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August 2nd, 2008 — , Prosper Tips, borrowing, lending from ProsperBlogger @ Peer to Peer Lending with Prosper
If you are a Prosper lender but also have a loan, here is something interesting I learned recently: you can make a payment on your loan directly from your Prosper account.
I wasn’t aware this was possible. I have always had my payments automatically deducted from my account and never bothered to…
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Related StoresContinue reading → Lenders with a Prosper Loan: You Can Pay From Your Prosper Account
June 26th, 2008 — , lending from ProsperBlogger @ Peer to Peer Lending with Prosper
You’ve got until June 30, 2008 (4 days from today) to register with Prosper and take advantage of the bonus for signing up as a lender.
Nobody knows what will happen to the referral program as of now, but if you want to be sure and get your $25 lender bonus, here is your chance. Act now, you can…
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Related StoresContinue reading → Prosper Referral Program Ending, Better Act Now!
June 26th, 2008 — , lending, prosper news from ProsperBlogger @ Peer to Peer Lending with Prosper
Its been a topic of conversation among blogs and message boards: are there any institutional lenders using Prosper? Is it even allowed?
Well, the answer is yes, they are allowed and as of now, they are being promoted. Prosper allows asset managers, hedge funds, and other institutions the…
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Related StoresJune 26th, 2008 — , lending, prosper news from ProsperBlogger @ Peer to Peer Lending with Prosper
Prosper.com is now providing chapter and filing date information for bankruptcies filed by prospective borrowers. If a Prosper loan listing appears where a bankruptcy has taken place, a new set of fields will appear with details of the incident.
This is a positive developement because up until…
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Related StoresContinue reading → Prosper Starts to Publish Bankruptcy Details
June 14th, 2008 — , borrowing, lending from ProsperBlogger @ Peer to Peer Lending with Prosper
If you want to read a great book that will turn a lot of ecomonic theories on their heads, read Freakonomics. It’s a great book. The author, Stephen J Dubner, is apparently a fan of Prosper and makes some interesting observations about what he sees in the marketplace.
The article is called…
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Related StoresContinue reading → Prosper Written About in the New York Times
June 14th, 2008 — , Proser Statistics, lending from ProsperBlogger @ Peer to Peer Lending with Prosper
Prosper has done a lot of work to make data transparent. Increasingly economists and credit analysts have started to study the Prosper model.
Economists Ginger Zhe Jin and Seth Freedman of the University of Maryland have just published a study looking at Prosper since inception to determine average…
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Related StoresContinue reading → Interesting New Study Published About Prosper Returns
June 1st, 2008 — , Groups, Prosper.com, Uncategorized, charlotte, lending, north carolina from Jeff @ P2P Lenders
After much research I have joined a Prosper.com group! I selected Research Triangle Park which is located in North Carolina. Why? Well, it’s not super common knowledge yet, but we are going to be moving to North Carolina from Arizona within the next two to six months for a job transfer (if anyone is hiring [...]
Related StoresMay 31st, 2008 — , Rates, lending from j9359 @ j9359 (my prosper experience)
It looks to me like lender rates have moved up a bit. Certainly not a scientific study but I noticed the rates on my B loans in May seem to have finished higher than recent rates.Five B loans in May: 13.55%, 12.40%, 15.95%, 13.55% and 13.50%Seven B l…
Related StoresMay 30th, 2008 — , Fynanz, News, borrowing, lending, money, p2p, student loans from Jeff @ P2P Lenders
I spent some time roaming the latest entry into P2P called Fynanz, which specializes in student loans. Not much going on there at the moment. I saw two loan listings, one of which was a ‘faker’ for testing purposes. Loans are done off of current LIBOR rates and adjusted accordingly. Info found here. One big [...]
Related StoresMay 26th, 2008 — , Prosper.com, Uncategorized, kiva.org, lending, money from Jeff @ P2P Lenders
This morning my wife expressed her desire to see the Prosper.com money that will be flowing outbound go towards Kiva.org instead of our HSBC savings account. She has enjoyed helping others in countries of need and figures the P2P aspect with Kiva.org is worth any lost interest we would otherwise gain in HSBC or using [...]
