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#17
General Lending Club Discussion / Desperate Borrowers.
August 03, 2013, 11:00:00 PM
I very much remember seeing this note and passing on it very quickly. The reason I remember it so well is because I lived up in that area of Lake Superior for 3 years, 55 miles from Silver Bay. It is a very hard, harsh area to live in. I always want to help those who I can identify with, but the moment I saw desperate in his verbiage, not to mention the follow up comments that were even more desperate than the use of the word desperate itself (hope that makes sense) turned me away in seconds flat. I am Christian, and I do want to help those in need, but Christians are no better at managing their money than non Christians. Sorry if you're Christian and disagree with me, but that is the truth. I suppose I could have funded this person by gifting him money (no expectation of receiving it back), but that's not why we come here. There are places to go to for charitable activity, many of which are tax deductible. So the only play religion has here then, in my opinion, is that when this person defaults he/she will probably have a little more guilt than a non Christian would - a lot of good that does a lender.
#18
Investors - LC / non issued loans are wasting my time
July 30, 2013, 11:00:00 PM
It's the last day of the month and I now have 103 notes in review. Out of all those, with some in review for weeks, only 1 note got issued today (July 31). So now I expect a flood of issuance on Thursday and Friday (August 1 and 2). Looks like LC may be gaming their origination process in an effort to even out their month to month growth numbers.
#19
Investors - LC / non issued loans are wasting my time
July 25, 2013, 11:00:00 PM
I currently have exactly 1,215 notes between my 2 Lending Club accounts, and of those 91 are currently hanging "in review," some for weeks. I've noticed that during the last several days of every month, very few notes in my account will get issued. But once the new month begins, the process speeds up greatly and many of those hanging notes will get issued in the first business day or two of the new month. It almost seems like there's an intentional holding back by LC to control the rate of issuance from month to month.
#20
Investors - P / Class action lawsuit
July 18, 2013, 11:00:00 PM
https://forum.lendacademy.com/index.php?topic=165.msg2934#msg2934">Quote"> from: Peter on January 17, 2013, 06:00:40 PM
#21
Investing - General (not P2P) / I Savings Bonds - Existing Portfilio Requesting Comments/Advise
July 15, 2013, 11:00:00 PM
Hello:
I also have a similar situation with I bonds. I often think I could do so much better by investing the money I have in I bonds into P2P. My situation is this: I currently have 3 P2P accounts, my returns on those accounts after 23 months are 13.55%, 14.84%, and 17.66%. Most of my I bonds were purchased in 2005 and 2006, so the interest for them is currently in the 2.19% - 2.97% range. It would seem a no brainer to move that money into P2P, but for me, that money is staying right where it is.
For me I bonds are my core investment, meaning that they are the last defense of all my investments if all else goes wrong. You know as well me how safe those bonds are - as safe as anything can be. My other investments include stocks, bonds, savings, IRA, 401k, cash, currencies, and P2P. I personally think P2P is a pretty safe investment, but it's still far greater risk than a treasury bond. I won't risk my core holding for the higher risk that P2P still is. If you're comfortable investing in higher risk notes, in other words, if you lost money on this investment and that's okay with you, then I say go for it, you'll probably do pretty good.
Other tidbits: I'm approaching 50K in investment in P2P and will probably hold there for a while, only reinvesting profit. I want to see how P2P plays out going forward as there still is much uncertainty to its future. With that said, in the 23 months I've been investing here, from what I've seen so far it looks like this will eventually become a pretty stable and reliable form of investment, but again, it's still early. One more thing, I'm considerably younger than you, so if I lost my 50k in P2P due to unforeseen events, it wouldn't hurt me much. Your situation sounds different and may require greater scrutiny.
Anyway, that's my 2 cents worth..........
Good luck!
I also have a similar situation with I bonds. I often think I could do so much better by investing the money I have in I bonds into P2P. My situation is this: I currently have 3 P2P accounts, my returns on those accounts after 23 months are 13.55%, 14.84%, and 17.66%. Most of my I bonds were purchased in 2005 and 2006, so the interest for them is currently in the 2.19% - 2.97% range. It would seem a no brainer to move that money into P2P, but for me, that money is staying right where it is.
For me I bonds are my core investment, meaning that they are the last defense of all my investments if all else goes wrong. You know as well me how safe those bonds are - as safe as anything can be. My other investments include stocks, bonds, savings, IRA, 401k, cash, currencies, and P2P. I personally think P2P is a pretty safe investment, but it's still far greater risk than a treasury bond. I won't risk my core holding for the higher risk that P2P still is. If you're comfortable investing in higher risk notes, in other words, if you lost money on this investment and that's okay with you, then I say go for it, you'll probably do pretty good.
