Comments on Plugged in Finance: Just Starting to Use Prosper Lending: Here's Our S...

On March 30, 2007, Prosper locked down discussion ...

2007-03-30T17:46:00.000-04:00

On March 30, 2007, Prosper locked down discussion of the largest Prosper group, and banned several users from their forums for criticizing the leader of that group, claiming 'This thread has been locked because it violates the forum policies of "Baiting other members into a fight or displaying other aggressive behavior" and "Being mean-spirited, unruly, or rude."'. Discussions of other prominent groups were not locked, leading many forum users to speculate that the lockdown was in response to complaints from the leader of that group.

In my early use of prosper, I misunderstood the de...

2006-06-11T15:46:00.000-04:00

In my early use of prosper, I misunderstood the debt-to-income ratio...

When I say "positive debt-to-income ratios," I meant debt-to-income ratios of 20% or less.

Saturday, 5/20:I received a response from the pros...

2006-05-20T12:14:00.000-04:00

Saturday, 5/20:

I received a response from the prosper borrower for loan 13898.

(1) My question:

Do you have regularly scheduled pay dates? If so when do they occur?

I presume you might get paid on the 1st and 15th of the month. If this is the case, it appears that your loan funding/payment due date will be a full 9 days after your mid-month pay date....

Would this potential gap between pay day and loan payment date be a problem for you?

(2) His Response:

Hi there...

Thanks for your question. I am actually paid weekly, which may have to do with the fact that I work for a retailer, so cash flow in respect to this loan payment of $99 should not be an issue. I am hopeful to institute a weekly payment of $50 so as to cut the term down and "move on" as quickly as possible. Hope that this answers your question!

Right now i'm looking at bidding on loan 13898.Thi...

2006-05-19T23:16:00.000-04:00

Right now i'm looking at bidding on loan 13898.

This loan is on an "E" credit rated individual and may pay as high as 22.5%. I find that i'm taking more risk than intially planned.

I've emailed the above loan applicant a couple of questions. The loan has 4 days till closing. I'll wait for the borrower's response before bidding on this loan or a different one.

Payments on my first 3 loans are due on the 2, 3 a...

2006-05-18T22:25:00.000-04:00

Payments on my first 3 loans are due on the 2, 3 and 17th of June. Let's see how they work.

Fair enough in your classification of my funding/p...

2006-04-28T18:44:00.000-04:00

Fair enough in your classification of my funding/payment due date strategy as silly.

HOWEVER, i'd bet that it would produce statistically significant results at about 10% level or better.

The premise that people have more money immediately after pay-day and are inferred to be more likely to pay a bill is not that shabby.

Good luck w/ Prosper.

Given the new data in the drop down menu next to t...

2006-04-28T07:33:00.000-04:00

Given the new data in the drop down menu next to the credit score - I would prioritize B, C, D grade borrowers who have no current delinquincies, and if you can find them (they do exist), borrowers with no delinquencies in the last 7 years.

What difference does it make when the payment date...

2006-04-27T15:05:00.000-04:00

What difference does it make when the payment dates are? That's silly.

The funding date is 2 to 4 days after the listing ...

2006-04-26T12:46:00.000-04:00

The funding date is 2 to 4 days after the listing closes.

The funding date is the actual date that the borrower gets the money and interest starts accruing.

This funding date will be the due date for subsequent loan payments.

Thus, i'm tailoring my strategy to include loans that close on the:
a) 30th, 31st, 1st and 2nd
b) 13th, 14th, 15th and 16th

This way, a borrower's payment due date is close to some of the normal paydays.