Related StoresMay 18th, 2008 — , ROI, lending from j9359 @ j9359 (my prosper experience)
There is a forum thread over on prospers.org that got me thinking about why lenders have to depend on third party sites for their ROI figures. And I’m not talking about the ROI of other lenders but your personal ROI. Prosper has all the data necessar…
Related StoresContinue reading → Wondering why Prosper does not provide an ROI figure
May 3rd, 2008 — , Prosper, bad loans, deadbeats, lending from j9359 @ j9359 (my prosper experience)
Well it appears there has been a hiccup in the bad debt sale. This post by Doug Fuller over on the official Prosper blog lays it out, but the simple explanation is that no one wants to pay very much. Take a look at the results from previous bad debt…
Related StoresApril 25th, 2008 — , PP, lending from j9359 @ j9359 (my prosper experience)
In case you haven’t noticed yet, Prosper updated the Portfolio Plan slices as part of last nights upgrade. But a new feature described on the official Prosper blog indicates that the updates are not automatic so you won’t be caught by surprise by the…
Related StoresContinue reading → Looking for gaps in the new Portfolio Plan slices
April 23rd, 2008 — , lending from j9359 @ j9359 (my prosper experience)
This is another interesting chart using the same data from the post on Sunday. The Y axis is the expected loss and the X axis the lender rate.Ignoring the credit grades and lines for a moment it sure looks like lender rate is a good predictor of expec…
Related StoresApril 21st, 2008 — , lending, loans from j9359 @ j9359 (my prosper experience)
I was on this nice clean B loan now it is being paid off. Not too much of a surprise because they have been making two or three payments a month since the loan originated.But finding another 0-0-0 B that will pay 16.27% is going to be tough :(Anyway, …
Related StoresApril 20th, 2008 — , lending from j9359 @ j9359 (my prosper experience)
I was playing around with the performance data over on Prosper trying to figure out if for a given credit grade does the loan amount matter when figuring losses. You should be able to click on the chart on the left and get a bigger version.What I did…
Related StoresApril 17th, 2008 — , PP, lending from j9359 @ j9359 (my prosper experience)
Here is a snapshot summary of the Portfolio plans as of today.(Click on image to get a larger version)This is sorted by min bid rate, notice the line I’ve highlighted. Here we have ‘C’ borrowers that are rated better than all the ‘A’ and ‘B’ slices. …
Related StoresApril 14th, 2008 — , lending, loans from j9359 @ j9359 (my prosper experience)
Is it just me or are other folks seeing an increase in early payoffs ?Today this one showed up as a payoff in progress. Not that I’m complaining !But this was a pretty nice A @ 15% (ok, in retrospect inquiries were high) that was one of the bright sp…
Related StoresApril 13th, 2008 — , bidding, lending from j9359 @ j9359 (my prosper experience)
I was bid off this loan listing which wasn’t too much of a surprise because it looks like a pretty good B and the amount was small. Then I got to wondering if smaller loans are less likely to default, that seems to be the assumption many lenders are m…
Related StoresContinue reading → loans for $5,000 or less don’t seem to be a lot safer
April 8th, 2008 — , LC Upgrades, News, Update, hiatus, lending, what happened?, wtf from Jeff
I’m still trying to make sense of this notice and the overwhelming surprise that comes from it… Any other lenders out there have comments or status reports I’ve yet to see as a followup on this? Borrowers are unaffected however… Supply/demand at it’s finest or is this just to do a little crowd control?
Email from [...]
March 31st, 2008 — , lending, performance from j9359 @ j9359 (my prosper experience)
I just noticed a new feature on Eric’s called Borrower Segments that allows you to slice borrowers up by different categories. If you haven’t played around with it yet I highly recommend it.Try sorting by lender rate, I noticed something interesting (…
Related StoresMarch 18th, 2008 — , Interesting Listings, bidding, lending from j9359 @ j9359 (my prosper experience)
Every now and then I take a look at who is doing well ROI wise and checkout what they are bidding on to see if I can learn something. Tonight I offer for your consideration these five lenders who have over 200 loans, average loan age over 6 months and…
March 17th, 2008 — , ROI, borrowing, lending from j9359 @ j9359 (my prosper experience)
I’ve noticed a lot of borrowing to reinvest in Prosper listing recently. Maybe I’m just paying more attention but it seems like they have increased. I’ve been asking the same question on each listing that I see:”What is the spread you are expecting b…
Continue reading → Borrowing to reinvest in Prosper I don’t get it
March 14th, 2008 — , Satire, lending from j9359 @ j9359 (my prosper experience)
Received my monthly lender statement today. I don’t usually look at the Loans held section but I just happened to look at it this month and I noticed this phrase:”No successful payment activity for this statement period”What I found humorous about th…
Related StoresContinue reading → No successful payment activity for this statement period
March 3rd, 2008 — housing, lending from j9359 @ j9359 (my prosper experience)
It looks to me like there are more home improvement loans showing up now. I haven’t done any kind of scientific data collection, this is just an observation.But it makes sense that homeowners who are looking to remodel or expand are having trouble get…
Related StoresFebruary 27th, 2008 — borrowing, lending, prosper news from ProsperBlogger @ Peer to Peer Lending with Prosper
Some good news from Prosper Days 2008 for both borrowers and lenders: Prosper is planning to modify their policy on when payments are pulled from borrowers bank accounts to better match their pay days.
