Continue reading → Lending Club SEC Update During the Quiet Period

A Penny Saved answered my questions about his Prosper Marketplace loan.
My major concerns were about home ownership terms and conditions and how quickly the loan would be paid back.
The question:
It says you are a home owner. Can you give the details of your loan (rate, term etc) and your current estimated equity situation in [...]

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• Penny UK Great Britain Europe Coins World Coins Paper Money

Continue reading → The Penny Saved Answers My Prosper Loan Questions

Rate Ladder is promoting a P2P loan from the blogger “The Penny Saved.”
See the loan request.
Honestly, the interest rate of 16% is rather poor considering that the Prosper lending guidance is a negative 18% due to the C credit rating.
Normally, I won’t even consider anything with a lending guidance that takes [...]

• 1 2 Penny UK Great Britain Europe Coins World Coins Paper Money

• Penny UK Great Britain Europe Coins World Coins Paper Money

Continue reading → Loan Money on Prosper to “The Penny Saved”?

Congratulations to Lending Club for winning a Webby Award. Other recipients included David Byrne, will.i.am of the Blackeyed Peas, Stephen Colbert, Lorne Michaels, Michel Gondry, and Tim and Eric. Many, many other organizations won awards including the Peace Corps which won a Webby award for a government website.
Lending Cub gave a tongue-in-cheek acceptance [...]

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Continue reading → Lending Club Webby: Can’t Say Anything! Quiet Period

Since my new feed is now working in P2P No Bank Blog Aggregator, I have added several Wordpress plugins to make my P2P Lending blog work better. Thanks to Rate Ladder for adding it back to the aggregator.
And thank you for your patience while I work out the new theme.

If you are into [...]

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Continue reading → More Website Updates Including Following Comments

I have been intending to update this theme for a while because Kevin and I could not make Personal Loan Portfolio aggregate into P2P No Bank. To rule out the theme as a possibility, I have updated it.

This theme is not Adsense optimized like the theme from Dosh Dosh that I was using. [...]

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Continue reading → New Blog Theme

A few months ago, I posted a poll asking readers if Lending Club would survive the quiet period. Readers believe by a large margin (31 votes to 11 votes) that Lending Club will survive the quiet period.
I hope that Lending Club will survive as is. I like the P2P lending platform [...]

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Continue reading → Poll Results: Lending Club will Survive

While looking up the details on the loan that I had reported as late, I noticed the Lending Club Promissory note text. I thought I would capture this for comparison purposes in case it changes after the quiet period.
The text “goodkarmaplease” in the Promissory note intrigued me so I searched for that on google, [...]

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Continue reading → Lending Club Promissory Note Details - June 2008

Surprisingly, my Lending Club late loan is now current again. That puts me back to 100% current loans at an average interest rate of 11.23%. Thank you to the borrower for catching back up on your payments.

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• Current Militaria 2001-Now Militaria Collectibles

Continue reading → Lending Club late loan is current again

Today, I planned to post some interesting information on Prosper.com lending based upon the Webinar (”Using Prosper tools for more effective lending”) that I signed up for with Prosper a few weeks ago. Unfortunately,

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Continue reading → Prosper.com Lending Tools Webinar Cancelled

This is part one of a series of what I learned by talking to a mortgage broker last week.

I stopped by my credit union to check into refinancing my mortgage last week. The rates were low and with the likelihood that the fed was going to drop rates …

• Tee Times Green Fees Golf

• Credit, Charge Cards Trading Cards Collectibles

Continue reading → My Mortgage Refinancing Experience: Post Mortgage Crisis Delivery Fees

So far all my Prosper.com and Lending Club loans are current. I would be annoyed with loan defaults, but currently the number of borrowers who pay the loan in a month or less is starting to bother me. Why does a borrower bother to take out a loan …

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• Early 1793-96 Large Cents Coins US Coins Paper Money

Continue reading → P2P Borrowers Waste Time and Money with Early Payoffs

Lending Club sent an email today that first surprised me because a quick reading of a few details sound rather ominous. However, if you read past the “you can withdraw uncommitted funds” sections of the email, or rather stick to the important stuff in the first paragraph, this email …

• Canadian Club Distillery Advertising Collectibles

• Club Heads Clubmaking Products Golf

Continue reading → Lending Club Quiet Period: Is a Secondary Loan Market Coming?

Due to the Lending Club quiet period, the Lending Club referral program has ended. The program was a good one — I earned over $300 in referral fees through this website by blogging about my experience creating a portfolio, creating a video, gathering advice for new lenders, the inception …

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• Apollo Program Space Programs Historical Memorabilia Collectibles

Continue reading → Lending Club Referral Program is Currently Dead…

I have already commented on Lending Club’s quiet period and referral program suspension. I decided to check other blogs to see what they have to say on the email notice that went out today. Since I was reading everything anyway, I decided to post links and a few quotes …

• Original Period Items 1700-74 Militaria Collectibles

• Original Period Items 1903-13 Militaria Collectibles

Continue reading → Lending Club Quiet Period Announcement: A Blog RoundUp

This extends my posting on the blog roundup of Lending Club quiet period postings…

HollowOak asks: “How far behind is Prosper? Or do they get kudos for having started the SEC filing months ago?”

