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Poll

Are you still lending after recent changes?

Yes - At the same or higher levels as before
- 10 (13.9%)
Yes - But more cautiously
- 6 (8.3%)
No - I am waiting to see new default rates
- 3 (4.2%)
No - I won't bid again, cashing out as notes mature
- 47 (65.3%)
No - I won't bid again, selling notes and bailing out!
- 6 (8.3%)

Total Members Voted: 69


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Author Topic: Are you still lending after recent changes?  (Read 56257 times)

neorunner

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Are you still lending after recent changes?
« on: January 14, 2011, 10:19:28 am »
I am new to this site, and fairly new as a prosper lender. I would like to gauge the overall lender opinion on the new changes.
I am personally inclined to cash out as notes mature. However, since I am new and I don't have all the answers I will defer to more experienced lenders.

 ;D
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cubbiesnextyr

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Re: Are you still lending after recent changes?
« Reply #1 on: January 14, 2011, 10:39:04 am »
You probably need to add the caveat, "if you were lending recently, are you still lending..."

Many here haven't lent in quite a while.  For instance, I haven't lent since they banned me in 2007.  I can't believe it's been 3 years since I've lent...
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neorunner

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Re: Are you still lending after recent changes?
« Reply #2 on: January 14, 2011, 10:45:02 am »
cubbiesnextyr, why did they ban you?
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Chamatrain

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Re: Are you still lending after recent changes?
« Reply #3 on: January 14, 2011, 10:46:41 am »
"Recent changes" did not include a change of upper management, or adherence to the contracts they signed with us, or any improvement in collections, or any indication they intend to stop lying and cheating.  Why would I want to do business with such an organization?  
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ira01

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Re: Are you still lending after recent changes?
« Reply #4 on: January 14, 2011, 10:58:13 am »
Quote from: neorunner on January 14, 2011, 10:45:02 am
cubbiesnextyr, why did they ban you?

For whatever trumped up reason they could come up with.  They banned me too in 2007 -- for telling new lenders of the existence of Prosper's OWN official forums.  Without a warning.  Despite that NOT being a violation of any Prosper rule or policy. 
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ira01

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Re: Are you still lending after recent changes?
« Reply #5 on: January 14, 2011, 10:59:30 am »
Quote from: Chamatrain on January 14, 2011, 10:46:41 am
"Recent changes" did not include a change of upper management, or adherence to the contracts they signed with us, or any improvement in collections, or any indication they intend to stop lying and cheating.  Why would I want to do business with such an organization?  

+1.  Chamatrain and I agree on almost nothing, but this is 100% correct.
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cubbiesnextyr

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Re: Are you still lending after recent changes?
« Reply #6 on: January 14, 2011, 11:12:31 am »
Quote from: neorunner on January 14, 2011, 10:45:02 am
cubbiesnextyr, why did they ban you?

Gosh, it's been so long, I don't really remember.

ETA:  I found it.  I was banned because I changed my group name to The .Org and had a link to this website.
« Last Edit: January 14, 2011, 11:15:47 am by cubbiesnextyr »
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pioneer11

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Re: Are you still lending after recent changes?
« Reply #7 on: January 14, 2011, 11:23:05 am »
Just to show the inconsistency of Prosper's punishment levels, I only got warnings for a hoax listing, inviting a naive investor here and calling a guy a stupid fuck in a PM.
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Mtnchick

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Re: Are you still lending after recent changes?
« Reply #8 on: January 14, 2011, 11:24:15 am »
BTW, that's my vote for selling shares - I meant to click the one above it.  :ninja:

123456789 got kicked out for calling me a porn freak ;)
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kenL

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Re: Are you still lending after recent changes?
« Reply #9 on: January 14, 2011, 11:39:47 am »
I'm the one that voted yes I'm still bidding.

The biggest problem that recent changes have made for lenders is they have created a lack of available listings to bid on. For 2 reasons; 1, no more HR's; 2, no more bidding down listings. With set interest rates once listings fund 100% they are no longer available for bidding, whereas before they would still be available and could be bid down.

The lowering of the rates might bring in a few more borrowers which soon might make more listings available for bidding. We'll just have to wait a couple weeks to see how things pan out.
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cubbiesnextyr

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Re: Are you still lending after recent changes?
« Reply #10 on: January 14, 2011, 11:40:25 am »
Quote from: Mtnchick on January 14, 2011, 11:24:15 am
BTW, that's my vote for selling shares - I meant to click the one above it.  :ninja:

123456789 got kicked out for calling me a porn freak ;)

That was only booted from the forums, not from the platform.
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Beerbud1

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Re: Are you still lending after recent changes?
« Reply #11 on: January 14, 2011, 11:42:11 am »
I'm suspended as well...Oh Well. ;D
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Ray Kremer

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Re: Are you still lending after recent changes?
« Reply #12 on: January 14, 2011, 03:08:17 pm »
Most of the people in this forum are veterans from Prosper 1.0 and turned sour on Prosper ages ago.

As for myself, I sunk some cash into Prosper not too long after 3.0 began, and decided to pull the money out as it came back and see how it all performed after three years, and at that point if the ROI was decent, to start investing again. After I found this forum and learned that Prosper seems likely to wither and die any day now, that plan seems especially prudent. I guess at this point my ROI on the 3.0 loans is a moot point, but if Prosper is still around when my three years are up, we'll have a good data set on the 4.0 loans anyway.
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DCS

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Re: Are you still lending after recent changes?
« Reply #13 on: January 14, 2011, 04:10:05 pm »
I haven't been bidding since 2008.  Although I didn't think Prosper was a good investment, I still thought searching listings and playing the "Who's gonna pay me back?" game was quite fun.  Even after I stopped bidding, I thought Prosper still had some appeal in that respect.

With the recent changes, the auction model is gone.  Most of the fun went with it.
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God-Father

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Re: Are you still lending after recent changes?
« Reply #14 on: January 14, 2011, 04:16:53 pm »
I might bid in the future if
- my state was allowed to bid
- I had any real belief that Prosper would still be around in three years.
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