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Author Topic: First Prosper V.3 loan headed toward the crapper  (Read 22175 times)

God-Father

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First Prosper V.3 loan headed toward the crapper
« on: November 15, 2009, 08:42:24 pm »
Now 1 month late
http://www.ericscc.com/listings/417047
http://www.prosper.com/invest/listing.aspx?listingID=417047

MJerry and Anton are on this loan

Quote
Well prosper members itn the last few years i have had 2 loand with prosper,
and this will be my 3rd (part of this will pay off the second.)

The second loan payoff didn't happen, but that loan is still current..........
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Mtnchick

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Re: First Prosper V.3 loan headed toward the crapper
« Reply #1 on: November 15, 2009, 08:53:46 pm »
Quote
Occupation: Car Dealer

 :ninja:
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ira01

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Re: First Prosper V.3 loan headed toward the crapper
« Reply #2 on: November 16, 2009, 01:05:43 am »
Quote from: God-Father on November 15, 2009, 08:42:24 pm
The second loan payoff didn't happen, but that loan is still current..........

Probably not for long -- the origination date was the 22nd, so that is when the next payment will be due.  Since there's little reason to pay the earlier loan if you aren't going to pay the later one, I would be very surprised to see that next payment made. 
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Urbi_et_Orbi

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Re: First Prosper V.3 loan headed toward the crapper
« Reply #3 on: November 19, 2009, 07:51:43 pm »
Here we grow again...Prosper 3.0:

1 loan has now reached 1+ month late
2 additional loans have now reached >15 Late

23 loans have already paid in full.

Feels strangely like April 2006.
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Mothandrust: "Why's he off the ballot in Colorado but it's OK for the other 48 states and Hawaii to vote for him"
https://www.prospers.org/forum/index.php?topic=37264.msg807090#msg807090

mothandrust

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Re: First Prosper V.3 loan headed toward the crapper
« Reply #4 on: November 20, 2009, 12:08:59 am »
Quote from: Urbi_et_Orbi on November 19, 2009, 07:51:43 pm
23 loans have already paid in full.

They had that promo where lenders could get 2% back, so if your wife/brother/kid put up an AA listing and you bid $25K on it you'd get $500 back and it would cost the borrower $125. 

The next week the borrower/lender could switch roles and get another $375.
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Urbi_et_Orbi

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Re: First Prosper V.3 loan headed toward the crapper
« Reply #5 on: November 20, 2009, 12:11:58 am »
You could be right.  I read something in Freakanomics about what can happen when you don't think through the way you incentivize behavior.

 ::)
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Mothandrust: "Why's he off the ballot in Colorado but it's OK for the other 48 states and Hawaii to vote for him"
https://www.prospers.org/forum/index.php?topic=37264.msg807090#msg807090

Faithful_Steward1

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Re: First Prosper V.3 loan headed toward the crapper
« Reply #6 on: November 20, 2009, 10:15:50 am »
Prosper doesn't care, they just want the volume to brag to VC's about.
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Urbi_et_Orbi

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Re: First Prosper V.3 loan headed toward the crapper
« Reply #7 on: December 11, 2009, 04:20:20 pm »
9 P3.0 loans now headed towards the crapper.
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Mothandrust: "Why's he off the ballot in Colorado but it's OK for the other 48 states and Hawaii to vote for him"
https://www.prospers.org/forum/index.php?topic=37264.msg807090#msg807090

TotoMMB

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Re: First Prosper V.3 loan headed toward the crapper
« Reply #8 on: December 11, 2009, 05:39:44 pm »
I only see 8.

I do like the guy that borrowed $1K at 33% to pay off a prior Prosper loan ($1K @ 29%) - this is my assumption, I can't be sure that's what he did.

Current: http://www.ericscc.com/listings/423227
Previous: http://www.ericscc.com/listings/334932

I had originally thought he was not going to default on the second, seeing as how he got late on the first, but paid it back. Then I realized the dates overlapped.

Pretty piss poor to not be able to honor a $45/mo. commitment.

