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[iLIE]

Did i forget to mention i won't be making my first payment on the loan i got on Prosper Marketplace in March 2008?

My payment is only $146.00

Sorry lenders

http://www.prosper.com/lend/listing.aspx?listingID=287178

[Senator]

My payment is only $146.00

That payment is too small to hit our radar since our "take home" pay is over $9K a month

[misssalaska2000]

I think I posted somewhere else in this fora that his "endorser's" credit info seems suspiciously close to his credit info.  Like, maybe that's his wife?

I'm not sure, but has the endorser gone late?

I wonder if people say to themselves, "Oh, the lenders are only losing $50 each... they can afford that..."  Again, it's that entitlement "everything has to be served on a silver platter" attitude.

Hmm... anyway, has the endorser gone late?  I don't think I can see that without being on the loan.

[NewHorizon]

Hmm... anyway, has the endorser gone late?  I don't think I can see that without being on the loan.

emerypeterson's loan is 7 weeks old and current:
http://www.ericscc.com/listings/285813
http://www.lendingstats.com/listings/285813

[Trekbiker]

With those delinquency numbers it's amazing loans like this still fund.  after everything we've learned Lenders are still chasing 31% autofunds??

[beerbud1]

Trekbiker, those lenders are more than likely new and don't know we're here. They don't know AF's are risky (to say the least). They're greedy, What else can I say!

[onthefence]

THANK GOD!

LOL.  Beware of people who flog around religion or god so prominently in their listings.

[mothandrust]

I think I posted somewhere else in this fora that his "endorser's" credit info seems suspiciously close to his credit info.  Like, maybe that's his wife?

I wonder if people say to themselves, "Oh, the lenders are only losing $50 each... they can afford that..."  Again, it's that entitlement "everything has to be served on a silver platter" attitude.

The endorser doesn't seem to want to lose $50, so she didn't bid.  When will lenders learn that a loan without a bidding endorsment has a big red flag on it?

[iLIE]

When will lenders learn that a loan without a bidding endorsment has a big red flag on it?

With all due respect,this statement is bullshit.

There are many excellent borrowers in the world that don't drag cosigners down to the bank for a loan.

If you are looking for red flags,Red flag #1 is they are listing on Prosper.

Scorex is like spinning the wheel of luck.Even if you land on AA,there may not be a prize underneath.

[mothandrust]

When will lenders learn that a loan without a bidding endorsment has a big red flag on it?

With all due respect,this statement is bullshit.

There are many excellent borrowers in the world that don't drag cosigners down to the bank for a loan.

I have no way to determine whether a borrower is excellent or not--I can only hope to strain out some of the non-excellent ones. 

Of these non-excellent borrowers, some not only don't but CAN'T find a co-signer to drag to a bank or to endorse and bid on a Prosper loan. 

Some have burned their bridges with friends and family (maybe due to drugs or alcohol or some other vice) and now they want a simple, quick buck with the minimum amount of fuss.  I hope to strain them out with BE's.

Many holes remain (strainers are like that) but some subset of bad things I don't want are strained out.

[GoBrowns2007]

The biggest problem with bidding endorsers is the endorser then has to collect their $1.97 per month over 3 years to get their money that. Most bidding endorsers aren't going to have any interest in other lending on Prosper.

That's a lot more hassle than it's worth. That's why I didn't bother to try to get bidding endorsers on my loan.

My guess is that a lot of bidding endorsers are getting paid back right away out of the loan proceeds, or otherwise outside of Prosper,  making the bidding endorsement concept a sham.

[iLIE]

My guess is that a lot of bidding endorsers are getting paid back right away out of the loan proceeds, or otherwise outside of Prosper,  making the bidding endorsement concept a sham.

Exactly.

Nice way to put it.

[ira01]

The biggest problem with bidding endorsers is the endorser then has to collect their $1.97 per month over 3 years to get their money that. Most bidding endorsers aren't going to have any interest in other lending on Prosper.

That's a lot more hassle than it's worth. That's why I didn't bother to try to get bidding endorsers on my loan.

My guess is that a lot of bidding endorsers are getting paid back right away out of the loan proceeds, or otherwise outside of Prosper,  making the bidding endorsement concept a sham.

Well, they get $25 of their money back immediately after the loan closes, from Prosper's referral program.  And the borrower also gets $25, which they can rebate to their endorser if they like.  So an endorsement for a snickers does not mean that the endorser has ANY skin in the game.  But given the "free money" aspect of this, the fact that every borrower doesn't have a few bidding endorsers itself raises some troubling issues, like an inability to figure out wise financial moves.

[christoofar215]

The biggest problem with bidding endorsers is the endorser then has to collect their $1.97 per month over 3 years to get their money that. Most bidding endorsers aren't going to have any interest in other lending on Prosper.

That's a lot more hassle than it's worth. That's why I didn't bother to try to get bidding endorsers on my loan.

My guess is that a lot of bidding endorsers are getting paid back right away out of the loan proceeds, or otherwise outside of Prosper,  making the bidding endorsement concept a sham.

Well, they get $25 of their money back immediately after the loan closes, from Prosper's referral program.  And the borrower also gets $25, which they can rebate to their endorser if they like.  So an endorsement for a snickers does not mean that the endorser has ANY skin in the game.  But given the "free money" aspect of this, the fact that every borrower doesn't have a few bidding endorsers itself raises some troubling issues, like an inability to figure out wise financial moves.

I will pay attention to larger bidding endorsers, like the $300+ crowd, who have pictures, and are also lending.

But if they aren't doing all of those items, then endorsements really are worthless.


The absolute worst of course are NBE's who appear on Prosper just moments before or after a listing with no verification.

[mothandrust]

My guess is that a lot of bidding endorsers are getting paid back right away out of the loan proceeds, or otherwise outside of Prosper,  making the bidding endorsement concept a sham.

Exactly.

Nice way to put it.

That wasn't the subset of borrowers I was talking about. 

BE's do not strain out the subset of borrowers who are willing to make extra effort to intelligently game the system and engage in a conspiracy to commit fraud with others.

The BE concept is not a "sham", but neither is it a panacea for all potential lending ills.

Is a Kevlar vest a "sham" because the wearer can still be killed by a shot to the head?