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Will you lend again via Prosper knowing what you know now?

Yes
- 22 (13.5%)
Maybe
- 26 (16%)
No
- 115 (70.6%)

Total Members Voted: 160


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Author Topic: Will you lend again via Prosper?  (Read 33724 times)

GLeaderAccountantsChoice

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Re: Will you lend again via Prosper?
« Reply #15 on: April 08, 2009, 07:20:00 pm »

If the loan was for a friend or family member who I was willing to help, perhaps as a cosigner if PMI ever steps up to the plate on that, yes...

All other loans   :P

(tax situation isn't good, the risk of default was bad enough without adding PMI 'risk of default' to the equation, PMI management lack of management, and a whole lot more other smaller reasons)
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Roadhawk

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Re: Will you lend again via Prosper?
« Reply #16 on: April 08, 2009, 08:22:20 pm »

No.  The clock has started for when I can be all the way out and I'm not willing to start that clock back up based off of my experiences.
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MsTabbyKats

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Re: Will you lend again via Prosper?
« Reply #17 on: April 08, 2009, 09:13:26 pm »

I didn't lend money.  "Lend" means repayment.  I gave money away.  I would not "give money away" to a bunch of deadbeats again.

I never looked at this as "an investment of money" but as an "investment in people".

I really don't care about the money I lost....but I do care about the trust I lost.

I must have spent too much time with honest people. ;)

ETA: I wouldn't do any P2P "lending" anywhere.........
If I see someone needy, I just give them a gift.
« Last Edit: April 08, 2009, 09:16:38 pm by MsTabbyKats »
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Mtnchick

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Re: Will you lend again via Prosper?
« Reply #18 on: April 09, 2009, 10:57:39 am »

I stopped lending long before they went into their "quiet period". No, I would never loan again via Prosper.
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tekiegreg

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Re: Will you lend again via Prosper?
« Reply #19 on: April 09, 2009, 04:49:23 pm »

My conditions for re-lending

1) They clean up their defaults, get my default rate down from the 20% it is now, to more like 10%, 6 out of 13 of my loans that are defaulted need to be cured, if collections can't get it out of the lenders, I'll accept money direct from Prosper as well to meet this condition
2) Some sort of substantiative measure to make sure this kind of mess never happens again (I'll leave that one open, but many of the wonderful ideas I've seen on Prospers.org for a better Prosper would apply to this)
3) Better ability to see the potential borrowers, how about just black out the social security numbers and other private info and show us a full Experian report?

That's just for starters...with this I might start to think about it again...
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brianguy

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Re: Will you lend again via Prosper?
« Reply #20 on: April 09, 2009, 05:31:38 pm »

If I see someone needy, I just give them a gift.



at least donations to nonprofits generally come with tax benefits.  at least for now.

Prosper??  uhhh what tax benefits.
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HighFired3000F

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Re: Will you lend again via Prosper?
« Reply #21 on: April 09, 2009, 08:29:57 pm »

Yes, I will lend again even if Prosper does not make any beneficial improvements.  My 57K porfolio is a few hundred dollars in the black (assuming that all my 27 lates will become future defaults) and should improve since the worst loans have already been eliminated.  I reviewed the given data very carefully before selecting loans, but the return so far is well below expectations.  I started investing in stocks for the first time in my life three weeks ago, the results have been fantastic, and the chance of my broker going BK is much less than that of Prosper.
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xraider

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Re: Will you lend again via Prosper?
« Reply #22 on: April 09, 2009, 08:34:19 pm »

I stopped lending long before they went into their "quiet period". No, I would never loan again via Prosper.

I'm with Nora and MtnChick.  Just no way.  None.  At all.

I would question anyone who loaned through Prosper again, too, given the frequent lies and underhanded conduct.  There's no nice way to say it.  This company is fraudulent, at almost every level.  I say "almost" because there has to be SOMEONE decent there.
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xraider

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Re: Will you lend again via Prosper?
« Reply #23 on: April 09, 2009, 08:43:39 pm »

Yes, I will lend again even if Prosper does not make any beneficial improvements.  My 57K porfolio is a few hundred dollars in the black (assuming that all my 27 lates will become future defaults) and should improve since the worst loans have already been eliminated.  I reviewed the given data very carefully before selecting loans, but the return so far is well below expectations.  I started investing in stocks for the first time in my life three weeks ago, the results have been fantastic, and the chance of my broker going BK is much less than that of Prosper.

