P2P Lending / NFT Lending Forum

I agree it could be better in lots of ways, but I have enjoyed good success buying notes which meet my criteria with less than two years remaining with no late payments and rising FICO scores at decent discounts.  Granted, I'm not the least bit automated and hand-pick each note (the side benefit of a small account).  Definitely could be better but I wouldn't call it "junk."

I purchase a few notes on Folio for my Prosper account every month.  When reviewing the note, I expand the payments screen and view the full payment history to see if there were any prior late payments.  I don't know of any other way to do it.

I'm married to an ER nurse who is returning to school for her masters this fall.  I've had an opportunity to interact with many of her coworkers over the years.  I've found nurses are no less kooky or prone to making poor economic decisions than the general population.  However, as a group, they tend to be more responsible and committed to doing the 'right" thing after their bad decisions than the general population.  A nurse will generally take a second PT shift at another hospital to meet financial obligations before just not paying a bill.  All other things being equal, I always pick a nurse over another job description.

This anecdotal stuff is probably a lousy way to make economic judgments, but it works for me.

I believe that I have seen this note in the collection log, two or three times.  Once, a manual payment was processed a week or two later and as far as I remember the note went current.  The other time, the note was followed a month or two later with no payment and a Chapter 7 filing.  I consider this note the proverbial, "Check's in the mail!" with attendant consequences.

If the loan was made within 90 days of the filing of the bankruptcy, there is a legal presumption of fraud under the bankruptcy code and the simple act of filing an objection to discharge or adversary proceeding will make the debt non-dischargeable.  Of course, it may not be collectable.

I've seen a few of my notes file for Chapter 7 six or so months out, but nothing this fast.  If no effort is made by Prosper to challenge discharge and aggressively try to collect in this case, lender confidence should suffer.

https://forum.lendacademy.com/index.php?topic=2919.msg26553#msg88888888Quote"> from: Lovinglifestyle on December 30, 2014, 11:29:32 AM

"Pee se . . ."


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I sold 150 shares @ $23.69 and will hold the remaining 100 for the long haul.  I prefer to play with house money.  Thanks for the "bone" LC, you did this old boy a solid.

The critical and analytical eye the participants on this forum turn to these suspicious (fraudulent?) claims may be the most valuable service provided by this forum to investors and particularly the newbies just dipping their toes in these choppy waters.  With the IPO, I expect to see a marked increase in posts making exaggerated or false claims and soliciting other people's money.

I'm encouraged to see the Lend Academy Constabulary rise to this challenge and call out all suspicious and specious claims.  We must fight Core's Neo-Bolshevik Russian Mobsters and South Florida Boiler Room Operators on the palm laden beaches for the benefit of all humanity.

DarioEM, can you honestly guarantee a 15% return to investors by "managing" their money and actually expect to make a "profit" except by stealing it from your investors?  I call bullshit.

https://forum.lendacademy.com/index.php?topic=2826.msg25467#msg88888888Quote"> from: rawraw on December 04, 2014, 08:36:05 PM

https://forum.lendacademy.com/index.php?topic=2826.msg25460#msg88888888Quote"> from: core on December 04, 2014, 06:30:20 PM

At the extreme opposite end of the spectrum from CircleT009, my LC account value is ~ $3k and my allocation is 350 shares.  I originally intended to only buy 100-200 shares, but given the huge demand evident on this forum, I'll take what they give and I can get now.

I hope my meager account size and share allocation does not further unravel Fred's unified theory of LC IPO DSP allocations to investors.

Perhaps they're announcing a new nationwide radio ad campaign.

I only mention this because, for the first time yesterday, I heard an ad for Prosper on a local FM station on a nationally syndicated show: Handel on the Law.  The ad was directed to borrowers and provided the following link: propser.com/handel

Of course this can't be the exciting news.

@ Fred & John:

You are both absolutely correct regarding the lower status of shareholders vis a vis unsecured lenders in a bankruptcy proceeding.  My bad! It comes from talking before thinking.

The servicing agreement alone fails to protect us lenders since there is slim (no) chance that the loans (notes) will be considered separate from LC's bankruptcy estate in the event of a Chapter 7 or 11.  The loan service agreement may assure that borrower payments will be processed, but the money will be channeled by the bankruptcy court to other creditors and equity holders before it ever gets to us lenders.  Ergo, the institutional investors insist on a BRV.

I can fathom no reason why "small" or retail investors shouldn't be equally protected.  All of the retail money on this platform certainly should aggregate to the size of an institution.  What are we, 10% of the platform,?  More?  Less?