ETA: Nevermind. I can't read. First loan was paid off in Oct. '08, second was made Sep. '09. So I now stick to my original thought...he'll pay.
« Last Edit: December 11, 2009, 05:42:08 pm by TotoMMB »
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brianguy

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Re: First Prosper V.3 loan headed toward the crapper
« Reply #9 on: December 12, 2009, 01:48:52 am »
Quote from: mothandrust on November 20, 2009, 12:08:59 am
Quote from: Urbi_et_Orbi on November 19, 2009, 07:51:43 pm
23 loans have already paid in full.

They had that promo where lenders could get 2% back, so if your wife/brother/kid put up an AA listing and you bid $25K on it you'd get $500 back and it would cost the borrower $125. 

The next week the borrower/lender could switch roles and get another $375.


geezus cripes.   I was out of the P 2.5 / 3.0 new lending schemes for a little while, so that's the first I've heard of it.  all I can say is holy shiite... they must have been inspired by all Obama's cash for clunkers, homes, and everything else under the sun.  or something.
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God-Father

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Re: First Prosper V.3 loan headed toward the crapper
« Reply #10 on: December 31, 2009, 05:31:43 am »
Quote from: God-Father on November 15, 2009, 08:42:24 pm
Now 1 month late
http://www.ericscc.com/listings/417047
http://www.prosper.com/invest/listing.aspx?listingID=417047

MJerry and Anton are on this loan

Quote
Well prosper members itn the last few years i have had 2 loand with prosper,
and this will be my 3rd (part of this will pay off the second.)

The second loan payoff didn't happen, but that loan is still current..........

3rd loan 2 months late - 2nd loan now 1 month late

A total of 11 P3.0 loans now late or worse.
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christoofar215

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Re: First Prosper V.3 loan headed toward the crapper
« Reply #11 on: December 31, 2009, 07:58:43 am »
Quote from: Faithful_Steward1 on November 20, 2009, 10:15:50 am
Prosper doesn't care, they just want the volume to brag to VC's about.

If I was a VC I would Google hard enough to discover Fred's charts.   I would be screaming running to the hills if I saw the lateness progression chart.

Like... Credit Card companies have a hard time staying afloat with 10% default rates.   How can a P2P shop be viable and cover-up 40+% default rates over the life of the loans and NOT have the lending pool find out about it and put future lenders off borrowing?   Meh.
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God-Father

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Re: First Prosper V.3 loan headed toward the crapper
« Reply #12 on: December 31, 2009, 08:20:26 am »
Quote from: christoofar215 on December 31, 2009, 07:58:43 am
Quote from: Faithful_Steward1 on November 20, 2009, 10:15:50 am
Prosper doesn't care, they just want the volume to brag to VC's about.

If I was a VC I would Google hard enough to discover Fred's charts.   I would be screaming running to the hills if I saw the lateness progression chart.

Like... Credit Card companies have a hard time staying afloat with 10% default rates.   How can a P2P shop be viable and cover-up 40+% default rates over the life of the loans and NOT have the lending pool find out about it and put future lenders off borrowing?   Meh.

Easy - you move a few deck chairs around every year or so and declare that the Titanic is now fine.
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brianguy

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Re: First Prosper V.3 loan headed toward the crapper
« Reply #13 on: December 31, 2009, 11:15:00 am »
Quote from: christoofar215 on December 31, 2009, 07:58:43 am
Quote from: Faithful_Steward1 on November 20, 2009, 10:15:50 am
Prosper doesn't care, they just want the volume to brag to VC's about.

If I was a VC I would Google hard enough to discover Fred's charts.   I would be screaming running to the hills if I saw the lateness progression chart.

Like... Credit Card companies have a hard time staying afloat with 10% default rates.   How can a P2P shop be viable and cover-up 40+% default rates over the life of the loans and NOT have the lending pool find out about it and put future lenders off borrowing?   Meh.


because if you got a tip and googled Fred enough times, all you end up finding are more and more links to that annoying 14-year old gay kid from Youtube  :)
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Urbi_et_Orbi

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Re: First Prosper V.3 loan headed toward the crapper
« Reply #14 on: January 11, 2010, 03:09:04 pm »
First 3.0 loan has now passed 3 months late.
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Mothandrust: "Why's he off the ballot in Colorado but it's OK for the other 48 states and Hawaii to vote for him"
https://www.prospers.org/forum/index.php?topic=37264.msg807090#msg807090
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