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Yes

22 (13.5%)

Maybe

26 (16%)

No

115 (70.6%)

Total Members Voted: 160

[God-Father]

I have a better question to pose. Is HighFired3000F yet another sock of JZ? And no, I won't be sending any money to prosper.

Don't think so
http://www.ericscc.com/lenders/HighFired3000F
http://www.prosper.com/groups/member_screen_names.aspx?alt_key=C68534238966353281417A3

[boulderite]

A question.

Why hasn't Prosper been eviscerated in the press for what appears to be their collusion to defraud lenders?  A quick Google search only turned up positive press for them.

Isn't there one reporter out there willing to look behind the curtain?

[bamalucky]

A question.

Why hasn't Prosper been eviscerated in the press for what appears to be their collusion to defraud lenders?  A quick Google search only turned up positive press for them.

Isn't there one reporter out there willing to look behind the curtain?

I can only recall one reporter actually doing a little homework & not being spoon fed from the Prosper PR department..

Have you seen the Motley Fool article?

http://www.fool.com/investing/value/2008/08/29/avoid-this-company-like-the-plague.aspx

[112233]

A question.

Why hasn't Prosper been eviscerated in the press for what appears to be their collusion to defraud lenders?  A quick Google search only turned up positive press for them.

Isn't there one reporter out there willing to look behind the curtain?

I can only recall one reporter actually doing a little homework & not being spoon fed from the Prosper PR department..

Have you seen the Motley Fool article?

http://www.fool.com/investing/value/2008/08/29/avoid-this-company-like-the-plague.aspx

I believe somewhere in their TOS is a rule that reporters have to get permission from prosper before talking to anybody.

[divindj]

I have said in the past that Prosper is like playing Blackjack. Nowadays I say it's a bit more like craps with visits to the box man. The reason being that Prosper is entertainment. You don't go to the craps tables to make money, you go to meet people, have fun, and enjoy the experience, stories, and overall camaraderie.

You don't go to the "Pai Gow" or "Let it ride" tables because those are obvious rip-offs. You go to the place where you're not going to win a lot, not going to lose a lot, and you will be with people who have similar expectations. It's fun....
CZ

You're waaaaaay too generous.  Prosper is like playing 2-spot Keno.  At least with Craps you could make a DON'T COME bet... nothing like that with Prosper... only a buncha made-up unverified balderdash from stealers errrr borrowers who on-occasion decided to actually pay-out... although Keno is looking like it might payout-better compared to how defaults from p1.0 keep piling-up.

[The_Cat]

I still really don't understand what the draw is to being a lender on on Prosper.  Never did.  In fact, I'm amazed how many people have voted that they'll lend again.

I really can't believe that there are 21 people here who plan to lend again, and 22 more who are considering it.  Given all we know here, that is simply moronic.  Whether or not P2P in general could work, Prosper has proved itself beyond a reasonable doubt to be wholly incapable of making it work.  Moreover, Prosper is so clearly anti-lender, that IMHO you would have to have rocks in your head to continue to lend on Prosper -- and that is even more true given the new reality that you don't even own the loans anymore.  Instead, lenders are simply unsecured creditors of Prosper -- a company that will probably be out of cash by the end of the year unless the VC throw more good money after bad.

I agree with IRA. The phrase "Dee dee dee" comes to mind of those who say they are willing to lend more.

[boulderite]

A question.

Why hasn't Prosper been eviscerated in the press for what appears to be their collusion to defraud lenders?  A quick Google search only turned up positive press for them.

Isn't there one reporter out there willing to look behind the curtain?

I can only recall one reporter actually doing a little homework & not being spoon fed from the Prosper PR department..

Have you seen the Motley Fool article?

http://www.fool.com/investing/value/2008/08/29/avoid-this-company-like-the-plague.aspx

Okay, that's nice enough, but how about a WSJ article, or a nice hour-long CNBC Original expose of the p2p lending industry?  How about putting some of these real performance numbers out there where the public will notice them?

