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[Loan_shark_74]

I have updated my OP a bit.  The most significant change is to reflect the current median Lendingstats projected ROI for all "moderately seasoned" Prosper lenders -- as of today, it is 2.50%.  http://www.lendingstats.com/lenders?loanCountFilter=1&loanAgeFilter=3&loanAmountFilter=0&submit=Filter&sort=estimatedROIColored&sortDirection=DESC&pageNum=226

Nice bump. 

[ira01]

I have updated my OP a bit.  The most significant change is to reflect the current median Lendingstats projected ROI for all "moderately seasoned" Prosper lenders -- as of today, it is 2.50%.  http://www.lendingstats.com/lenders?loanCountFilter=1&loanAgeFilter=3&loanAmountFilter=0&submit=Filter&sort=estimatedROIColored&sortDirection=DESC&pageNum=226

Nice bump. 

Nah -- whatever nonattender might think, that was a legitimate change.  Before I updated it, the median LS ROI was over 5%.  That is a dramatic difference, IMHO.  Presumably caused by LS correcting the error in the way that it was treating the very late loans (i.e., by crediting them with enough payments to be exactly 4 months late, rather than -- in some cases -- 8 or more months late).

[Potter]

Anything you want to update, Ira?

Potter

[ira01]

Anything you want to update, Ira?

As a matter of fact, I've been meaning to do an update on this for the last couple weeks, and then to also post it on my new blog.  While there are a few updates that need to be made, in reviewing my OP just now, it is striking just how accurate it still is -- unfortunately, very little has changed at Prosper (except for the worse). 

[ira01]

Anything you want to update, Ira?

As a matter of fact, I've been meaning to do an update on this for the last couple weeks, and then to also post it on my new blog.  While there are a few updates that need to be made, in reviewing my OP just now, it is striking just how accurate it still is -- unfortunately, very little has changed at Prosper (except for the worse). 

Unfortunately, haven't had time for the update yet.  But this was in need of a bump anyway.

[ira01]

Although this list is pretty dated by now, it still sheds a lot of valuable insight on Prosper.  Accordingly, time for a bump.

[ira01]

Still a pretty good summary, if I do say so myself.  Hard to believe this was written almost two years ago.  Of course the lender ROI data at the end is quite out of date.  Instead of an ROI of +2.5 for the median of all lenders with >20 loans and an average loan age >6 months, it is now NEGATIVE 3.0%.   And for an average loan age of at least 2 years, it is NEGATIVE FOUR percent.  

[ira01]

Still worthy of the Lobby's first page, notwithstanding nonattender's best efforts.

[bankomatic]

It's a good list. Anyone lending should read it.

[Skywalker122]

Thank you ira01. After learning of the current class action lawsuit(Obviously I am new to lending), I have been trying to find out where/when .com went wrong.

[xraider]

Skywalker, welcome.

Prosper went wrong in so many ways, and continues to do so.  It remains tone-deaf, and careless.

I stopped lending in 2008, and have 18 notes in charge-off status.  4 show they were charged off because "BK filed."  5 were discharged in bankruptcy.  I asked Prosper about the status of the 4 in bk, and found out that it didn't bother to file a timely proof of claim in one, so Prosper is paying it off at the BK payment rate, on a five year plan.  What's the status of the other 3?  They're likely over one way or another by now, and Prosper hasn't bothered to update them.

I have another 11 defaults in collection, with no payments for years, no updates, nothing.  Prosper's agreement with me was that it would sell these notes to junk debt buyers.  It didn't sell one of my defaults to junk debt buyers.

Back in the day when I had consumed the Kool-Aid, I thought that the system worked.  I called Prosper's collection agency at the time to offer some suggestions.  Next thing I knew, Prosper changed the terms of service so lenders couldn't call collection agencies.  It also didn't bother to ask lenders to sign them, or even call our attention to the changes.

So, one way Prosper went very south for me is that it hasn't done anything to protect my money.  Another way Prosper went very south for me is that it has made things much less user friendly for lenders.

Seeing Prosper's recent results, with 2011 results even worse than 2007-2009, makes me think that Prosper's goal of making as many loans as possible with no consideration of lenders' interests continues.

My husband put it very succinctly:  "Why would you possibly make unsecured loans to strangers over the internet?"  As the community feature of Prosper disappeared, and Prosper has shown its true stripes, there's even less reason to let this shady company have access to your money.

[Xenon481]

I asked Prosper about the status of the 4 in bk, and found out that it didn't bother to file a timely proof of claim in one, so Prosper is paying it off at the BK payment rate, on a five year plan.

Didn't Prosper tell you through official support channels that they were no longer going to make payments on the BK loan that they failed to file a timely proof of claim on?