November 27th, 2008 — , Class Action Suit, Community, Late loans, Prosper.com, sec from Jeremy Frazao @ Prosper Lending, My Experience
Well, it was bound to happen in light of the recent SEC action. It appears a class action lawsuit has been filed against Prosper for violation of California and Federal Securities Law. Prosper lender bamalucky is one of 3 lead plaintiffs in the suit. Y…
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October 6th, 2008 — , Late Loan Charts, Late loans, Prosper.com, lending strategy from Jeremy Frazao @ Prosper Lending, My Experience
It’s time once again for my updated late loan charts. For those who may not have followed these posts in the past, I’m hoping to establish the expected percentage of dollars loaned that one can expect to go late at each month of age. The data are from …
Related StoresSeptember 4th, 2008 — , Late Loan Charts, Late loans, Prosper.com, lending strategy from Jeremy Frazao @ Prosper Lending, My Experience
For those who’ve only recently started reading, I’ve been doing my own late loan analysis and posting the results here.A short description of my methodology–I only include loans Non-Autofund loans originated since April 1, 2007 because all of these lo…
Related StoresSeptember 2nd, 2008 — , Community, Late loans, Prosper Forums, Prosper.com from Jeremy Frazao @ Prosper Lending, My Experience
Prosper has given an official response to the concerns, brought to light in fred93’s blog and the Motley Fool article, arising from it’s handling of the bankruptcy case on this loan.Prosper lender xraider originally discovered the complaint by the husb…
Related StoresAugust 31st, 2008 — , Community, Late loans, Prosper Forums, Prosper.com from Jeremy Frazao @ Prosper Lending, My Experience
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…
Related StoresAugust 31st, 2008 — , Advice for New Lenders, Common Mistakes, Late loans, Prosper.com, lending strategy from Jeremy Frazao @ Prosper Lending, My Experience
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…
Related StoresAugust 30th, 2008 — , Advice for New Lenders, Community, Late loans, Prosper.com, ROI, lending strategy from Jeremy Frazao @ Prosper Lending, My Experience
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…
Related StoresAugust 22nd, 2008 — , Late loans, Portfolio Plans, Prosper.com from Jeremy Frazao @ Prosper Lending, My Experience
The lender on the loan who originally disclosed the less than 15 day late status today announced the loan cured and is once again current!With the screen name history restored and the loan current, I consider this issue resolved. Some may still wonder…
Related StoresAugust 20th, 2008 — , Community, Late loans, Prosper.com from Jeremy Frazao @ Prosper Lending, My Experience
Yesterday, I posted about Prosper’s deleting the screen name history of their CFO after it was revealed his loan was less than 15 days late.I’m glad I captured a screenshot to post, because they have now reversed themselves.http://www.prosper.com/group…
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August 19th, 2008 — , Advice for New Lenders, Community, Late loans, Prosper.com, lending strategy from Jeremy Frazao @ Prosper Lending, My Experience
by Prosper management!Prosper’s CFO has a loan that is less than 15 days late, exposed by a lender on the loan in this thread on Prospers.org. Today, the lender let everyone know that daggers appeared on the loan.Though Bamalucky blogged about this yes…
Related StoresAugust 14th, 2008 — , Advice for New Lenders, Late loans, Prosper.com, lending strategy from Jeremy Frazao @ Prosper Lending, My Experience
Now that I’m home from work, let’s take a closer look at the changes Prosper made last night.The first (and most obvious) is something some lenders have been clamoring for, sort of. By showing all 4+ month lates as charged off, lenders should be able t…
Related StoresAugust 14th, 2008 — , Late loans, Prosper.com from Jeremy Frazao @ Prosper Lending, My Experience
The Performance Page on Prosper no longer shows “Defaults.” Now, as you can see from the screen shot below, the category has been replaced with “Charge-offs” and “Net Charge-offs” in the “Performance Data” table.New Performance Data Table on Performanc…
Related StoresAugust 2nd, 2008 — , Advice for New Lenders, Common Mistakes, Late loans, Prosper.com, lending strategy from Jeremy Frazao @ Prosper Lending, My Experience
This will be the final post in this series as we take a look at the D loans originating in May that are already late.Loan #1: 1 Month Late $1,000 D @ 29.11%http://www.prosper.com/lend/listing.aspx?listingID=334932The title tells me to stay away, move o…
Related StoresAugust 2nd, 2008 — , Advice for New Lenders, Common Mistakes, Late loans, Prosper.com, lending strategy from Jeremy Frazao @ Prosper Lending, My Experience
Today, we’ll examine the 6 C’s that originated in May and are already late.Loan #1: Late $5,000 C @ 35% AFhttp://www.prosper.com/lend/listing.aspx?listingID=324710Autofund has been shown to drastically increase the rate of default. Why anyone still b…
Related StoresAugust 2nd, 2008 — , Advice for New Lenders, Common Mistakes, Late loans, Prosper.com, lending strategy from Jeremy Frazao @ Prosper Lending, My Experience
Today, we’ll examine the 6 C’s that originated in May and are already late.Loan #1: Late $5,000 C @ 35% AFhttp://www.prosper.com/lend/listing.aspx?listingID=324710Autofund has been shown to drastically increase the rate of default. Why anyone still b…
