Back in April of this year, the Lending Club announced that it would be going into a quiet period due to the beginning of a registration process involving the SEC, the United States Securities and Exchange Commission. Now the Lending Club is pleased to announce that the process has been completed, and now the Lending [...]
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The Lending Club Offers New Alternative for Consumer Credit Following $600 Million SEC Registration
October 16th, 2008 — , Features, In the News, Lenders, Lending Club, P2P Lending, borrowers, credit instruments, distrust, economy, financial crisis, financial institutions, interest rates, investments inc, liquidity, loans, mainstream adoption, quiet period, reason consumers, sec registration, securities and exchange, securities and exchange commission, trading platform, united states securities, viable investment from RateLadder @ Rate Ladder
Who is Really to Blame for the Credit Crunch?
October 15th, 2008 — , Credit Crunch, banking, banks, borrowers, downturn, economy, foreclosure, home loan, home loans, housing, investments, lender mortgage, loan situation, loans, middle man, mortgage brokers, ramifications, single home, sub prime market, suits, two thirds, wall street, wall street firms from Credit Karma @ Credit Karma
Most of the country is beginning to feel the ramifications of the housing crunch and credit crunch right now. There is no single entity to blame for this massive downturn in the economy, however. So who can we blame for the credit crunch? We can definitely blame the brokers, the banks, wall street, the government, [...]
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Zopa Shuts Down US Branch
October 14th, 2008 — , Italy, Lenders, News, P2P Lending, Zopa, benefit, borrowers, credit unions, economic crisis, economy, interest rate, interest rates, loan interest, loan services, loans, marketplace, p2p, peer to peer lending, regulatory issues, regulatory restrictions, restriction, turmoil from RateLadder @ Rate Ladder
Zopa, the UK based peer to peer lending company, is shutting down their US branch due as a result of toughening conditions that are currently being experienced by the US economy. Zopa provides loan services in the UK, as well as in Italy and Japan through a pure P2P style marketplace. Borrowers would request loans, [...]
Related StoresMortgage Interest Rates Start To Change
October 7th, 2008 — , borrowers, consumer advocates, current situation, fannie mae, foreclosure, freddie mac, housing market, interest rates, lack of awareness, light at the end of the tunnel, money, mortgage, mortgage industry, mortgage payments, personal finance, refinance, resurgence, rude awakening, second job, specter, subprime, variable rate mortgage, variable rate mortgages from Loanio @ Loanio
There was big news within the mortgage industry recently as interest rates finally went back below 6%. The reaction was mixed, but the rate did prompt many people to rush to refinance their homes. For those that are stuck with variable rate mortgages, the current situation in the housing market has been volatile to say [...]
Related StoresLoanio Roundup #1- National Economy
October 5th, 2008 — , Lazy Man, asian stock market, borrowers, esignal, growth stock, investing guide, kiplinger, loanio, lots of money, market watch, money stock, national economy, new york times, news center, peer to peer lending, person to person, photo credit, roadmap, smart money, stock pickers from Loanio @ Loanio
Good morning everyone! Welcome to Loanio’s first ever roundup post. We’d like to thank the blog community for their support. You are the best press releases out there. Then lastly before we start with the links we would like to take a moment to wish everyone a splendid weekend. Take care.
The National Economy:
As Lenders [...]
Related StoresPertuity Coming in September?
September 2nd, 2008 — , Lenders, Site Review, benefit, borrowers, diversification, finishing touches, hassle, ins and outs, investment dollars, investment returns, launch, loan rates, money, peer to peer lending, welcome thanks from RateLadder @ Rate Ladder
http://www.pertuitydirect.com/
Just recived the following email…
Welcome To Pertuity Direct
Welcome! Thanks for signing up to receive updates about the Pertuity Direct launch.
We have been hard at work for the last two years, building a social lending business that is targeted toward busy people that would like to enjoy the high investment returns and low loan [...]
Are borrowers setting the loan origination date?
