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[Investar]

!!! If you are a borrower (or lender) who plans to ask for a new Prosper loan, make sure your banking information is up to date before you start !!! (valid as of July 2010)

I had a borrower who began a new listing. Before he submitted it, he checked his My Account> Settings> Bank Accounts and realized his "Primary Account" was one he no longer had. He added his new account info but the system refused to un-flag his dead account as the primary one. Thus, he could not delete it. "Go ahead and submit your listing," I said, "You'll have to call Prosper to straighten that out."

"Well, I just got off the phone with Prosper's call center," he reported, "and to make a long story short, they couldn’t delete that old bank account from my account, nor make the one that I’d just recently added my primary account, not instantly anyway. Their rep stated that will happen when their system does its next update in the overnight hours." I told him he better check to see that it did.

Some months ago Prosper instituted a twin database setup, the one we all see on dot-com and another that is the robot banker for borrowers and their loans. At launch there were serious integration issues between the two and some of these persist. Unfortunately, Prosper's head IT guy quit on them some three months prior and these latest upgrades were done without him. Lenders and borrowers reported countless glitches all over the platform. As of this writing Prosper was still busy fixing both platforms and the integration between them.

"And get this," my borrower said, "The rep also stated that, if I had added that new account AFTER my listing went live, there would have been no way that they could changed my primary account at all. And since I no longer do business with my so called "primary" financial institution of record, they would have denied my loan and I would have had to re-list it!"

Prosper told the borrower this was some sort of a fraud-protection policy but I'm skeptical that's true, given hick-ups of all sorts that have occurred since their late Spring 2010 "upgrade" was rolled out. They would purposely institute barriers to a successful listing for such a silly reason? And without warning to the borrower during their listing origination phase?

I hope this caution becomes redundant shortly, but for now, better get your banking affairs set in stone before you begin a listing! 

[Xenon481]

I always said that Andrew was the only reason that Prosper ever worked and that they would destroy themselves without him. Here is the proof.

[ira01]

I always said that Andrew was the only reason that Prosper ever worked and that they would destroy themselves without him. Here is the proof.

+1.  I also always said that Andrew was the only Prosper person who ever appeared to be in any way competent (and he was extremely competent, with a good attitude to boot).  He may well be the only Prosper person who earned his "$100K+" salary.

[God-Father]

Their engineering has certainly been below par of late.   

[God-Father]

Lobby

[Beerbud1]

2nd for the lobby.

[Xenon481]

3rd for Lobby.

[Investar]

As you wish.....
Okay by me

[Senator]

How often do you change bank accounts?  I've had the same one for ~40 years.

[cowdiddly]

How often do you change bank accounts?  I've had the same one for ~40 years.

+1    I have been with my bank so long it has had three different names or owners. 19 years. I guess a listing having info on the length a borrower had had the said acct would be to much to ask. Especially when so many change accts after the first payment.

[Mark12547]

Some people go rate shopping on checking accounts, switching as soon as they find a better deal.

Banks find some customers unacceptable, especially if the customers keep on bouncing checks and take way too long to make checks good and pay the bounced check fees.

Sometimes checking accounts have to be changed due to moving away from one's bank or credit union (average time living a the same address is 3 years, even though a good portion of those moves wouldn't be far away enough to justify changing banks or credit unions), or fraudulent activity against the account (e.g., stolen checks or stolen account numbers).

Sometimes banks move or closed, which result in having to change checking account information. (Usually if a bank is taken over by another, there is a grace period, but after something like a year all account numbers have to be switched over to the new account numbers.)

And then there are people like me, who have had the same checking account for something like 25 years now.

[The_Cat]

At this point I'm happy to get anything.

[JGuide]

If you are serious about repaying your loan I might suggest one of the following groups for real assistance as well:

Socorro Capital Partners

INVESTAR Lenders

LendersClub

VETTED BORROWERS

(Great watch list groups for lenders too!)

Cheers & Good Luck!
    JGuide

[God-Father]

The preceeding was a crass commercial message.  This is not necessarily the opinion of the management - not that I am the management nor have any idea what their opinion might be.

[JGuide]

Crass? (I'll have to look that up - not sure I understand that word)

As far as a commercial message? There are no lender rewards. Those groups combined have about 100 listings over the last 3 years with only 1 default. Seems a 1% default rate is pretty good.

They also have gotten almost every member loan financed when attempted.

Cheers,
    JGuide