Lazy Man and Money is calling Lending Club dead:
I have been worked for a number of start-up companies …

• Canadian Club Distillery Advertising Collectibles

• Club Heads Clubmaking Products Golf

Continue reading → More Lending Club Quiet Period Announcement Links

P2P Lending has been in the mainstream media news a great deal lately. I decided to post a roundup of many of the recent news articles on Prosper.com, Lending Club, Zopa, GlobeFunder, and Virgin Money. It is unfortunate that Lending Club entered a quiet period just as they …

• Canadian Club Distillery Advertising Collectibles

• Club Heads Clubmaking Products Golf

Continue reading → Lending Club, Prosper.com, and more: P2P Lending News Roundup

Lending Club has gone quiet and is no longer allowing lenders to lend, but borrowers can still borrow money according to their email notice. Those loans will be funded by Lending Club. From the email notice:
The borrowing side of our site will remain generally unaffected by this registration …

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• Club Heads Clubmaking Products Golf

Continue reading → Change in Lending Club Cash Burn Rate Due to Quiet Period

Quick poll for your thoughts: Do you believe that Lending Club will survive the quiet period.

[poll=5]

Please take a minute to mention the reason(s) why or why not in the comments. Thanks.

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Continue reading → Poll: Will Lending Club Survive the Quiet Period?

Sorry for being nearly as quiet as Lending Club lately. A quick update on my Lending Club portfolio is in order. Most importantly, I had my first late loan. It is only 16-30 days late, but as most P2P lenders know, once a P2P loan is delinquent there only …

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Continue reading → My first late loan at Lending Club

This is the second post in a series on my recent experience applying for mortgage refinancing.

While applying for mortgage refinancing, I asked the loan officer for credit score wisdom based on her experience. I knew most of the advice but I found some of her comments interesting so I’ll …

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• Home-Based Businesses Businesses for Sale Opportunities

Continue reading → Credit Score Advice from a Mortgage Lender: Mortgage Refinancing Experience

Sorry for being nearly as quiet as Lending Club lately. A quick update on my Lending Club portfolio is in order. Most importantly, I had my first late loan. It is only 16-30 days late, but as most P2P lenders know, once a P2P loan is delinquent there only a small probability of recovery. [...]

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• Club Heads Clubmaking Products Golf

Continue reading → My first late loan at Lending Club

When Lending Club updated their website, I noticed that Rate Ladder’s screenshots looked different from mine. This was discussed in the comments on RateLadder’s blog. Kevin removed all the comments on his blog so I can’t follow up on this issue there, so I’ll have to post the explanation …

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• Club Heads Clubmaking Products Golf

Continue reading → Update on New Lending Club Screen Difference

When Lending Club updated their website, I noticed that Rate Ladder’s screenshots looked different from mine. This was discussed in the comments on RateLadder’s blog. Kevin removed all the comments on his blog so I can’t follow up on this issue there, so I’ll have to post the explanation …

• Canadian Club Distillery Advertising Collectibles

• Club Heads Clubmaking Products Golf

Continue reading → Update on New Lending Club Screen Difference

When Lending Club updated their website, I noticed that Rate Ladder’s screenshots looked different from mine. This was discussed in the comments on RateLadder’s blog. Kevin removed all the comments on his blog so I can’t follow up on this issue there, so I’ll have to post the explanation …

• Canadian Club Distillery Advertising Collectibles

• Club Heads Clubmaking Products Golf

Continue reading → Update on New Lending Club Screen Difference

This is the second post in a series on my recent experience applying for mortgage refinancing.
While applying for mortgage refinancing, I asked the loan officer for credit score wisdom based on her experience. I knew most of the advice but I found some of her comments interesting so I’ll post the collection of advice, [...]

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• Post-1950 Beds Furniture Antiques

Continue reading → Credit Score Advice from a Mortgage Lender: Mortgage Refinancing Experience

Quick poll for your thoughts: Do you believe that Lending Club will survive the quiet period.
Note: There is a poll embedded within this post, please visit the site to participate in this post’s poll.
Please take a minute to mention the reason(s) why or why not in the comments. Thanks.

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Continue reading → Poll: Will Lending Club Survive the Quiet Period?

Lending Club has gone quiet and is no longer allowing lenders to lend, but borrowers can still borrow money according to their email notice. Those loans will be funded by Lending Club. From the email notice:
The borrowing side of our site will remain generally unaffected by this registration process; borrowers can continue to [...]

• Canadian Club Distillery Advertising Collectibles

• Club Heads Clubmaking Products Golf

Continue reading → Change in Lending Club Cash Burn Rate Due to Quiet Period

P2P Lending has been in the mainstream media news a great deal lately. I decided to post a roundup of many of the recent news articles on Prosper.com, Lending Club, Zopa, GlobeFunder, and Virgin Money. It is unfortunate that Lending Club entered a quiet period just as they were gaining tremendous growth in [...]