August 18th, 2008 — , Prosper, borrowers from zcommodore @ Posts from all blogs
A couple of weeks ago, Bama and I got into a discussion about whether or not Prosper was pushing through a lot more loans at the end of the month. I eventually agreed that there was some evidence that this may be the case. Well, now I have another …
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Virgin Money Review
August 11th, 2008 — , Lenders, P2P Lending, Richard Branson, Site Review, aunt sally, borrowers, brainchild, entrepreneur, family and friends, formalities, hash, latest entries, legwork, loan agreements, loan paperwork, multitude, personal loans, personal reasons, real estate professionals, record labels, small business owners, sphere, virgin money from RateLadder @ Rate Ladder
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 or even for personal reasons. [...]
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August 4th, 2008 — , P2P Lending, Site Review, bank loans, beta phase, borrowers, cars, community feature, credit score, investors, managing debt, next level, online communities, premise, student loans, traditional lenders, unsecured loans, way to make money from keira @ Rate Ladder
CommunityLend.com is still in their beta phase, and has yet to fully launch yet, but they do have some interesting features that are already obvious. Like most p2p lending sites, they are striving to create an alternative to traditional bank loans, but they are also trying to take that to the next level by developing [...]
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July 28th, 2008 — , Fynanz, Lenders, P2P Lending, Site Review, academic model, academic scores, auction details, borrowers, cosigner, federal loan programs, fico scores, impressive track record, loan request, marketplace, money, online auction, risk, student loan, student loans, what this means from keira @ Rate Ladder
This year, it has never been more difficult to get a student loan, thanks to new federal regulations. Hundreds of lenders announced that they would no longer be taking part in federal loan programs and schools are struggling to try to offer loans directly to students. This opened up a huge marketplace in the p2p [...]
Related Stores$25K, 29%, Paid in Full
July 24th, 2008 — , Lenders and lending, borrowers from zcommodore @ Posts from all blogs
Yes, it happens once in awhile. A borrower comes to Prosper and asks for the maximum at a high rate and actually pays it off.This morning, I had one borrower do just that. About a year and a half ago, in IRC, Bama told me he wouldn’t pay for anothe…
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July 18th, 2008 — , Prosper, borrowers from zcommodore @ Posts from all blogs
Once again, lenders on Prospers.org have come up with another complaint against Prosper; this time in regards to a possible ID theft. You can read about it here in the lobby if you’re interested.One of the pervasive notions on .org is that the only t…
Related StoresBorrowers Corner: Is peer-to-peer lending the right solution for you?
June 5th, 2008 — , General News, P2P Lending, borrowers, budgeting, credit score from Blair MacGregor @ Lendoza - news & information on p2p lending and the social finance industry
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“Borrowers Corner” will be a recurring feature on Lendoza and will take a look at issues facing borrowers that are new to the concept of peer-to-peer lending. For suggestions, or for experienced borrowers that wish to share their own experiences in the P2P lending space, please contact us.
As a borrower, there are a number of [...]
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Loan Aging - A study of loans over time
May 22nd, 2008 — , Prosper, borrowers from zcommodore @ Posts from all blogs
“Loans go late over time.” So says Fred93 and others who have studied delinquency rates of loans on Prosper. The question in my mind has always been, at what rate? and does that rate change? Well, I’ve compiled a lot of data from Prosper’s perfor…
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May 9th, 2008 — , Prosper, borrowers from zcommodore @ Posts from all blogs
I had been thinking about doing this for a long time but never got around to it until now. I created a list of all loans repurchased by Prosper. I created this list using Eric’s handy loan search tool. One of the cool things about looking at loans …
Related StoresUsing P2P Lending For Free Credit Reports
January 29th, 2008 — Prosper, borrowers from Mike @ Prosperous Land
My Money Blog has published one of those slightly underhanded tactics that have been known to P2P lending nerds for a while.