Other tidbits: I'm approaching 50K in investment in P2P and will probably hold there for a while, only reinvesting profit. I want to see how P2P plays out going forward as there still is much uncertainty to its future. With that said, in the 23 months I've been investing here, from what I've seen so far it looks like this will eventually become a pretty stable and reliable form of investment, but again, it's still early. One more thing, I'm considerably younger than you, so if I lost my 50k in P2P due to unforeseen events, it wouldn't hurt me much. Your situation sounds different and may require greater scrutiny.
Anyway, that's my 2 cents worth..........
Good luck!
#22
General P2P Lending Discussion / Why defaulting on an unsecured loan is a really bad idea
July 03, 2013, 11:00:00 PM
I did a little research on what the consequences are for borrowers who default on unsecured loans. The following is a short list and by no means complete:
Why defaulting on an unsecured loan is a really bad idea:
- Default on any loan, and for the next 5 – 7 years (longer in some states), you may find it impossible to get another loan for anything, including a house, car, school, credit cards, personal loans, emergencies, medical treatment, etc. In essence, you're screwed. There are high risk companies that may loan, most notably the buy-here pay-here car loan sharks and pay-day loan sharks, but you will pay ridiculous interest rates and may suffer serious consequences if you miss even one of the required WEEKLY payments. That's a very scary road to be on.
- For military members loan defaults carry serious consequences. "The number one reason people in the service lose their security clearance is because of financial problems. And that's something that we absolutely now have to address", Secretary of Defense Leon Panetta said in a press conference last October (2012) at the Pentagon. A security clearance investigation is an inquiry into an individual's loyalty, character, trustworthiness and reliability to ensure that he or she is eligible for access to national security information. Investigations consist of checks of national records and credit checks, among other things. Without proper security clearance a soldier's eligibility for promotion and pay raise is doubtful. More desirable jobs and/or better assignments and locations become unlikely. Defaulting on loans while in the military carries a heavy price.
- A poor financial past can hurt job seekers in their job search. Today many companies check job applicants' credit history as a part of a background check. To an employer, a poor credit history may equate to a higher risk employee with a greater risk of job failure; a lack of responsibility, lack of financial understanding, and a lack of seriousness. Within tight labor markets employers may quickly "weed out" applicants with poor credit histories, and there's nothing illegal about it, as long as permission is given by the applicant for the credit check. So what's going to show up? Delinquencies, bankruptcies, judgments, liens and a list of your loans, mortgages and credit-card accounts; a complete tell-all profile of your past and present financial dealings. In short, good luck landing a good job with a poor credit history.
- Here's something that may surprise: Got turned down for a promotion and can't figure out why? Some companies check credit histories when employees are considered for promotions, so you can't assume that because you have a job at the company your personal information is going to remain personal. Especially where there is competition for a position, a poor credit history may hold you back. Think about that the next time you're late on a payment.
- Default on any Prosper or Lending Club loan, and according to the prospectuses of both platforms, the defaulter can never borrow again on these platforms. That's a shame because as many lenders here believe, this may well be the way of the future for consumer borrowing. Defaulting here could result in long term unintended consequences for the defaulter. Borrowers also may be screwing over a lender who could possibly be their neighbor, a family member, or a friend.
- Default on a loan with one lender, and most likely other lenders will quickly find out through one of the 3 credit reporting agencies in the US (TransUnion, Experian, or Equifax) that you've become a high risk borrower. The consequences of becoming a high risk borrower can be devastating to your other accounts, even if they're in good standing. Credit card companies may (and often do) react to high risk card holders by immediately trimming the available credit on their card, often to a very low limit or to an amount equal to their outstanding balance. The effect of this will further increase the credit utilization ratio, thus lowering the score even further, and creating a vicious downward credit score spiral. Borrowers are often surprised when letters come in the mail that they no longer have any available credit.
Anyway, that's a few reasons why it's so important to maintain good credit. I'm sure there are many more consequences for defaulters, so if you know of them, please share them here.
Why defaulting on an unsecured loan is a really bad idea:
- Default on any loan, and for the next 5 – 7 years (longer in some states), you may find it impossible to get another loan for anything, including a house, car, school, credit cards, personal loans, emergencies, medical treatment, etc. In essence, you're screwed. There are high risk companies that may loan, most notably the buy-here pay-here car loan sharks and pay-day loan sharks, but you will pay ridiculous interest rates and may suffer serious consequences if you miss even one of the required WEEKLY payments. That's a very scary road to be on.
- For military members loan defaults carry serious consequences. "The number one reason people in the service lose their security clearance is because of financial problems. And that's something that we absolutely now have to address", Secretary of Defense Leon Panetta said in a press conference last October (2012) at the Pentagon. A security clearance investigation is an inquiry into an individual's loyalty, character, trustworthiness and reliability to ensure that he or she is eligible for access to national security information. Investigations consist of checks of national records and credit checks, among other things. Without proper security clearance a soldier's eligibility for promotion and pay raise is doubtful. More desirable jobs and/or better assignments and locations become unlikely. Defaulting on loans while in the military carries a heavy price.