I'm amazed at the difference between Lending Club and Prosper.  I have only one late in LC, and I can see the log of collection efforts against it.  When I wrote Prosper asking for a log of the collection efforts made against my 14 charge-offs and 12 lates (not kidding) I got a nasty letter back urging me not to go vigilante against my borrowers.

Seems to me that if it was represented that collection efforts were going to be made on my behalf by Prosper or by it's subcontractors (AmSher), I should have a right to see the collection logs.  I guess Prosper's the customer for that purpose, even though I'm the one that assumed all the risk.  Does that seem right?

Also, I'm not happy with the interface changes they made, which conveniently enough hide that -$200 plus number representing my total losses since I started investing with them.

I'm befuddled by the terminology on the new Investing Summary screen.  I think it's designed to hide your losses.

[boulderite]

In case anybody missed my inference, I don't believe there have been any collection efforts made on my behalf.  I think AmSher has no printers, no telephones, and no employees.

[TotoMMB]

In case anybody missed my inference, I don't believe there have been any collection efforts made on my behalf.  I think AmSher has no printers, no telephones, and no employees.

Well somebody is getting 17% of some of my funds. I have a loan (sorry, Prosper has a loan) that's been late for 5 months, but it's only 3 months late. The borrower has been making payments lately, but basically paying for dollars due 4 months ago (the DPD is still >120). I'm happy to be receiving anything at this point, but I have a feeling it has more to do with the borrowers sense of obligation and not anything Amsher has done. I could be wrong...

[NewHorizon]

When I wrote Prosper asking for a log of the collection efforts made against my 14 charge-offs and 12 lates (not kidding) I got a nasty letter back urging me not to go vigilante against my borrowers.

I think that's a reflection of Prosper's general feeling toward lenders: they're trouble-makers.

[ira01]

In case anybody missed my inference, I don't believe there have been any collection efforts made on my behalf.  I think AmSher has no printers, no telephones, and no employees.

Well somebody is getting 17% of some of my funds. I have a loan (sorry, Prosper has a loan) that's been late for 5 months, but it's only 3 months late. The borrower has been making payments lately, but basically paying for dollars due 4 months ago (the DPD is still >120). I'm happy to be receiving anything at this point, but I have a feeling it has more to do with the borrowers sense of obligation and not anything Amsher has done. I could be wrong...

Enjoy it while it lasts -- as soon as the loan hits 4 months late, Prosper will charge it off (despite the regular payments the borrower has been making).  Then, based on past experience, it is highly likely that your borrower will simply stop making any payments.   

[Elmslice]

When I wrote Prosper asking for a log of the collection efforts made against my 14 charge-offs and 12 lates (not kidding) I got a nasty letter back urging me not to go vigilante against my borrowers.

I think that's a reflection of Prosper's general feeling toward lenders: they're trouble-makers.

Yup.  Over and over again, in lots of different ways, Prosper has shown that they view their lenders as an unfortunate necessity.  They don't hesitate to respond antagonistically to the most innocent inquiries.  They berate and scold.  They ignore.  They fail to implement the most basic business processes to protect us (such as collections).   

As if that weren't bad enough, they run a really lousy investment business, with rotten returns.   Fred93 has shown that lenders can expect 30% (hyper-optimistally) to 40% (more realistically) of loans to go bad at some point.  Prosper has responded to this sorry state of affairs by introducing some of the worst auto paper imaginable (and grading the risk  B or C in most cases!).

Prospective lenders:  be afraid.  Be very afraid.  Here's an idea: Vanguard runs some very nice, transparent, low cost funds.  If you call them on the phone, they'll talk to you.  If you e-mail them, they'll respond politely.  You'll be happier there, and you actually might make some money in the process. 

[boulderite]

Again, it seems strange to me that Prosper isn't considered a cautionary tale rather than a neat idea, outside of the lender community.  Word hasn't spread about what's really going on.  It should be infamous.

[bamalucky]

It should be infamous.

I think it was gearing up to be around the time of the Motley Fool article but the stock market crashed & the SEC stepped in.

[boulderite]

It should be infamous.

I think it was gearing up to be around the time of the Motley Fool article but the stock market crashed & the SEC stepped in.

Yes, there's a lot of bad news to compete with, I suppose.