Prosper person-to-person lending offers up another perk - a free credit score for prospective borrowers. If you’re a lender …
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Continue reading → Using P2P Lending For Free Credit Reports
Tip To Borrowers - Prepayments Are Your Friend
December 24th, 2007 — borrowers from Mike @ Prosperous Land
Prosper Borrowers have the option to make payments above and beyond the Prosper calculated monthly payment, referred to as prepayments. Lenders have a wide variety of reactions to this practice, ranging from happiness that the loan is being paid back t…
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Borrower Rate Guidance
December 14th, 2007 — Prosper upgrade, borrowers from Mike @ Prosperous Land
With the latest Prosper site update, they added a borrower rate guidance. This feature helps borrowers pick an interest rate that will be successful in the auction process. Previously, Prosper would suggest rates based on where loans had funded at. Exp…
Related StoresProsper’s new way to collect from late borrowers
December 1st, 2007 — Prosper, borrowers from zcommodore @ Posts from all blogs
I sent a message to Prosper Customer Service yesterday after seeing a lot of lenders saying they saw payment attempts (single daggers) on loans yesterday. I asked if something had changed and this is the response I got:Prosper has done analysis that shows ACH withdraws are more successful on paydays. Therefore, Proser has initiated ACH withdraws from some late borrowers accounts to begin processing on 11/30/07. New actions taken by Prosper will never result in negative actions to our lenders. It appears these payment attempts are actually a new idea on Prosper’s part to collect when borrowers are more likely to have money in their accounts. My only question is whether there is a TOS violation here. I haven’t exactly memorized the various terms-of-service agreements but I do know previous policy was that late borrowers would have payment attempts at 10 and 22 days after the initial payment was due if earlier attempts failed. I’m not going to complain but I’ve known other people to do so when Prosper doesn’t follow their TOS to the letter of what they say.It will be interesting to see how many of these clear. If this helps late borrowers catch up and keep up, I’m fine with it myself. Frankly, I’m glad to see Prosper mixing things up a bit rather than staying in the same old rut all the time regarding lates.
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Continue reading → Prosper’s new way to collect from late borrowers
Warm & Fuzzy Borrower Story
November 25th, 2007 — borrowers, forums from Mike @ Prosperous Land
In the spirit of Thanksgiving, it’s time for a warm fuzzy and someone giving thanks. It’s good to remember that there are real people borrowing on Prosper and they are trying to better themselves. Here’s one borrower’s story:
I would like to give a li…
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November 21st, 2007 — Lenders, borrowers, collections from Mike @ Prosperous Land
For those vindictive lenders, this is a chance to savor the schadenfreude (not that there are any in the Prosper lending community who would be vindictive. No, none at all). For borrowers, this is another indicator that bad debt can haunt you for a lon…
Prosper Adding To Collections Effort
November 18th, 2007 — Prosper, borrowers, collections from Mike @ Prosperous Land
RateLadder beat me to this (that’ll teach me to being Thanksgiving sloth-hood early), but you’re missing the rest of the story.
Mr Deluxe posted to the forums that while late on his loan, he had received a letter from Prosper:
OK- I will tell. My loa…
Related StoresBorrowers Allowed To Refinance Loans After all
November 14th, 2007 — Prosper, borrowers, forums, legal from Mike @ Prosperous Land
Prosper Shira has popped up and clarified that the previous interpretations were wrong and that borrowers can refinance their loans and that the agreement will be made more clear in the future. Points to Prosper for getting this one straightened out qu…
Continue reading → Borrowers Allowed To Refinance Loans After all
A lot of in-group listings
November 12th, 2007 — Groups and Group Leaders, borrowers from zcommodore @ Posts from all blogs
Since group leader fees disappeared in mid-September, I had posted a couple of times about how the number of borrowers with listings in groups had gone down quite a bit. Well, with the recent change that allows borrowers to get second loans that trend has changed dramatically. I had noticed that no-group listings had increased up to ~87% of all listings on Prosper. I just checked a few minutes ago and noticed that no-group listings were down to ~76% due to all the 2nd loan requests, even from otherwise closed and/or inactive groups.I think one of my earlier posts had a comment from someone who pointed me to a graph on wiseclerk.com that shows a graph of this activity. You can see how in-group listings dropped dramatically in September and now are on the rise on this page.I’ve noticed a lot of the requests for 2nd loans don’t seem to be going anywhere. Many of the borrowers are people who only received their first loan due to “pump & dump” support from their group leaders. Now they may be current on their existing loan and want to come back for more but can’t seem to get funded since group leaders have no incentive to pump & dump anymore. I wonder if many of these borrowers even understand what is going on such that they are having trouble getting funded.One more thing: keep an eye on this blog because I intend to post some interesting information I’ve noticed recently about lender activity later this week.