Up until now, the date that a payment is due has always been dependent on the initiation date of…
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Continue reading → Payment dates are going to change to improve loan performance
February 27th, 2008 — lending, prosper news from ProsperBlogger @ Peer to Peer Lending with Prosper
One of the takeaways from “Prosper Days 2008″ is that Prosper is going to start filing law suits for collections of defaulted loans.
Prosper is planning to starting the process slowly, as of today, a total of 5 suits have been filed in California with more on the way once the process is smoothed…
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February 24th, 2008 — lending from j9359 @ j9359 (my prosper experience)
There is this listing that has been a topic of discussion over a prospers.orgJust looking at the numbers this seems like a pretty good loan. But once you read the description it is clear (at least to me 
that loaning this guy money would be a mistak…
Continue reading → Lending on Prosper: Helping, Hurting or WGAF part 2
February 19th, 2008 — lending from j9359 @ j9359 (my prosper experience)
Recently when looking at loan listings I find myself considering whether or not the loan is in the borrowers best interest. Perhaps not the best way to evaluate loans but it seems like putting folks into bad loans eventually comes back to bite lenders…
Related StoresContinue reading → Lending on Prosper: Helping, Hurting or WGAF
February 19th, 2008 — Prosper Tips, lending from ProsperBlogger @ Peer to Peer Lending with Prosper
While it might not make a difference to someone in dire straits or in a bankruptcy, it could help keeping the community aspect alive within Prosper: it’s within the rules to send a late borrower a note with a reminder.
I’m treading on thin ice because lenders on Prosper have had their accounts suspended by taking this too far so if you do contact a borrower be careful. To be safe, never contact a borrower after the loan is in default. The legal limit here is that you are not allowed to make any attempt to collect a debt on Prosper’s behalf.
The terms of service state:
You should not contact delinquent borrowers directly. Prosper has a detailed delinquency schedule for borrowers, and any additional contact you have with a borrower may expose you to civil or criminal penalties for unlicensed debt collection. The language and tone you use when collecting a debt matter are important in the eyes of the law so what you might consider reasonable may in fact be illegal. If you were to accidently[sic] break the law you’d be putting yourself, your fellow lenders, and Prosper at risk of litigation.
What this means is you are allowed to contact your borrowers if they are just late. I have done this on two occasions now, and both loans have become current. One borrower replied almost instantly with a ‘don’t worry, payment in transit’ note which was nice to read. Not only did it remind the borrower that we are people but also allayed my fears of fraud.
Here is a suggestion for a note you can send, modify it to suit your needs, but consider doing it. The more people that contact late borrowers, the more likely they are to remain current. While it might not make a big difference, small differences are significant.
Hello,
I wanted to congratulate you on your recently funded loan. I was one of the winning bidders and am glad to be of assistance in fulfilling your request. Your loans metrics and reasons met my personal criteria for risk; it would appear it did for others as well.
I am writing to urge you to keep in mind that I and the others are all individuals, not banks or institutional lenders, and we are counting on your repayment. I’ve decided to take a leap of faith; Prosper has a significant number of defaults and delinquencies, especially later in the loan cycle. This is very damaging to the lenders portfolio and has caused many to pull their money out of Prosper in search of better returns.
Prosper is an excellent resource, I personally believe very strongly in the idea of community lending and want this concept to succeed. It takes both sides to make this work so please take note of your loans late status and rectify it.