Unfortunately, life happens, even to those with "good" credit ratings.  I came to believe that the people with "good" credit ratings came to Prosper only if they had exhausted all other potential sources of borrowing.  During the time I was lending, it was still very easy to do the 0% balance transfer.  As far as the "worst loans" being eliminated, for me, I have an A that's charged off (although he was "determined to get out of debt responsibly"), another in BK and 2 late B's.  I also have 3 active Ds, 2 active Es and one active HR, so my "worst" loans haven't been eliminated.  (I use these terms in quotes since my active HR is the only HR I loaned to, and she's obviously doing much better for me than the 2 dead A's.)

Should you decide to continue to lend, good luck with it. 
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moremoneymarc

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Re: Will you lend again via Prosper?
« Reply #24 on: April 10, 2009, 07:46:36 am »

poof

« Last Edit: May 06, 2009, 10:47:26 pm by moremoneymarc »
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Trekbiker

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Re: Will you lend again via Prosper?
« Reply #25 on: April 10, 2009, 12:17:30 pm »

no.  It's been a fun (and very enlightening) experiment but not worth the trouble as an investment.  Mostly because I am just not very good at this P2P lending game and have come to believe that about 25% of the population are just stupid and untrustworthy deadbeats (I didnt realize this before Prosper opened my eyes)

I made 624 loans.  92 have defaulted or are defaulting so far. 

At about the 1 year in point I realized my loaning strategy was failing so I tightened up my lending criteria considerably.  Of the 197 loans I made prior to tightening my criteria (the "bad" loans) 32% are defaulting so far.  This number will probably hit 40%.  Of the 427 ("good" loans) I made after wising up 7% are defaulting so far.  This will probably hit 10-15% after all is said and done. 

Right now my overall XIRR is -0.13%.   I expect it will be around -5% at the end.

one funny thing.  my very first loan was to an E at 22%.  Origination 2/21/07.  He has made every payment on time so far.
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MsTabbyKats

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Re: Will you lend again via Prosper?
« Reply #26 on: April 10, 2009, 01:17:52 pm »

no.  It's been a fun (and very enlightening) experiment but not worth the trouble as an investment.  Mostly because I am just not very good at this P2P lending game and have come to believe that about 25% of the population are just stupid and untrustworthy deadbeats (I didnt realize this before Prosper opened my eyes)

This is what happens when in your real life you are surrounded by honest, intelligent people.
You think a promise is a promise....because honest, intelligent people keep their promises.
BTW...I made 201 loans. I have 30 charge offs...and and 23 in some stage of lateness.  So, I'm just a bit past the 25% deadbeat point.....with 2 1/2 years to go.

Another thing...as far as "an investment"....you have to put in way too much time to pick a winner.  It's just not worth the energy.
As a game....it's more fun playing in a casino!  :D
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bluestar148

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Re: Will you lend again via Prosper?
« Reply #27 on: April 10, 2009, 05:52:29 pm »

I DON'T KNOW HOW MANY OF YOU NOTICED IT BUT JUST BEFORE THE "QUIET PERIOD" the people looking for money were obviously under the impression that it was like a give away. Some of the listings looked like those poor pathetic people on Queen for a Day! It was getting tougher to find any promissing loans. I just had Charge-off no. 7 a little more than a year into my Prospering. Out of 41 loans 2 are paid off. 13 are in various forms of default. I WILL NOT be lending again, EVER!!!
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onthefence

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Re: Will you lend again via Prosper?
« Reply #28 on: April 10, 2009, 07:18:41 pm »

Yes, I will lend again even if Prosper does not make any beneficial improvements.  My 57K porfolio is a few hundred dollars in the black (assuming that all my 27 lates will become future defaults) and should improve since the worst loans have already been eliminated.
http://www.ericscc.com/lenders/HighFired3000F

Sorry to break this to you HighFired3000F, but your portfolio is going to continue to drop at a steady rate.  Check your portfolio again once the average age hits 365 days.
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cubbiesnextyr

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Re: Will you lend again via Prosper?
« Reply #29 on: April 11, 2009, 12:23:48 pm »

Yes, I will lend again even if Prosper does not make any beneficial improvements.  My 57K porfolio is a few hundred dollars in the black (assuming that all my 27 lates will become future defaults) and should improve since the worst loans have already been eliminated.
http://www.ericscc.com/lenders/HighFired3000F

Sorry to break this to you HighFired3000F, but your portfolio is going to continue to drop at a steady rate.  Check your portfolio again once the average age hits 365 days.

It's only in the black once you've taken out of Prosper more than you put in.  Until then, it's not.
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