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[Xenon481]

Nominating to The Lobby.

[no-whammies]

Site is considerably slower than before...  anyone else seeing that?

[Mtnchick]

Nominating to The Lobby.

2nd

I didn't notice it slower.

[ladeeda]

Nominating to The Lobby.

Do mods ever change the subject header to make the nature of the conversation clearer?

[Xenon481]

Nominating to The Lobby.

Do mods ever change the subject header to make the nature of the conversation clearer?

Good question, this could certainly use it. I wouldn't object to something like "Prosper 4.0 changes (was 7 hour maint...."

[Cushie]

I'd change the topic but don't think I can.  Will try.  If it's still the same, you know why.

[bluestar148]

It IS 4.0

[kenL]

I am confused,

"The change to pre-set pricing means that listings will close faster and that you can’t be outbid"

"Listing period extended to 14 days"

so to make listings close faster their going to extend the listing time? this makes no sense to me  but i guess we can wait tell the last day to buy the loan. i wonder if any bids will happen the first week of loans, it will probably upset the borrowers.

I think the point is that once it hits 100%, it's a done deal. Lenders don't have to wait for the clock to run out or the borrower to end the listing early. Although, for those that don't fund fully and/or quickly, it does seem to add some time to the process.

It also gives lenders incentive to invest in fresh listings. With the auction some people would wait until the last minutes to place their bids. Some referred to this as 'sniping'. Rateladder developed an app to do this (at least I read in a thread here that he did or was going to). Now there will be no more sniping. If you want in on a good loan you have to bid quick, therefore the good loans will fund faster and the marginal ones will have more time for evaluation. In the end this should lead to a higher percentage of loans funding.

It would be nice if the listings start accruing interest right away after funding and verification, that would be an advantage of Prosper over LendingClub. Last I checked, LendingClub loans do not start accruing interest until after the 14 days are over even if they fund and are approved right away.

[Urbi_et_Orbi]

Prosper just placed this gem on their Facebook page.



We see the little "*" on the sign, but they presented this out of context, without the fine print - and I think we can only speculate about the number of caveats necesary to arrive at "actual returns" for lenders on Prosper Marketplace anywhere near 10.4%.

 

[ira01]

Prosper just placed this gem on their Facebook page.



We see the little "*" on the sign, but they presented this out of context, without the fine print - and I think we can only speculate about the number of caveats necesary to arrive at "actual returns" for lenders on Prosper Marketplace anywhere near 10.4%.

 

Outrageous -- but certainly not surprising.  I really wish the SEC would hit them with a $1M fine for this kind of shit.  Then, maybe, Prosper would stop doing it.

[Urbi_et_Orbi]

When you view listings, sorted by shortest time left, the first 50 loans displayed are ALL HR listings. 

[Senator]

Still no blender right of offset promised by Andrew?

I thought they finally added that a while back (several years too late, of course)?  Too lazy to check.

I never got anything from my late blenders.  Can someone point me to a thread where this was discussed?

[mothandrust]

But, Prosper estimates a 13.69% return on that loan.  That should be good enough for anyone.

Anyone except for the VC's that are investing in Prosper--they are getting 15% for a shorter term and are taking no borrower risk.

[rogerwaite]

Thought I'd try out the loan process just for fun. Can't lend again cause I'm here in Texas, so I asked for a loan for the maximum amount ($25K) at the lowest rate (7.6).  I was offered $7500 at 31% cause my credit score was 744??  When I was a blender before, I had a loan for 5K at 9.9%.  I think I was at 760 something then.

[TotoMMB]

Thought I'd try out the loan process just for fun. Can't lend again cause I'm here in Texas, so I asked for a loan for the maximum amount ($25K) at the lowest rate (7.6).  I was offered $7500 at 31% cause my credit score was 744??  When I was a blender before, I had a loan for 5K at 9.9%.  I think I was at 760 something then.

I had a prior loan listing (pre-4.0) in progress, just to check out the process, my score, etc. Yesterday, I went back and looked, and got a message saying my score was too low to get a loan and my old listing was scrubbed. This morning, I got an e-mail saying essentially the same thing. I also got an e-mail touting the changes implemented 48 hours earlier.