Related StoresAugust 1st, 2008 — , Advice for New Lenders, Common Mistakes, Late loans, Prosper.com, lending strategy from Jeremy Frazao @ Prosper Lending, My Experience
As promised, we’ll take a closer look at the B late loans from May 2008 today. I’m not going to bother with the E and HR loans, because their elevated risk is a red flag in itself. These loans usually contain other red flags, but most new lenders shoul…
Related StoresJuly 31st, 2008 — , Advice for New Lenders, Common Mistakes, Late loans, Prosper.com, lending strategy from Jeremy Frazao @ Prosper Lending, My Experience
Lending on Prosper, you’ll hear a lot of people say “You just can’t tell who will and who won’t repay!” If that’s the case, then I’ve just been lucky so far. Since I tend to believe that we make our own luck for the most part, I just can’t concede tha…
Related StoresJuly 30th, 2008 — , Advice for New Lenders, Common Mistakes, Late loans, Prosper.com, lending strategy from Jeremy Frazao @ Prosper Lending, My Experience
I found this loan while investigating a blender’s request–going through her late loans. After blogging on pious borrowers the other day, this seemed to follow quite nicely.http://www.prosper.com/lend/listing.aspx?listingID=296216Quote from listing tex…
Related StoresJuly 29th, 2008 — , Late loans, Prosper.com, lending strategy from Jeremy Frazao @ Prosper Lending, My Experience
As promised yesterday, I’ll examine the 3 lates in my Fantasy Prosper account. These made it through the filters on my pp’s and saved searches, so I’d like to check to see if they’d also have passed my “smell test.”http://www.prosper.com/lend/listing.a…
Related StoresJuly 24th, 2008 — , Late loans, My Prosper Story, Prosper.com from Jeremy Frazao @ Prosper Lending, My Experience
When I first told you about My First Late Loan the other day, I promised an update as soon as the manual payment cleared or failed. Believe it or not, it cleared!Here’s the new picture of my account page…It appears my feeling may have been correct ab…
Related StoresJuly 22nd, 2008 — , Advice for New Lenders, Common Mistakes, Late loans, Prosper.com, lending strategy from Jeremy Frazao @ Prosper Lending, My Experience
Today I see my first official “Late” loan in my account summary. Click to view larger image.However, I haven’t lost hope for this one yet.The borrower seems to be trying to make it right. One day after the daggers for the 10-day pull showed in my accou…
Related StoresMay 25th, 2008 — , Late loans, News, Prosper, debt sale overdue, pausing from Jeff @ P2P Lenders
A little bit of reality has settled upon me and the Prosper.com account this evening. See the below image of our loan status snapsnot…
Of the above… 6 are ‘bankruptcy’ and the other 7 are ready to sell to a debt collection house practically. The above 5 <15DS loans aren’t comforting either. So I’ve decided to [...]
Related StoresMay 22nd, 2008 — , Late loans, Lending Club, News, defaulted loan, memorial day from Jeff @ P2P Lenders
Just got back from a week-long work trip and arrived home to find my first LendingClub.com default. One thing that upsets me… Zero notification on the matter (instance loss should equal instant email). I also have several loans showing late in various stages in the account which is a very new occurrence to me.
Stiff, sore [...]
November 30th, 2007 — Late loans, Lenders and lending from zcommodore @ Posts from all blogs
Most mornings, especially when I’m expecting to receive payments in my account as I was this morning, I check my Prosper account. This morning while I was checking my account, I noticed the amount of payments pending in my account had jumped significantly so I went to investigate. I expected one of my current loans must be making an extra large payment or something to that effect. However, to my surprise, no less than 4 of my 11 loans in various stages of lateness had initiated manual payments.Of the loans making payments, one of them who happens to be in my group had passed 1-month late earlier this week and is listed as in “Bankruptcy”. I’m guessing that if this is really a bankruptcy case, it’s a Ch. 13 since she had been involved in a Ch. 7 only a few years ago. I had hoped this one would recover but since she hasn’t responded to any of my inquiries I figured it was a lost cause. That one will certainly make me happy if it gets caught up.Another of the ones catching up is one that went late on his first payment and is officially “Late”. Previously he had had two payments pending but they both failed. I had contacted him asking why there were two and he said there was a mistake made where Prosper initiated an automatic attempt and he made a manual payment about the same time. Hopefully this one will go through and everything will be fine after this. Yes, I know. I’m just too much of an optimist for my own good.The other two that are catching up are both <15. One just caught up from over 1-month late earlier this week and appears to be catching up the rest of the way. The other has been late at least as often as she’s been on time so seeing her catch up is not really a surprise but still nice to see.I’m still frustrated with how the official forums on Prosper are being run but it’s nice to see something positive to talk about as well.
