What is your experience in P2P lending?
I started lending on Prosper in March 2007. I made 49 loans, for about $2,500. 4 are paid in full, leaving 44 active. 39 are current, and 1 each are late<15, late, 1 month late, 2 months late, and 3 months late.
My last loan originated in October. I stopped lending not because of my portfolio's performance (which, while not great, is acceptable), but because I could no longer tolerate Prosper management's incompetence, attitude towards lenders, and apparent lack of ethics. I also believe that Prosper will not survive as long as my loans, raising troubling questions about the third-party servicing that Prosper promises to arrange if it goes out of business.
After I stopped lending, Prosper banned me from lending because I sent PM's to a bunch of new lenders informing them of the existence of Prosper's own forum. Prosper obviously realized that informed lenders were a very bad thing from Prosper's perspective, because Prosper would much rather have new lenders sink a ton of cash into Prosper before becoming aware of Prosper's many shortcommings (because after obtaining that awareness, many lenders stop lending).
Subsequent to my banning, Prosper has used increasingly draconian measures to treat new lenders like mushrooms (keep them in the dark and feed them bullshit), including the complete deletion of Prosper's own original forum with about 400,000 posts dating back to Prosper's beginning (fortunately, most of Prosper's forum has been archived and made publicly available by a few members here), the replacement of the very useful original Prosper forum with the current worthless version which is so heavily moderated that Prosper allows only a few, Prosper-cheerleading posts through, the starting of Prosper's equally useless blogs, which also are so heavbily moderated that only cheerleading makes it through, and the very recent boneheaded decision to remove hundreds of Prosper member profiles of anyone simply mentioning prospers.org, and the sending of hundreds of threatening emails to everyone having such a profile.
How did you end up at Prospers.org?
Back in the "old days" when prosper wasn't afraid of the dissemination of truthful information, many lenders active on Prosper's forum were also active here. Most had links to here in the signatures (before Prosper banned such links).
Where to do you live?
In North Hollywood, California, a suburb of Los Angeles.
What do you do?
I am an attorney, although for the last year I have been doing more business (for a family business) than law.
