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[Beerbud1]

This has the "makings" of DoFu all over it.

Care to enlighten?

I had a loan with Prosper Before DoFu, I made payments everyday using the proceeds from my loans. Even though I didn't need a loan, I wanted to see what borrowers go thru. My loan was paid off in 14 days.

The payment platform was designed prior to DoFu. I'm sure DoFu said prior to re-opening that he recommended changing the payment platform to replicate some place he worked before.
It forces those who wish to prepay to pay in full payments rather than smaller amounts. Thus increasing the chances of collecting more interest or forcing a borrower to ante up more than may have wanted to. Just my HO.

[ira01]

This has the "makings" of DoFu all over it.

Care to enlighten?

I had a loan with Prosper Before DoFu, I made payments everyday using the proceeds from my loans. Even though I didn't need a loan, I wanted to see what borrowers go thru. My loan was paid off in 14 days.

The payment platform was designed prior to DoFu. I'm sure DoFu said prior to re-opening that he recommended changing the payment platform to replicate some place he worked before.
It forces those who wish to prepay to pay in full payments rather than smaller amounts. Thus increasing the chances of collecting more interest or forcing a borrower to ante up more than may have wanted to. Just my HO.

This makes no sense to me.  Prosper couldn't care less about the interest collected, since that goes to lenders, not Prosper.  And borrowers are more likey to make NO payment than to "ante up more than [they] may have wanted to."  I don't know what Prosper's thinking was on this change, but I doubt it is what you suggest.

[Beerbud1]

Fine! Your right I'm wrong! Why did they change th payment platform? If they truly don't care, why the change? Please explain!

[ira01]

Fine! Your right I'm wrong! Why did they change th payment platform? If they truly don't care, why the change? Please explain!

As I said above, I don't know why Prosper made the change.  But if I had to guess, I would say perhaps because a lot of borrowers got confused with the extra payment options -- more than a few wound up accidentally manually scheduling a monthly payment on top of the automatic payment, and then bouncing one when both hit their account.  Of course there are better ways of solving this problem than eliminating the ability to schedule extra payments, but this IS Prosper we're talking about.  Another possibility is that Prosper simply wanted to eliminate extra payments (especially small ones), because Prosper probably has to pay an ACH fee for every transaction.  So it is cheaper and easier for Prosper to just have one payment (of whatever size) per month per loan than 2, 3 or more.

[Cushie]

According to Prosper they changed it because a lot of borrowers were accidentally paying their loans in full.

[christoofar215]

According to Prosper they changed it because a lot of borrowers were accidentally paying their loans in full.

 

Oh God... where to begin with that one...   

[brianguy]

insanity.  on my student loan payment website, there is a check box for "Pay in Full" which will automatically copy the payoff amount to the payment amount field.  you still have 2 chances to verify it if you mess up, but yeah that option is there.

couldn't Prosper just eliminate that checkbox in their GUI?  why'd they have to get all weird and go mess up tons of other on time payments.