It’s good to know you can turn to your peers again in the future and I know from experience it’s much, much easier to get funded once you have had success with Prosper. Wishing you luck and a successful transaction.
Continue reading → It’s a good idea to send late borrowers a note
February 12th, 2008 — lending from j9359 @ j9359 (my prosper experience)
Here is a link to a disturbing article, good thing that Prosper verifies income!”She admits she signed the lease credit application with her income inflated.”I wonder how may borrowers on Prosper “enhance” their income and how often this is caught by P…
Related StoresFebruary 10th, 2008 — lending, secondary market from j9359 @ j9359 (my prosper experience)
Will Prosper announce the long awaited secondary market at Prosper Days 2008? I hope so! This will help address numerous issues with the current market.Something that hasn’t been discussed much is how will the secondary market interact with a another…
Related StoresContinue reading → Secondary Market on Prosper and second loans
February 9th, 2008 — lending from j9359 @ j9359 (my prosper experience)
I’ve started to lend out the accumulated cash balance in my Prosper account. No new funds for the moment but I needed to either transfer the cash out or lend the money out. So I enabled my standing orders but modified them to only bid on loans that I…
Related StoresFebruary 6th, 2008 — Prosper Tips, lending from ProsperBlogger @ Peer to Peer Lending with Prosper
With Prosper loans, I’ve often suspected that there is a direct correlation between default rates and length of employment but had never checked my suspicion against Prosper’s performance data.
It appears that yes, there is certainly a correlation. At all employment levels the rate of default drops. Default rates for people employed 10+ years is less than half of the rate of people employed for less than 6 months. Generally, people employed more than 1 year have a substantially lower default rate, but the best performance are those steadily employed for the longer period of time.
Personally, I had expected a higher disparity between the length of employment ranges but there is enough evidence to support the conclusion that people employed more than 10 years are the safest risk.
For any borrowers employed more than 10 years, you should make a point of this fact in your listing.
Continue reading → Length of Employment Has Big Impact on Default Rates
January 30th, 2008 — bad loans, lending from j9359 @ j9359 (my prosper experience)
One of the two
Related StoresJanuary 29th, 2008 — ROI, bad loans, lending from j9359 @ j9359 (my prosper experience)
I’ve been looking over the standing orders in the various portfolio plans to see if there was some opportunity to underbid or cherry pick loans that the SO’s would bid on. As part of this I put together a spread sheet of all the various SO’s. When I …
Related StoresJanuary 27th, 2008 — lending from j9359 @ j9359 (my prosper experience)
The four Portfolio Plans have various standing orders that they use to bid on loan listings. The criteria are published by Prosper and it is easy to create searches or standing orders to find the same listings. And the interest rate that each standin…
Related StoresJanuary 23rd, 2008 — borrowing, lending from j9359
The question of having loan terms other than 3 years comes up from time to time. Like this post over on Prospers forums today.The single fixed term we have today does make things simpler for lenders. If the terms were variable, say from 12 to 60 month…
Related StoresContinue reading → Shorter or Longer terms for Loans on Prosper
January 21st, 2008 — lending, microfinance from ProsperBlogger @ Peer to Peer Lending with Prosper
More and more financial professionals are advising clients to not only diversify their investments, but also to diversify their streams of income. What is an income stream? An income stream is simply a means from which you generate income, multiple income streams are more than one way to make money.
Generally, the more the better and the more diversified the safer. Your full time job is an income stream and probably the biggest one you have. Many folks have a full time and a part time job. That means you have 2 income streams. You may have money invested in bonds from which you earn a return; this is also an income stream. What about considering person to person lending using Prosper as another income stream?
First, let’s look at other types of income streams. Dividends on stocks are an example, as well as rental income from property, advertising on your website, Ebay selling, day trading stocks, royalties, interest from a savings account and side jobs like teaching a class are all also examples. Some are passive, some are more active.
The one thing all of these different streams have in common is that they earn income in different ways. This is exactly why it’s valuable to look at your finances in this way.
Lending in an online marketplace like Prosper is growing fast and can provide you another way to earn a return on your investment dollars that are diversified from the stock market and other interest returning investments. Prosper is like Ebay for lending. You can bid as little as $50 on a loan listing if you think it meets your personal criteria for risk and return. Prosper has thousands of loans to choose from.
