Today Prosper sent me a 3-year anniversary notice. For me this event really transpires on May 16th, when my first loan turns 36 months old.
Old-timers still here may remember John P (I forgot his last name - don't remind me, this is in the Lobby) or
JPProperties on Prosper. A nice guy, he was one of those HR lenders that flocked to Prosper. We funded him to the tune of $1,600 to fix up a property he was renting out (I'm typing this from memory, I might have the details wrong).
Anyway, over the intervening 3 years, John went late several times, always eventually catching back up. I used to communicate with him and he gave me a glance into the things going on in his life, - relocation, work changes and so on that might have caused him to run late on his payments. Lately he has not been communicating, even if I only ever contacted him after he became current again.
Well, to make a long story short, as a result of all the late payments, his final ballon payment will be $6.86 instead of the regular $1.87 (my snickers portion, of course - the reader may extrapolate to the full $1,600 of the original loan). It will be interesting to see if he manages this since he only became current in January of this year and whether the Prosper system can handle this.
