P2P Lending / NFT Lending Forum

zpbfsg...........You'll be awaiting for a long time. Peter Renton can however confirm that I do know what I'm talking about.

I'm currently doing some research on a Portuguese language biography I intend to start writing next year.
I've lived & studied in various countries & have spent at least 3 months in pretty much every area of the world. I speak several languages fluently &  have a Masters in Political Science. I've done consulting work for the DOD as well as a couple of large foreign companies. I worked briefly as a broker for Merrill Lynch back in the 90's, but hated the "selling" & left. So, I started & for 17 years ran a small porn production company. Yes, it was a lot of crazy fun, no I didn't catch anything.

All of the above means that there is very little that I haven't seen, very little that surprises me & virtually nothing that can shock me.  It also means that I've got all kinds of stories I could share if "decorum" wasn't an issue. But alas................ https://forum.lendacademy.com/Smileys/default/smiley.gif" alt=":)" title="Smiley" class="smiley" />
From a p2p investor standpoint, it makes me allergic to BS, & generally skeptical of people. as I've met more "borrower types" than (I'm guessing)..............most of you guys combined. Not to mention that I've also been in their shoes as well!

Well..........As someone who is fine with collections the way they are, I have no interest in subsidizing additional collection efforts. So may I suggest a multi-tiered service charge schedule (below) so that those who want more effort/info/details can pay for more themselves:

 a reduced 0.5%............for those of us who are ok with efforts as they stand.

1.5% for those who want a more rigorous collection effort

2.5% for those like zpbsfg who want a more rigorous effort, more transparency plus a phone contact person at their beck & call who they can discuss each & every late loan with.

Please, let's have some gumption & choose some lesser known actors for the movie leads. No Russell Crowe making cameos as Peter Renton, no Gerard Depardieu playing Renaud..............especially since that's hardly complimentary to Renaud! No Angelina Jolie in any role!  https://forum.lendacademy.com/Smileys/default/smiley.gif" alt=":)" title="Smiley" class="smiley" />

Actually the average interest rate paid on 3 year loans has gone down in the last few weeks (by around 1%) so would it not in fact be accurate to say that average LC loan "quality" has gone up?  Don't worry though, the lower grade loans will be back. After all we are talking about the American consumer.  https://forum.lendacademy.com/Smileys/default/smiley.gif" alt=":)" title="Smiley" class="smiley" />


Lovinglifestyle...........Maybe they're just taking a break from feeding us the BS about how they're taking out these 20-24% loans to "consolidate" or pay down their even "higher" interest loans. Yeah right, I believe that.  https://forum.lendacademy.com/Smileys/default/smiley.gif" alt=":)" title="Smiley" class="smiley" />

Back in 2008, a friend, this semi-lucid girl in her early 20's who was working PT at Jamba Juice asked me for a loan to fix her car. Since I had no desire to go down that path I did some research & found Prosper. I even filled out her loan application! Yes, properly motivated, I can be very generous with my time.  https://forum.lendacademy.com/Smileys/default/smiley.gif" alt=":)" title="Smiley" class="smiley" />

Anyway, yes she did of course get the loan................& yes, she made "a few" payments on it.  https://forum.lendacademy.com/Smileys/default/smiley.gif" alt=":)" title="Smiley" class="smiley" /> Hey, what can I really say?

Later in 2009, when I was looking for a small alternative investment option,  I revisited Prosper & LC................& the rest is history, as the saying goes.

howler99.......Yes, I have seen it partially come back from the dead on one occasion. The loan defaulted but "collections" eventually recovered $5.25 from a $19 or so balance. Collection fee was only 5 cents, oddly enough.

Why do most people here "assume" that just because someone says they are consolidating or doing whatever the hell with the money...............that it necessarily means they're actually going to do what they say they're going to do?
Why do most people assume that just because someone actually pays down, say $25k worth of revolving debt, that it necessarily means that they won't just charge it back up in short order?

I agree with Peter. I find it highly suspect that the percentage of people claiming "debt consolidation" has consistently gone up year after year to the point where it is now over two thirds of all loans. Besides, 3 & 5 years are a long time for the average memory of the most undisciplined consumers in the world, aka the American consumer. As much as I detest anecdotal evidence, I've known of multiple examples where people have paid down their credit only to re-charge them back up. Hell,in the past,  I've done it myself................a couple of times.

As an investor, I look for ability to repay. The rest is just a lot of noise to me.

Well that's very comforting but it doesn't answer my question. So again,  I'd like to know why it takes 5-7 days for a sold note to settle at Prosper when it takes 1-3 days at Lending Club. Both companies use Folio. And I don't care what most investors do with their money. The indisputable fact is that I have access to my money within 1-3 days at Lending Club whereas it takes up to a week to get access to my money at Prosper. WHY?

Maybe the potential repeat borrowers finally figured out that taking out that 2nd, or 4th loan out at 25% isn't that wise?  Oh wait, that can't be it. This is America after all.  https://forum.lendacademy.com/Smileys/default/smiley.gif" alt=":)" title="Smiley" class="smiley" />

I'd like to know why it takes 5-7 days for a sold note to settle at Prosper when it takes 1-3 days at Lending Club. They both use Folio. During the entire week long process Prosper or someone holds onto to my money for free.

I remember reading somewhere that Prosper was intending to hold on to their bad debt portfolio until such time that they could get more than a just a Happy Meal for them............but that was during the '08 meltdown.