While there are many other good vehicles out there to earn a return on your investment dollar, peer to peer lending using Prosper is something to consider as a way to diversify and shift the market for lending away from banks and to the public. Banks have become very wealthy earning interest: time to democratize this and let folks like us earn a share!
Related StoresJanuary 16th, 2008 — Prosper Tips, lending, prosper news from ProsperBlogger @ Peer to Peer Lending with Prosper
I was transferring some money into my Prosper account today and I noticed a new feature: Prosper now supports instant transfers, so you no longer have to wait the standard 4 days before the money appears in your account and is and is available for bidding on loans.
This is great news. Now, under certain conditions, you can transfer funds and get right to your bidding!
From the Prosper help files, describing the new feature:
Related StoresWhen a transfer to Prosper meets certain requirements, funds are made available in a lender’s Prosper account instantly, with no delay. Requirements for instant transfer:
- Transfer amount must be between $500 and $10,000
- Sum of pending transfers must be less than 20% of lender’s active loan value
For example, if you had an active loan value of $10,000, you could transfer between $500 and $2,000 to your Prosper account instantly. If you attempted to transfer $3,000 to Prosper, it would not qualify for instant transfer because the amount is more than 20% of your active loan value. Your $3,000 transfer would still continue, but would be subject to the standard 4-day waiting period.
January 14th, 2008 — Prosper Tips, borrowing, lending from ProsperBlogger @ Peer to Peer Lending with Prosper
One question that I seem to get over and over via email thru my blog is if Proser is safe for lenders and borrowers to use. In a nutshell, yes, it is very safe.
Prosper has many safeguards for both lenders and borrowers to ensure that things like personal information is not divulged and fraud cannot take place as a result of the website. Prosper also has a community of over 500,000 members to support eachother. In the two links below, you will see a long bullet pointed list of things which show why Prosper is a safe place to borrow and lend money.
Read the links below and judge Prosper’s features and safeguards for yourself. Peer to peer lending is growing fast and Prosper represents the leading online marketplace for this service.
If you are interested in becoming a lender, Prosper makes the process of joining and funding loans very safe and easy, you can read in detail about Prosper’s features here:
One question I seem to get over and over via email is if Proser is safe for lenders and borrowers. Safe is a relative term and would have to consider their own personal level of risk and security. But as far as the service Prosper.com is concerned, yes it is safe.
Let me take a moment to mention some of Prosper’s features and safeguards, from this list you can make your own judgements.
If you are interested in borrowing money using Prosper, your identity is safe and you have complete control over your listing and eventually your loan. You can read further here:
Is Prosper safe for Borrowers?
If you would like to explore person to person lending, you can join Prosper here.
Related StoresJanuary 14th, 2008 — lending from ProsperBlogger @ Peer to Peer Lending with Prosper
Prosper is a safe marketplace to lend money to other people in return for interest. Loans are originated by Prosper and payments are distributed by Prosper. Here are some of the points which make Prosper a safe place to lend money to other people:
Now, what we can’t speak for is whether you will earn much profit. It’s like the stock market: make bad trades, lose money. Make bad loans, you get the same. Each lender has different levels of comfort and risk. Want low risk, lend to AA borrowers, or want to beat the market? Lend to lower credit grades.
Making money with Prosper is up to you, whether your money is safe and Prosper is safe, yes, it is. Here you can find out how to get $25 free to start with Prosper.
Related StoresJanuary 11th, 2008 — Proser Statistics, Prosper Tips, lending from ProsperBlogger @ Peer to Peer Lending with Prosper
When judging a loan within Prosper.com, I’d always assumed that homeownership was always a good thing when it came to the potential for default. Well, interestingly, it turns out that the only credit grade in which default rates increase is HR (High Risk).
Continue reading → When Judging a Loan, Homeownership Only Seems to Matter for HR Grade Loans
January 9th, 2008 — Prosper Tips, lending from ProsperBlogger @ Peer to Peer Lending with Prosper
I’ve often ignored the “Credit Profile” category for “Inquiries in the Last 6 Months” when bidding loans on Prosper and realize now that it’s to my detriment. This category has a huge impact on delinquency rates and overall ROI (Return on Investment).
The reason I ignored this field is because I have seen mine at different times in my credit history and thought “where did that number come from”, implying that this number was never right. Well, sometimes it may not be correct, but it definitely has a big impact on performance.
