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Author Topic: 18.55% of Prosper loans have now been charged off  (Read 37862 times)

bamalucky

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18.55% of Prosper loans have now been charged off
« on: February 25, 2009, 10:01:49 pm »

$27,758,496 has been charged off


http://www.prosper.com/lend/performance.aspx

8.75% are late
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Roadhawk

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Re: 18.55% of Prosper loans have now been charged off
« Reply #1 on: February 26, 2009, 08:18:05 am »

...and only 18.12% have been payed off...
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Xenon481

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Re: 18.55% of Prosper loans have now been charged off
« Reply #2 on: February 26, 2009, 09:19:48 am »

Nominating for The Lobby.

cywkevin

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Re: 18.55% of Prosper loans have now been charged off
« Reply #3 on: February 26, 2009, 10:23:08 am »

I guess I bucked the trend when I paid off my loan super early.
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bamalucky

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Re: 18.55% of Prosper loans have now been charged off
« Reply #4 on: February 26, 2009, 10:25:50 am »

I guess I bucked the trend when I paid off my loan super early.

Fixed  ;D
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Mtnchick

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Re: 18.55% of Prosper loans have now been charged off
« Reply #5 on: February 26, 2009, 12:37:49 pm »

I guess I bucked the trend when I paid off on my loan super early.

Fixed  ;D

Fixed again.

What a great collections group they have there at Prosper.  :ninja:
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JammingJAY

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Re: 18.55% of Prosper loans have now been charged off
« Reply #6 on: February 26, 2009, 02:37:11 pm »

I guess I bucked the trend when I paid off on my loan super early.

Fixed  ;D

Fixed again.

What a great collections group they have there at Prosper.  :ninja:

Fixed again.

 :D
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Loan_shark_74

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Re: 18.55% of Prosper loans have now been charged off
« Reply #7 on: February 27, 2009, 01:21:48 am »

I guess I bucked the trend when I paid off on my loan super early anything!

Fixed  ;D

Fixed again.

What a great collections group they have there at Prosper.  :ninja:

Fixed again.

 :D

ultimate fix.  ;)
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brianguy

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Re: 18.55% of Prosper loans have now been charged off
« Reply #8 on: February 27, 2009, 01:57:05 pm »

I think that's exactly what JammingJay was getting at.  it was a bit more subtle thats all    :)
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mothandrust

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Re: 18.55% of Prosper loans have now been charged off
« Reply #9 on: February 28, 2009, 06:09:03 am »

...and only 18.12% have been payed off...

...And when they paid you off you lost the strongest loan in your portfolio (a borrower who was able and willing to pay the entire balance).

Those borrowers either refinanced at a lower rate or their financial situation improved so he didn't need the loan.

Prosper 2.0 should have a 5% prepayment penalty.
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CleanRivers

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Re: 18.55% of Prosper loans have now been charged off
« Reply #10 on: February 28, 2009, 06:55:05 am »

...and only 18.12% have been payed off...

...And when they paid you off you lost the strongest loan in your portfolio (a borrower who was able and willing to pay the entire balance).

Those borrowers either refinanced at a lower rate or their financial situation improved so he didn't need the loan.

Prosper 2.0 should have a 5% prepayment penalty.

Not sure I agree, would this not lose us loans from the more reliable sources? I at least have always refused loans with a prepayment penalty. I even try and work it so I do not have the penalty for canceling phone/TV/Computer subscriptions.
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christoofar215

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Re: 18.55% of Prosper loans have now been charged off
« Reply #11 on: February 28, 2009, 08:01:40 am »

I disagree.

I think if your credit is good enough, you should get a 2 point discount in APR in exchange for the 5 point prepayment penalty, and make that an option on the loan.


That way "greedy" lenders like moth here can filter out "non-conforming" loans and then brag how you guys are stupid for funding the ones that don't carry a prepayment penality and prove it with portfolio performance---and then everyone can live happily ever after.



Deadbeats still don't care whether their loans carry prepayment penalties are not.    If people actually cared about not being charged a bunch of gotcha fees when they sign a contract, then Sprint/NEXTEL and Verizon would have zero customers.



...and only 18.12% have been payed off...

...And when they paid you off you lost the strongest loan in your portfolio (a borrower who was able and willing to pay the entire balance).

Those borrowers either refinanced at a lower rate or their financial situation improved so he didn't need the loan.

Prosper 2.0 should have a 5% prepayment penalty.
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oregonguy

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Re: 18.55% of Prosper loans have now been charged off
« Reply #12 on: March 01, 2009, 12:56:58 pm »

I am VERY thankful I was cautious and didn't put any serious money at play here. 16 months and I am completely done with prosper.
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bamalucky

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Re: 18.55% of Prosper loans have now been charged off
« Reply #13 on: March 01, 2009, 01:08:48 pm »

I am VERY thankful I was cautious and didn't put any serious money at play here. 16 months and I am completely done with prosper.

It may not take that long  :ninja:
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brianguy

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Re: 18.55% of Prosper loans have now been charged off
« Reply #14 on: March 02, 2009, 02:43:15 pm »

Prosper 2.0 should have a 5% prepayment penalty.


it's only too bad we've all been dealing with Prosper v0.1   :'(
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