P2P Lending / NFT Lending Forum

Nope not yet

I have a friend who wants to get more involved in various investment opportunities. He is already doing some P2P, but he likes the idea of sites like Realty Mogul and a few others that require him to be an accredited investor... which he does not meet all the criteria.

NOT ASKING for legal advice.. but he basically just made up info and sent it to one of the sites (not going to reveal which one). Apparently they didnt do any kind of actual verification and let him sign up...

Is he at risk of anything? Is there any risk to an investor doing something like this?

If I want to "check my rate" (ie, what rate LC would give me if I wanted to take out a loan) would that result in a hard credit pull on me?

Thinking about finding out what they'd offer me, although not so much if its going to result in a credit check even if I dont actually get a loan from them in the end.

I've always kept to a general rule of 10% or less. Of course, one thing to keep in mind is that the higher the stated income, even with a higher loan payment that might still be 10%, it still leaves a larger $ cushion for the borrower.

Another issue with 10% (or any % for that matter), is that the stated income is based on Gross. So based on what state the borrower lives in, his actual take home pay can vary quite significantly from one state to the next. This is one of the reasons I stay away from states such as CA and NY and a few others (Oregon comes to mind) that have absurd state income tax rates, unless the % is much lower.

Also depends on your tax bracket (both Fed and State if applicable).

I'm in California, and I'm in the max tax bracket. Even then, the after-tax returns I'm making on LC are far higher than almost anywhere else I could put my money. I keep my IRA stuffed with other investment opportunities.

For a long time, new accounts could be funded via a credit card through PayPal for the 1st time, up to $5,000

I've now heard this option is no longer available? anyone able to confirm or deny this?

The US p2p market is certainly big enough for 2 players, if not more.

I dont know whether Prosper can ever "catch" LC at this point, but I do see them making a recovery and rebounding in 2013.

But I also think Prosper needs to do more to differentiate itself from LC. Things like secured loans with lower rates, or 2 and 4 year notes (giving borrowers more choices), maybe max loans of $50k for very well qualified borrowers, etc. THey need to attract a bigger pool of potential borrowers IMO.

So I have AQI setup with specific parameters, etc, for investing in loans.

Today I noticed one of my loans went late on Prosper. Fine, normally not a big issue.

But I looked into the loan details further, and noticed that several of the parameters in this loan do NOT fall within my AQI criteria!

Is this possible, that AQI messed up? Has anyone else had this issue come up?

I've emailed Prosper about to find out of its something I could have done on my end somehow (unlikely), or if its possible that AQI could have messed up? (also unlikely?)

Loan in question is: Loan #78220 | Note #78220-17

I have about $28k in LC right now. All in $25 notes. Granted, it took about 2years and I've been adding money every single week, but yea.

The only consideration I'd look at to go to a higher $ per note is if I wanted to invest a big chunk of money quickly. But I prefer the slow and steady approach.

No, absolutely not for me.

Public records are almost (but not always, I admit) BK's.

If a person has filed for BK once, and is in debt consolidation mode again, to me, they just havent been able to learn from their past experience.

I absolutely filter them out without hesitation.

the only type of bonus that I'm interested in from LC is if they run a deposit "X" dollars by such and such date, and get a bonus of Z dollars / percentage.

unfortunately, they havent run any such promo in a long time, probably because they dont need to with all the institutional money coming in

Agreed on this concern, and I too avoid whenever its stated. Of course, most of the time, its not stated in enough detail... but still. Just seems like a "common sense" filter

I'm having similar issues on Folio. Just a mess right now.

I've decided to stop looking at Folio until end of this month... will just deal with things I want to sell in december.

Peter...

any chance you can talk /w the people @ LC and tell them they need to make a deal /w Intuit to allow for automatic updating of data into Quicken?

Peter, I think absolutely you need to consider "forcing" everyone onto the forums.

There must be a way (addon module perhaps) that automatically posts each topic you have in your blog into a forum post, and then auto-redirects all comments into the forums.

If not, then Perhaps you need to disable the commenting feature on the blog, and instead link each blog post to a new discussion thread.