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[Xenon481]

I reported the following listing as violating the BRA due to the post-secondary education prohibition:

https://www.prosper.com/invest/listing.aspx?listingID=512338

The loan has now funded 100% and is awaiting verification. We will see what Prosper does with it.....

Just some quickies from the listing:

- Requested Amount = $4,000
- HR at ~31%
- Net income = $7,000/mo
- Total expenses = $2,500/mo

Why doesn't he just use the $4,500 he has laying around left over after every single month?

This loan was created in clear violation of Prosper's BRA.

[Shenandoah]

I reported the following listing as violating the BRA due to the post-secondary education prohibition:

https://www.prosper.com/invest/listing.aspx?listingID=512338

The loan has now funded 100% and is awaiting verification. We will see what Prosper does with it.....

Just some quickies from the listing:

- Requested Amount = $4,000
- HR at ~31%
- Net income = $7,000/mo
- Total expenses = $2,500/mo

Why doesn't he just use the $4,500 he has laying around left over after every single month?

This loan was created in clear violation of Prosper's BRA.

Maybe the borrower will reject the loan within the 30 day time period required by law 

[havastat]

The information isn't inconsistent.

Prosper verifies use the same way it verifies income, by informing the user and accepting the user's answer.

Moreover, what the user says on the loan request sn't to be  taken as true. Perhaps  this borrower is simply giving us a story about what the loan will be used for to attract our sympathy. Nothing prevents a borrower from claiming to be using a loan for a prohibited use.

[Xenon481]

The information isn't inconsistent.

Prosper verifies use the same way it verifies income, by informing the user and accepting the user's answer.

Moreover, what the user says on the loan request sn't to be  taken as true. Perhaps  this borrower is simply giving us a story about what the loan will be used for to attract our sympathy. Nothing prevents a borrower from claiming to be using a loan for a prohibited use.

At which point, the borrower is lying on a loan application. And when Prosper has been notified that a borrower has stated a prohibited use of the loan, it is fully Prosper's obligation to deny the loan.

[ira01]

The information isn't inconsistent.

Prosper verifies use the same way it verifies income, by informing the user and accepting the user's answer.

Moreover, what the user says on the loan request sn't to be  taken as true. Perhaps  this borrower is simply giving us a story about what the loan will be used for to attract our sympathy. Nothing prevents a borrower from claiming to be using a loan for a prohibited use.

At which point, the borrower is lying on a loan application. And when Prosper has been notified that a borrower has stated a prohibited use of the loan, it is fully Prosper's obligation to deny the loan.

+1.  I hope this borrower or another similar one tries to cancel the loan within 30 days, and then sues Prosper if it refuses.

[xraider]

Prosper verifies use the same way it verifies income, by informing the user and accepting the user's answer.

Moreover, what the user says on the loan request sn't to be  taken as true. Perhaps  this borrower is simply giving us a story about what the loan will be used for to attract our sympathy. Nothing prevents a borrower from claiming to be using a loan for a prohibited use.

This highlights what is wrong with Prosper's verification system.  It accepts the user's answer as true... except when it's not in Prosper's best interest to do so.   

[ira01]

Prosper verifies use the same way it verifies income, by informing the user and accepting the user's answer.

Moreover, what the user says on the loan request sn't to be  taken as true. Perhaps  this borrower is simply giving us a story about what the loan will be used for to attract our sympathy. Nothing prevents a borrower from claiming to be using a loan for a prohibited use.

This highlights what is wrong with Prosper's verification system.  It accepts the user's answer as true... except when it's not in Prosper's best interest to do so.   

+1.  Moreover, there is a huge difference between initially accepting what a borrower says in the absence of contrary information, and ignoring reports that what a borrower has said is NOT true.  Once a listing is reported, IMHO Prosper has a duty to investigate.  It can't just stick its fingers in its ears and say "na na na na na, I can't hear you."

[havastat]

It can't just stick its fingers in its ears and say "na na na na na, I can't hear you."

It can't?

[Mark12547]

It can't just stick its fingers in its ears and say "na na na na na, I can't hear you."

It can't?

When I reported that a user has declared on Prosper's own official forums (back in the first forums they had) that he plans on defaulting on a loan and I reported it, a couple months ago a Prosper representative said the "Report this listing" link was generating emails that were being eaten by their junk mail filter. Wouldn't that count as saying, "na na na na na, I can't hear you"?

[Cushie]

Xenon, did you ever hear back from Prosper on the loans you reported?

[Xenon481]

Xenon, did you ever hear back from Prosper on the loans you reported?

No, I did not. And 4 of them successfully funded and became loans.

[ira01]

Xenon, did you ever hear back from Prosper on the loans you reported?

No, I did not. And 4 of them successfully funded and became loans.

Completely typical Prosper behavior.   

[havastat]

I reported the following listing as violating the BRA due to the post-secondary education prohibition:

https://www.prosper.com/invest/listing.aspx?listingID=512338

The loan has now funded 100% and is awaiting verification. We will see what Prosper does with it.....

Just some quickies from the listing:

- Requested Amount = $4,000
- HR at ~31%
- Net income = $7,000/mo
- Total expenses = $2,500/mo

Why doesn't he just use the $4,500 he has laying around left over after every single month?

This loan was created in clear violation of Prosper's BRA.

It's not the first time Prosper has been seen BRA-less.

[ggmillar]

I reported the following listing as violating the BRA due to the post-secondary education prohibition:

https://www.prosper.com/invest/listing.aspx?listingID=512338

The loan has now funded 100% and is awaiting verification. We will see what Prosper does with it.....

Just some quickies from the listing:

- Requested Amount = $4,000
- HR at ~31%
- Net income = $7,000/mo
- Total expenses = $2,500/mo

Why doesn't he just use the $4,500 he has laying around left over after every single month?

This loan was created in clear violation of Prosper's BRA.

It's not the first time Prosper has been seen BRA-less.

BRA-less - Funny!

By the way, I looked into this as it's the first time I saw this thread.  With the information we have based on the loan description, this listing does not violate federal law.  Thank you for bringing it to our attention.

Glenn G. Millar
Prosper Employee 

[Xenon481]

I reported the following listing as violating the BRA due to the post-secondary education prohibition:

https://www.prosper.com/invest/listing.aspx?listingID=512338

The loan has now funded 100% and is awaiting verification. We will see what Prosper does with it.....

Just some quickies from the listing:

- Requested Amount = $4,000
- HR at ~31%
- Net income = $7,000/mo
- Total expenses = $2,500/mo

Why doesn't he just use the $4,500 he has laying around left over after every single month?

This loan was created in clear violation of Prosper's BRA.

It's not the first time Prosper has been seen BRA-less.

BRA-less - Funny!

By the way, I looked into this as it's the first time I saw this thread.  With the information we have based on the loan description, this listing does not violate federal law.  Thank you for bringing it to our attention.

Glenn G. Millar
Prosper Employee 

What about the one that triad said he was a "lender" on in this post:

http://www.prospers.org/forum/prosper_borrower_prohibited_activities_question-t24644.0.html;msg438515#msg438515