Lenders retain legal counsel and send letter to Prosper
DebInVenice on June 25th, 2008
Message for Gaelicman STOP LENDING!
DebInVenice on May 16th, 2008
I was going to write a post about our most recent deadbeat borrower cyfctmc
who I believe is now 1 month late on a loan originated on 2/18 (It looks like she made one payment) and as I read through the listing I was wondering who was the big (idiot) bidder on this one since it seemed to fund in the very last day. Well the big winner (or loser) on this one seems to be someone named Gaelicman. And he is in for $318.00 on this loan and has a total of nearly $40,000 since starting out in Feb'08 with a big bang.
But just looking at the loan breakdown and a quick sampling and it is obvious that this lender is in for a very expensive lesson in P2P lending. One can only hope that $40K is just a drop in the bucket for this guy and that he wasn't mislead by Prospers overly optimistic return estimates.
Take a look at a recent bid and see if you don't get the same OMG feeling.
Well the point of all this rambling is that I wonder if Prosper does any special vetting of big lenders to make sure they know what they are getting into. So for example if someone opens a new lending account and deposits more than $10,000 shouldn't someone at Prosper verify that they are an "accredited investor" before they start bidding away their hard earned money?
. .
who I believe is now 1 month late on a loan originated on 2/18 (It looks like she made one payment) and as I read through the listing I was wondering who was the big (idiot) bidder on this one since it seemed to fund in the very last day. Well the big winner (or loser) on this one seems to be someone named Gaelicman. And he is in for $318.00 on this loan and has a total of nearly $40,000 since starting out in Feb'08 with a big bang.
But just looking at the loan breakdown and a quick sampling and it is obvious that this lender is in for a very expensive lesson in P2P lending. One can only hope that $40K is just a drop in the bucket for this guy and that he wasn't mislead by Prospers overly optimistic return estimates.
Take a look at a recent bid and see if you don't get the same OMG feeling.
Well the point of all this rambling is that I wonder if Prosper does any special vetting of big lenders to make sure they know what they are getting into. So for example if someone opens a new lending account and deposits more than $10,000 shouldn't someone at Prosper verify that they are an "accredited investor" before they start bidding away their hard earned money?
. .
Interesting Way To Get Prosper Money Back
DebInVenice on April 11th, 2008
This Prosper lender had found a creative way to liquidate all the loans he's holding: take out a loan against them.
Purpose of loan:
This loan will be used to pay off my current Prosper Lending Account. I no longer have the time to manage this, and would like to use my lending funds towards something else at this time.
Cash balance: $26.78
Value of loans: + $14,959.08
Payments in transit:
LoanChimp’s Prosper.com Lending Tips
DebInVenice on April 4th, 2008
LoanChimp has provided a handy set of Prosper lender tips (in 8 parts, thus far) that are good advice to any new (and existing) Prosper lender. However, going through all the posts is quite tedious, so here's my quick crib sheet:
You don't know everything. Just admit it. It'll make things easier.
You're here to make money, not provide handouts.
This isn't gambling. Don't take chances.Don't be