• Canadian Club Distillery Advertising Collectibles

• Club Heads Clubmaking Products Golf

Continue reading → Lending Club, Prosper.com, and more: P2P Lending News Roundup

This extends my posting on the blog roundup of Lending Club quiet period postings…
HollowOak asks: “How far behind is Prosper? Or do they get kudos for having started the SEC filing months ago?”
Lazy Man and Money is calling Lending Club dead:
I have been worked for a number of start-up companies and they had one thing [...]

• Canadian Club Distillery Advertising Collectibles

• Club Heads Clubmaking Products Golf

Continue reading → More Lending Club Quiet Period Announcement Links

I have already commented on Lending Club’s quiet period and referral program suspension. I decided to check other blogs to see what they have to say on the email notice that went out today. Since I was reading everything anyway, I decided to post links and a few quotes to everything that I could [...]

• Original Period Items 1700-74 Militaria Collectibles

• Original Period Items 1903-13 Militaria Collectibles

Continue reading → Lending Club Quiet Period Announcement: A Blog RoundUp

Lending Club updated their interface today with some great improvements. They announced a few days ago in their blog that these changes were coming along with a reminder of the Lending Club 5% bonus program. Also mentioned was the number of lenders on Lending Club doubled in the last …

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Continue reading → Review of Lending Club Update: New Portfolio View, FICO Score, & More

I noticed that Lending Club is denying most loans. Since that time, Lending Club has started posting the rejected loan profiles on the statistics page. Scroll to the bottom of that page for the file. The data is missing several fields that you would use to evaluate a …

[...]

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Continue reading → Lending Club Posts Rejected Loan Statistics

As I promised, I have extended some loans with Prosper (although I am not quite up to $500 yet). Since everyone can see Prosper loans and which ones I bid on — see my loans at Lending Stats — I decided to have some fun with it by …

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Continue reading → Review My First Prosper Loans and Win a Book!

Eric, of Eric’s Credit Community, today announced on his site the launch of LendingClubStats.com.

There are currently a few different chart categories including:

Loan growth rate shows great growth in the loans extended on Lending Club.
Loans by Current or Late Status. Eric points out that…

[...]

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Continue reading → Eric Launches LendingClubStats.com

While browsing for articles for an academic project, I decided to browse academic journals for articles on Prosper Marketplace and related interest rates. I thought someone must have published in a peer reviewed journal something on Prosper, but I did not find any existing articles outside of…

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Continue reading → Internet Reduced Insurance Rates: Similar Impact on Loans?

I looked up the Prosper Book on Amazon and noticed a link to the P2P lending site DUCK9. The author of the book, Roger Steciak, states in his blog on Amazon:
I was interviewed recently by the SocialLendingWatch.com blog and realized there are now seven sites in the United …

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• Back of Book United States Stamps

Continue reading → P2P Lending to Students with DUCK9: Heard of it?

Browsing some Prosper lending statistics at LendingStats.com, I noticed that Pennsylvania loans are exceptionally late. 23% of the loans by dollar volume have already defaulted — despite the low rate cap of 6%. The low rate cap presumably should keep higher risk borrowers from receiving a loan. …

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Continue reading → Pennsylvania loans or what were early Prosper lenders thinking?

I often read that borrowers in one state or another are more likely to default on Prosper loans. I decided to investigate if there is any truth to the likelihood that some states are worse credit risks than others. The example that often comes to mind is …

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• Credit, Charge Cards Trading Cards Collectibles

• Heart Rate Monitors Monitors Pedometers Gym, Workout Yoga Exercise Fitness

Continue reading → Prosper Correlations: Late Loans and Interest Rate Caps

Are you a current P2P lender? If so, which of the following services are you using? If you are not a current P2P lender, are you considering it? If you select another P2P lending site, please mention in the comments which one. Thanks for voting.

[poll=3]

If you are …

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Continue reading → Poll: Are you a P2P Lender?

My funds arrived to Prosper Marketplace a few days ago. I planned to jump into Prosper and start carefully selecting loans for funding. I browsed a few loans, but I have cold feet.

So I opened my blog to reflect…. Why am I nervous about bidding? I had …

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• Sailboats Under 20 feet Sailboats Boats

Continue reading → P2P Lending: Everyone is Watching

Recently I noticed that Lending Club is denying most loans. Since that time, Lending Club has started posting the rejected loan profiles on the statistics page. Scroll to the bottom of that page.  The data is missing several fields that you would use to evaluate a loan, but it …

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• Club Heads Clubmaking Products Golf

Continue reading → Lending Club Posts Rejected Loan Profile Statistics

My funds arrived to Prosper Marketplace a few days ago. I planned to jump into Prosper and start carefully selecting loans for funding. I browsed a few loans, but I have cold feet.

So I opened my blog to reflect…. Why am I nervous about bidding? I had …

• Sailboats 20-27 feet Sailboats Boats

• Sailboats Under 20 feet Sailboats Boats

Continue reading → P2P Lending is Naked Finance and Everyone is Watching