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Author Topic: Prosper Site Down  (Read 58661 times)

Urbi_et_Orbi

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Re: Prosper Site Down
« Reply #60 on: July 13, 2009, 08:42:42 pm »
You could almost get the impression that lending on Prosper was easy profits...

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xraider

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Re: Prosper Site Down
« Reply #61 on: July 13, 2009, 08:43:20 pm »
Ugh.  You can't transfer out less than $25 if you're in California.
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bamalucky

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Re: Prosper Site Down
« Reply #62 on: July 13, 2009, 08:47:52 pm »
Thank goodness Georgia is still able to lend.

I can use an address from there when. Dr Karnes relists.
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MsTabbyKats

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Re: Prosper Site Down
« Reply #63 on: July 13, 2009, 08:55:43 pm »
No need to read "creditboards" for suggestions anymore.

Prosper gives you this tip on the "Borrowing" page


Can I cancel the automatic ACH payment?

Yes. Please contact customer support to assist you in cancelling the automatic monthly ACH payment.
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Navy-slush-fund

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Re: Prosper Site Down
« Reply #64 on: July 13, 2009, 08:59:47 pm »
Quote from: MsTabbyKats on July 13, 2009, 08:55:43 pm
No need to read "creditboards" for suggestions anymore.

Prosper gives you this tip on the "Borrowing" page


Can I cancel the automatic ACH payment?

Yes. Please contact customer support to assist you in cancelling the automatic monthly ACH payment.


that turned out to be a poor guarantee of payment for lots of borrowers anyway .....  :-[
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cubbiesnextyr

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Re: Prosper Site Down
« Reply #65 on: July 13, 2009, 09:16:55 pm »
Quote from: xraider on July 13, 2009, 08:43:20 pm
Ugh.  You can't transfer out less than $25 if you're in California.

Same for GA.  Blech.
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MsTabbyKats

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Re: Prosper Site Down
« Reply #66 on: July 13, 2009, 09:49:33 pm »
Did anyone else notice you can bid $25 now....or am I misinterpreting?

Borrowers with good credit (640+) post a loan listing and lenders invest $25 or more each towards your loan. They can bid your rate down in our auction process.

Does this mean you need to bid more if the borrower has bad credit?

Another innovation......
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pjz

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Re: Prosper Site Down
« Reply #67 on: July 13, 2009, 09:57:40 pm »
Prosper does not now accept borrowers with under 640 ratings.
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Tokyo Joe

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Re: Prosper Site Down
« Reply #68 on: July 13, 2009, 10:02:55 pm »
Quote from: pjz on July 13, 2009, 09:57:40 pm
Prosper does not now accept borrowers with under 640 ratings.

This theoretically would solve some of the more egregious problems vis-a-vis defaults.  However, now is still a dangerous time to be investing in consumer credit...  That 640 cut-off might not be as secure a bet as it sounds.
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cwsswc

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Re: Prosper Site Down
« Reply #69 on: July 13, 2009, 10:16:24 pm »
On the bright side, if P-----r's management team has any brains at all, the company's cash burn rate should decrease as its transaction volume increases. That provides some hope that P-----r will be around long enough for me to pull the last of what's left of my cash out.

The youngest non-deadbeat loan still active in my P-----r account is this one: http://www.prosper.com/invest/listing.aspx?listingID=65998 , which is scheduled to mature in December.
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pjz

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Re: Prosper Site Down
« Reply #70 on: July 13, 2009, 10:20:10 pm »
Charged off data seems to be accounted for. I do not see any projected losses due to lates that may default or losses to be realized under current bankruptcy proceedings.

"*Return on Investment: Lender Yield† - Credit Losses ‡
†Lender Yield: (Interest Paid - Servicing Fees + Lender Late Fees + Forfeited Group Awards - Collection Fees)/Average Daily Invested Balance
‡Credit Losses: (Charged-off Principal - Recoveries)/Average Daily Invested Balance
**Not Scored: Loans for which we could not retroactively calculate a Prosper score because all the credit variables necessary to calculate the score were not available. "

Quote from: Xenon481 on July 13, 2009, 08:24:49 pm
Quote from: Urbi_et_Orbi on July 13, 2009, 08:16:27 pm
Funky

Wow!  Talk about purposely manipulating the data!  The specifically left out Charged-Off loans from the statistics!
« Last Edit: July 13, 2009, 10:36:25 pm by pjz »
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Senator

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Re: Prosper Site Down
« Reply #71 on: July 13, 2009, 10:33:20 pm »
Quote from: NewHorizon on July 13, 2009, 12:13:55 pm
So as long as they act in "accordance with industry standards customary for servicing loans" - a phrase which I think is open to a wide range of interpretation - it's all up to Prosper's "discretion".
Everything has ALWAYS been up to Prosper's "discretion".
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Stats as of 12/29/2010:
Total withdrawals: $3,488.87 minus (-) Total deposits: $3,600.00 = ($111.13)
Cash balance: $0
Principal value of active notes:  $0
Total active notes: 0 of 70.

Successful loans are made to persons who are on a clear path to financial stability. -Mjerryfirst May 18th, 2008.

I know that when I make my 10% those "unbelievers" will call it luck cause that will be the easiest way to excuse their mistakes. -Researchpro May 5th, 2009.

It's a great time to be poor and irresponsible in America. -PPT May 2009

onthefence

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Re: Prosper Site Down
« Reply #72 on: July 13, 2009, 10:39:07 pm »
Quote from: Senator on July 13, 2009, 10:33:20 pm
Quote from: NewHorizon on July 13, 2009, 12:13:55 pm
So as long as they act in "accordance with industry standards customary for servicing loans" - a phrase which I think is open to a wide range of interpretation - it's all up to Prosper's "discretion".
Everything has ALWAYS been up to Prosper's "discretion".

All they have to do is assign the collections to a 3rd party collection agency and they have met the requirement for "industry standards customary for servicing loans."
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Senator

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Re: Prosper Site Down
« Reply #73 on: July 13, 2009, 10:47:39 pm »
Anyone in CA have $25 to transfer out?  If so, did you have to sign the new agreements to transfer your money out?
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Stats as of 12/29/2010:
Total withdrawals: $3,488.87 minus (-) Total deposits: $3,600.00 = ($111.13)
Cash balance: $0
Principal value of active notes:  $0
Total active notes: 0 of 70.

Successful loans are made to persons who are on a clear path to financial stability. -Mjerryfirst May 18th, 2008.

I know that when I make my 10% those "unbelievers" will call it luck cause that will be the easiest way to excuse their mistakes. -Researchpro May 5th, 2009.

It's a great time to be poor and irresponsible in America. -PPT May 2009

Capital_Finance_Group

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Re: Prosper Site Down
« Reply #74 on: July 13, 2009, 11:49:26 pm »
YES - I can still pull out in one cent increments - I just wish i could list all my crap loans on Folio.
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