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Author Topic: Phone Call from Prosper re: Cash Back  (Read 13522 times)

MYCHAELP

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Phone Call from Prosper re: Cash Back
« on: September 21, 2011, 04:24:55 pm »

I received a phone call this morning from Prosper. They said I was targeted because of my 16% rate of return is much higher than their average. They indicated they plan to stop offering cash back at the end of the year, but were offering me 2% if I were to invest another $25k within a month. I think it was for this month, but I didn't pay much attention because I don't plan on putting that much at one time in.
They asked me about my experience with them and for comments. I talked about a few things, including that without the cash back I don't invest in E or higher rated loans since all of my charged-off loans are E or higher. I forgot, and now wish I had asked about why all of my charged off loans except one are from the borrower bonus days of March.
They indicated there is a lot of new interest with Prosper due to the stock market fluctuations and low interest rates out there.
From what I read on here, it makes me hesitant to believe them, but I have had a pretty good experience during my first year with them. (knock on wood).

Anyone else hear anything similar from them recently?
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Xenon481

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Re: Phone Call from Prosper re: Cash Back
« Reply #1 on: September 21, 2011, 05:31:26 pm »

It sounds like they are desperate to drum up numbers for this month and are having to dig even harder (using more expensive and time consuming methods) to do so.

ira01

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Re: Phone Call from Prosper re: Cash Back
« Reply #2 on: September 21, 2011, 05:36:47 pm »

It sounds like they are desperate to drum up numbers for this month and are having to dig even harder (using more expensive and time consuming methods) to do so.

+1.  Individually calling lenders is a very expensive way of drumming up lending cash.  Usually, they just send a mass email.
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Xenon481

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Re: Phone Call from Prosper re: Cash Back
« Reply #3 on: September 21, 2011, 05:40:53 pm »

It sounds like they are desperate to drum up numbers for this month and are having to dig even harder (using more expensive and time consuming methods) to do so.

Per LendStats.com (which uses the origination date, not the listing start date), Prosper has only originated $2,775,223 so far through the already elapsed 15 working days this month. There are only 7 working days left in the month. So, if we do a linear forecast (assuming Prosper originates loans evenly throughout the month as there is no significant platform reason why it wouldn't) to the end of the month, Prosper will have originated an estimated ~$4.1million for the month of September 2011.

This is only ~60% of the total amount of originations during the month of August 2011.

cubbiesnextyr

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Re: Phone Call from Prosper re: Cash Back
« Reply #4 on: September 21, 2011, 05:58:26 pm »

It sounds like they are desperate to drum up numbers for this month and are having to dig even harder (using more expensive and time consuming methods) to do so.

Per LendStats.com (which uses the origination date, not the listing start date), Prosper has only originated $2,775,223 so far through the already elapsed 15 working days this month. There are only 7 working days left in the month. So, if we do a linear forecast (assuming Prosper originates loans evenly throughout the month as there is no significant platform reason why it wouldn't) to the end of the month, Prosper will have originated an estimated ~$4.1million for the month of September 2011.

This is only ~60% of the total amount of originations during the month of August 2011.

But they don't have a linear origination schedule, there's usually a large spike the last 2-3 days.
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MYCHAELP

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Re: Phone Call from Prosper re: Cash Back
« Reply #5 on: September 21, 2011, 06:22:47 pm »

It was about a 15 minute phone call. There was no rush for the Prosper guy to end the call. He was very open to what I had to say. I explained that when I tell friends about their investment tools they appear confused once they see the site.
If it was a tool to get more invested funds it was very well veiled. It makes sense what you say though.

I will continue to use prosper, but will look into Lending Club to see if they offer the cash back too. I like that option when going for D or worse rated loans. Even though I get just 2-4% cash back, it makes me feel better if they become charged off.

So, yes, it was an expensive call for them. Odd they would call in the morning when I would typically be at work, but things are slow there so I had the day off. I recall Ally Bank used to call me once/month to see how my accounts were going, and it was always between 6-7pm. But after my one year anniversary with them, they stopped calling.
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Xenon481

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Re: Phone Call from Prosper re: Cash Back
« Reply #6 on: September 21, 2011, 06:47:28 pm »

It sounds like they are desperate to drum up numbers for this month and are having to dig even harder (using more expensive and time consuming methods) to do so.

Per LendStats.com (which uses the origination date, not the listing start date), Prosper has only originated $2,775,223 so far through the already elapsed 15 working days this month. There are only 7 working days left in the month. So, if we do a linear forecast (assuming Prosper originates loans evenly throughout the month as there is no significant platform reason why it wouldn't) to the end of the month, Prosper will have originated an estimated ~$4.1million for the month of September 2011.

This is only ~60% of the total amount of originations during the month of August 2011.

But they don't have a linear origination schedule, there's usually a large spike the last 2-3 days.

Which can only be explained as purposefully attempting to manipulate the numbers.

God-Father

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Re: Phone Call from Prosper re: Cash Back
« Reply #7 on: September 21, 2011, 08:26:30 pm »

MYCHAELP - what is your Prosper screen name?
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pioneer11

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Re: Phone Call from Prosper re: Cash Back
« Reply #8 on: September 21, 2011, 09:39:53 pm »

nominate for Lobby
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God-Father

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Re: Phone Call from Prosper re: Cash Back
« Reply #9 on: September 22, 2011, 05:12:59 am »

Second
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cubbiesnextyr

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Re: Phone Call from Prosper re: Cash Back
« Reply #10 on: September 22, 2011, 10:13:03 am »

It sounds like they are desperate to drum up numbers for this month and are having to dig even harder (using more expensive and time consuming methods) to do so.

Per LendStats.com (which uses the origination date, not the listing start date), Prosper has only originated $2,775,223 so far through the already elapsed 15 working days this month. There are only 7 working days left in the month. So, if we do a linear forecast (assuming Prosper originates loans evenly throughout the month as there is no significant platform reason why it wouldn't) to the end of the month, Prosper will have originated an estimated ~$4.1million for the month of September 2011.

This is only ~60% of the total amount of originations during the month of August 2011.

But they don't have a linear origination schedule, there's usually a large spike the last 2-3 days.

Which can only be explained as purposefully attempting to manipulate the numbers.

That may be true, but it doesn't change the history of that happening every month.  So you can't assume it wont happen since history shows it will.
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TJGbank

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Re: Phone Call from Prosper re: Cash Back
« Reply #11 on: September 22, 2011, 08:19:04 pm »

 e
« Last Edit: March 09, 2012, 08:38:04 pm by TJGbank »
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God-Father

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Re: Phone Call from Prosper re: Cash Back
« Reply #12 on: September 22, 2011, 09:20:09 pm »

I didn't think that was a requirement.
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MYCHAELP

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Re: Phone Call from Prosper re: Cash Back
« Reply #13 on: September 23, 2011, 01:00:16 pm »

I'm fine with this being in the Lobby.
Thanks for asking about it on here though.

I have been posting things that seem relevant to others. I wonder if they will really discontinue the cash back offers. If they are getting more funding I think they will stop it. It may be a requirement of some upcoming funding.
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ira01

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Re: Phone Call from Prosper re: Cash Back
« Reply #14 on: September 23, 2011, 02:24:08 pm »

I wonder if they will really discontinue the cash back offers.

I highly doubt it.  They aren't giving money back to lenders out of the goodness of their hearts, they are doing so in order to attract more lender money so as to increase originations.  If they stop the cash back offers, originations will drop.  If Prosper has a sustained drop in originations, you may as well stick a fork in them -- they will be done.
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