Let’s crunch the numbers. I have focused on 4 categories, 0 to 3 inquiries, 3 to 6 inquiries, 6 to 10 inquiries and 10+ inquiries. As the inquiries go up, the return on the investment goes down.
This chart tracks the differences in percentages of defaults at the different credit grades at different levels of inquiry. The trend is obvious at every credit grade.
Most of these default rates are double between the 0-3 level and 10+ level. Ask any lender to double their default rate and see what they tell you. There is often the sense that too many inquiries equals desperation and the numbers certainly bear this out.
Continue reading → High number of “Inquiries in the Last 6 Months” Makes a Huge Difference
January 7th, 2008 — Prosper Tips, lending from ProsperBlogger @ Peer to Peer Lending with Prosper
Reading the Prosper.com forums, one of the complaints I see regularly is about lenders ROI percentage (return on investment). Well, generally, with a good loan, Prosper’s ROI is quite good. What is going wrong then? Well, one area to look at is the loan auction.
Too often, loans that are getting fully funded are getting bid down to very low interest rates compared to the credit history involved. I have become more and more dismayed at the loan auction format and turn more and more to automatically funded loans because of the guaranteed interest rates.
What is happening here and going wrong? Well, lenders should give up on a loan when the rate gets too low. What I do personally is bid and then allow the listing to be outbid if the rate gets too low. Well, more often than not, the rate does get bid down and that means my lending funds are sitting still too long whilst a good loan is found. Generally I don’t use rate laddering, mainly because I rarely invest too much into a single loan. Rate laddering works effectively with more than 2 bids.
So what is the solution? Fund more loans by not bidding the fully funded loans to death. There are way too many bidders on funded loans. The solution is for lenders to bid more broadly on loans that are not fully funded and stop bidding on “loans that are green” which alludes to the green bar on the funded % at 100%.
This may be hard to do. It’s tempting to want to get into a sure thing, a green bar means once the loan ends, and it will go into review and become an active loan shortly. But that temptation is short sighted when you consider the ROI you are losing out on.
Look at this simple calculation:
Take an interest rate and divide it by 72. The resulting number is how many years it will take to double your money at any given rate.
So, let’s take a loan at 20%, divided by 72 (72/20), you get 3.6 years to double your money. If the loan is bid down to 14%, then your timeframe changes to 5.15 years. That’s almost a 2 year difference. Extend that over time, and your gains will suffer significantly, much more significantly than letting your money sit idle while you wait for a good loan.
So, my suggestion (in addition to what I suggest Prosper do) is to wait for a better interest rate instead of “green bar lending”, over time it’s much more profitable when it begins to compound.
Related StoresContinue reading → Complaining About your ROI? Here is a Suggestion
January 5th, 2008 — borrowing, lending from ProsperBlogger @ Peer to Peer Lending with Prosper
Often times friends and family members loan eachother money, but often with a verbal agreement and little expectation of when payments should be made. This often goes badly and friendships are damaged in the process. To establish some security and structure for replayment of the loan, why not use a service like Prosper to manage a loan between friends and family instead?
Here are a few reasons its a good idea:
To make such an arrangement, first join Proser as a lender, and have your friend join Prosper as a borrower. Once you have joined, have your friend create a loan request. There are 2 ways to do this, and this is very important: automatic funding or a loan auction. What does this mean?
Automatic funding means that the loan is automatically created once the entire amount is funded at the requested interest rate. So if you loan your friend $5,000 at 8% interest, that’s the final rate and once you place the $5,000 bid the loan review process begins and eventually gets funded.
The loan auction is like Ebay. Your friend puts up the loan request and you bid on it, but others will have a chance to bid the loan rate down. Its not a bad idea, since your friend will have the chance to get the rate lowered, and you might wind up loaning less money!
Lastly, there are situations where you can’t loan your friend or family member the $10,000 he needs. No problem. Have the friend or family member create the loan request and place a bid for what you can loan, for example $5,000, and allow other lenders to help your friend out as well by funding the remaining $5,000.
Prosper.com is not only for strangers to lend eachother money, it can be a valuable way to loan friends and family money safely. Also, Prosper will contribute $25 towards the loan if you sign up with a referral from this link. You can learn more about the referral program here.
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