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October 21st, 2007 — Lenders, Prosper, borrowers from Mike @ Prosperous Land
There’s been a running discussion on whether borrowers who claim that they spend almost nothing on month on food (see here, here, and here for recent random examples) are full of it. The credibility threshold seems to be around $100 / person. One of th…
Related StoresCollections Follow-On Q&A With Doug Fuller
October 9th, 2007 — Lenders, Prosper, borrowers, collections, default, interview from Mike @ Prosperous Land
I’m almost starting to like the guy. Doug Fuller has responded via the forums to another 20 questions (ok, a few were softballs) asked in response to his original Q&A session. It’s a good read and I’ve picked up a few of the best questions. I encourage…
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A new sheriff in town
October 3rd, 2007 — Prosper, borrowers from zcommodore @ Posts from all blogs
There’s a new sheriff in town, according to a recent announcement on the Prosper forums, and his name is Doug Fuller, VP of Operations at Prosper.From what I gather, it looks like he will be looking closely at late borrowers and finding ways to improve collections. Among other things, he said he would be looking at improving when they are attempting to contact borrowers by calling at different times of the day. Also, they would be looking at possibly sueing borrowers who have the ability to pay but aren’t for whatever reason.I know people from Prosper read my blog now and then so I have a couple of borrowers I’d like you to consider for further review.Waterdistributor never even made the first payment on his loan. He claimed income at greater than $100K and in the response to one question, he said, “As far as repayment, my income level is high enough to support the payment.” I remember this listing was in review for more than a week so it should have had plenty of time for Prosper to verify his stated income and I assume they did given the size of the loan. This is one of the reasons I stopped bidding on low grade borrowers for the most part. I’ve also mostly stopped bidding on borrowers with a lot of inquiries due to this one as well.One other one I’d like Prosper to take a second look at, cchinc2000. On his listing, his budget indicates he has over $1000 available per month to make payments on his $3000 loan. This one happens to be in my group and I’ve communicated with him about this. He got his knickers in a knot about some perceived error(s) on Prosper’s part that supposedly cost him $200. I don’t know exactly what happened but it is my belief that he just didn’t have money in his account when Prosper attempted to automatically withdraw his payments according to their normal schedule and those failed payments caused his bank to charge him fees in addition to what Prosper’s late fees. If Doug Fuller can make lender’s pockets fuller by getting more borrowers to pay, I’m sure that will help Prosper in a number of ways including increasing lender interest in the site again and therefore increasing volume of loans.After reading the announcement, I particularly liked one comment made by xraider on another forum, “We’ve seen the hat. Looking forward to the cattle.”
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October 1st, 2007 — Groups, Lenders, Statistics, borrowers from Mike @ Prosperous Land
zcommodore has been monitoring the number of group loans funded vs non-group loans funded in response to Prosper’s change in group rewards. A few weeks ago he noted that the ratio was swinging to non-groups:
Back in May/June when I first started check…
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October 1st, 2007 — Groups and Group Leaders, borrowers from zcommodore @ Posts from all blogs
A couple of weeks ago, Prosper made a bunch of changes related to groups so that “groups” would be more likely to just be people with outside connections rather than simply random people who were “harvested” from those already on the site. The number of listings, percentagewise, that are now not in a group has increased significantly since then. When the change was first implemented, roughly 70% of all listings were “no group”. This morning, I checked again and it had risen to 82%.Last month, a lot fewer loans were created as well. I’m not sure how much of this was due to the recent change. There were a number of factors at play. I’m going to do some more research and will probably blog about it further soon so watch this blog for some more graphs related to that.
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September 6th, 2007 — Groups, Lenders, Prosper, borrowers from Mike @ Prosperous Land
In an e-mail to group leaders (see RateLadder and Prosper Lending Review), Prosper announced their intention to discontinue all group leader rewards and move to a referral-only reward structure. The prevailing attitude on the lender side can be summed …
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Borrower Loan Status Reporting
September 5th, 2007 — Lenders, borrowers from Mike @ Prosperous Land
One of the things that came out of Prosper’s latest upgrade (see this linkfest for details) was increased information about a borrower’s previous loans. I stumbled on a listing for a multi-loaner and found the interface very useful. I got a screenshot …