Related StoresAugust 7th, 2007 — Groups and Group Leaders, Late loans, Prosper from zcommodore @ Posts from all blogs
I got the following message today from Prosper:Dear [zcommodore], Happy anniversary and congratulations on your 1st year with Prosper! Thank you for being a valued member of our community and for helping to make consumer lending more financially and socially rewarding for everyone. If Prosper has been helpful to you, please send us your story at stories@prosper.com and we’ll include it on our success stories page. We trust you’ve enjoyed a rewarding relationship with Prosper and look forward to helping you get the great rates you deserve for years to come. Best regards, Your friends at Prosper P.S. If you have family or friends who also want to take advantage of our great rates, refer them now and earn money if they borrow or lend!They asked for my story but I don’t think they’d really be interested in it so I thought I’d publish it here.I first found out about Prosper from reading this article by my favorite financial columnist. I saw the interest rates being offered and was immediately interested. (How many times have I seen that since then?)I started with 5 loans in the month of August, 4 of them are current and the one that is late made 9 on-time payments before going AWOL. The first of those 5 went late a few times but has been on-time since late February.The last time all my loans were “Current” was in early January–somewhere around January 9th. The first of my 4+ month lates first went late then and I haven’t seen a payment since then and I don’t expect to. The borrower made only one payment but is a homeowner so maybe when it is sold, I will get a little more on the default sale.I’ve made a total of 24 loans, one is paid and seven are in some stage of late. Three loans haven’t even had a payment due so in reality, more than one-third of my loans look like they may be going bad. I still have hope for a few of them to come current though so all may not be lost on them yet.I started a group a few weeks after I joined Prosper but I didn’t really do much with it until late October. The first loan in my group originated Nov. 6th and by the end of the year I had helped 5 HR borrowers get funded. My philosophy was that I could sift and sort through the lower credit grades and find a few diamonds in the rough and that by believing in them, there would be extra incentive for them to stay current due to the peer pressure aspect that Prosper advertises so much.What I didn’t fully understand or consider was that peer pressure only works if there is money to pay and a desire to do so. The last time all the loans in my group were “Current” was around May 8th. Since that time my group has had between 1 and 4 loans in some stage of lateness. My group lost it’s first stars on June 5th and was reduced to a 1-star group on August 6th.The problems the borrowers in my group are varied. One borrower just decided he didn’t want to pay his loan. One borrower is just in way over his head with financial problems. And two borrowers are going through divorce.I have hope that at least a few of the lates in my group will get straightened out. The prospects don’t look great but I’ve been communicating with the late borrowers in my group off and on since they initially went late. I have a desire to get back to having a 5-star group but if it ever happens, Prosper will probably have changed the ranking system a time or two by then so who knows how it would rank.When I found Prosper, as I said earlier, I was attracted by the high interest rates. I’ve learned that those rates are made of a lot of fools-gold. I haven’t given up on Prosper yet. I keep trying to convince myself that I will do better the next time. We’ll see though.
Related StoresJuly 9th, 2007 — Late loans from zcommodore @ Prospers.org Blogs
This morning I got the following note from this borrower in my group:Hello! I once again am behind, but I am not trying to steal from you or cheat you. I received an email from someone that was so discouraging and disbaraging(sic), that I did not feel I deserved. I know we have disappointed you in these late payments, but, we are not going to stop paying this loan. We are trying to get caught up again, and it is a struggle, but we will accomplish this. Thank YOU for your understanding.The loan switched to <15 late today but, based on the message above, I’m confident he’ll get caught up again as soon as possible.My point though is to be very careful contacting borrowers, particularly those who are late. You certainly don’t want to jeopardize the borrower’s desire to pay back the loan if it is one of your loans and I’m sure none of the other lenders on a loan want one lender to violate Prosper’s TOS and cause them problems either.For what it’s worth, I have been posting updates on late loans on my personal profile on Prosper for anyone interested.
Related StoresJuly 3rd, 2007 — Late loans from zcommodore @ Prospers.org Blogs
In my first post in this blog, I mentioned that I had 4 loans in my group in various stages of late. As of today, that number is down to 1. I guess you could say I’m pretty happy about that. I’m still working on getting that last loan caught up. We’ll see what happens…
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