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.