Print

[HollowOak]

Prosper has revised the way the present lender performance statistics. This brings to mind the old joke.

Q: How do you make a small fortune on Prosper?
A: Start with a big fortune!

My performance stats after 3 years and some change:

[HollowOak]

I may as well make this thread a repository of my loan performance as it drags out in its dying days.

Since July when I posted the first post, several more loans have paid off and several more loans have defaulted.



The short of it is that although 17 borrowers paid off their loans, the 4 additional borrowers that defaulted set back my net gain/loss from $582 to $513 (-$70). I now have only $668 remaining in 52 loans at Prosper, down from the $1,200 in July. It may be a race to see if I end up cash-positive by 23 November of 2010 when all notes should have completed their 3-year term.

[Capital_Finance_Group]

HollowOak

You are darn close to break-even. If you collect $155.56 more in loan payments you will be there.
Just add the $155.56 to the $74.39 in cash on hand and your withdrawals will equal your deposits.

All it requires is the receipt of 23.27% of your outstanding loan balance.
Since the average amount owed to you is $12.85 per loan I think that enough of your 46 current loans will make it to get you there.

If only I thought I had a chance to break even I would consider it a miracle.

[xraider]

Sad that anyone should be happy or relieved by breakeven, but I'm in the same boat. 

My gain/loss to date, after almost 3 years of lending, is in the DOUBLE DIGITS.  Nowhere close to the 14.39% average note yield at acquisition.

For perspective, my total new money invested is $3,000 and my total new and recycled money used to lend is $3,535.03.   And my gain/loss to date is $87.51.  For comparison, principal charge-offs is $505.15.

The good news, like you, HO, is that each month does bring me more lenders who, with interest, have at least paid the amount I loaned, so each month, the likelihood of a negative number lessens.  Scant solace, when I started lending with such high hopes.

This is clearly a failed business model. 

[Senator]

The good news, like you, HO, is that each month does bring me more lenders who, with interest, have at least paid the amount I loaned, so each month, the likelihood of a negative number lessens.  Scant solace, when I started lending with such high hopes.

Lenders?

This is clearly a failed business model. 

Amen.

[xraider]

oops, sorry, borrowers. Duh.

[Loan_shark_74]

oops, sorry, borrowers. Duh.

Some are both