- A poor financial past can hurt job seekers in their job search. Today many companies check job applicants' credit history as a part of a background check. To an employer, a poor credit history may equate to a higher risk employee with a greater risk of job failure; a lack of responsibility, lack of financial understanding, and a lack of seriousness. Within tight labor markets employers may quickly "weed out" applicants with poor credit histories, and there's nothing illegal about it, as long as permission is given by the applicant for the credit check. So what's going to show up? Delinquencies, bankruptcies, judgments, liens and a list of your loans, mortgages and credit-card accounts; a complete tell-all profile of your past and present financial dealings. In short, good luck landing a good job with a poor credit history.
- Here's something that may surprise: Got turned down for a promotion and can't figure out why? Some companies check credit histories when employees are considered for promotions, so you can't assume that because you have a job at the company your personal information is going to remain personal. Especially where there is competition for a position, a poor credit history may hold you back. Think about that the next time you're late on a payment.
- Default on any Prosper or Lending Club loan, and according to the prospectuses of both platforms, the defaulter can never borrow again on these platforms. That's a shame because as many lenders here believe, this may well be the way of the future for consumer borrowing. Defaulting here could result in long term unintended consequences for the defaulter. Borrowers also may be screwing over a lender who could possibly be their neighbor, a family member, or a friend.
- Default on a loan with one lender, and most likely other lenders will quickly find out through one of the 3 credit reporting agencies in the US (TransUnion, Experian, or Equifax) that you've become a high risk borrower. The consequences of becoming a high risk borrower can be devastating to your other accounts, even if they're in good standing. Credit card companies may (and often do) react to high risk card holders by immediately trimming the available credit on their card, often to a very low limit or to an amount equal to their outstanding balance. The effect of this will further increase the credit utilization ratio, thus lowering the score even further, and creating a vicious downward credit score spiral. Borrowers are often surprised when letters come in the mail that they no longer have any available credit.
Anyway, that's a few reasons why it's so important to maintain good credit. I'm sure there are many more consequences for defaulters, so if you know of them, please share them here.
#23
Suggestions / Private Investor Forum?
April 29, 2013, 11:00:00 PM
Really, just how much can someone fudge their application to make much of a difference? All the factual information (credit score, payment history, employment, DTI, etc.) can't be fudged and that's what most of us (at least I hope) use to determine what we invest in. What is written by the borrower in addition to the factual information is the only thing that can be fudged, but if the factual information doesn't back up what is written, then I hope we're all smart enough to figure that out.
#24
Investors - P / Is Prosper turning around?
December 31, 1969, 06:00:00 PM
From Aaron Vermut > Posted 4/03/13 −
"For those of you with questions about our new whole loans product, we will be posting a more thorough update after the completion of the beta period.
What we can tell you now in order to answer your questions is that these loans will be randomly selected and distributed in the whole loans pool for 1 hour only. We don't anticipate this to crowd out our individual, retail investors or to change the risk profile of loans available across the platform. Additionally, we are simultaneously ramping up volume in order to provide more than enough loans for both pools."
------------------------------------------------------------------------------------------------------------------------------------------------------
As of this writing, there are zero HR, zero E, one D, five C, and nine B notes to choose from. I've actually seen even fewer notes than that on the Prosper platform this week. In the 21 months I've been with Prosper, I've never seen a poorer selection. To me it looks like the retail investor is absolutely being squeezed out. Where is the ramped up volume???
------------------------------------------------------------------------------------------------------------------------------------------------------
From Aaron Vermut. posted 4/05/13
"We are taking a measured approach to ramping up our marketing to bring more borrowers on the platform. Keep watching the numbers and you'll see what I am talking about!"
-------------------------------------------------------------------------------------------------------------------------------------------------------
I must be looking at the wrong numbers since I really don't see what he's talking about. What I've seen for the last 2 weeks is the worst availability of loans I've ever seen at Prosper. Maybe I haven't given the new management team enough time, but what I'm seeing so far isn't very promising.
"For those of you with questions about our new whole loans product, we will be posting a more thorough update after the completion of the beta period.
What we can tell you now in order to answer your questions is that these loans will be randomly selected and distributed in the whole loans pool for 1 hour only. We don't anticipate this to crowd out our individual, retail investors or to change the risk profile of loans available across the platform. Additionally, we are simultaneously ramping up volume in order to provide more than enough loans for both pools."
------------------------------------------------------------------------------------------------------------------------------------------------------
As of this writing, there are zero HR, zero E, one D, five C, and nine B notes to choose from. I've actually seen even fewer notes than that on the Prosper platform this week. In the 21 months I've been with Prosper, I've never seen a poorer selection. To me it looks like the retail investor is absolutely being squeezed out. Where is the ramped up volume???
------------------------------------------------------------------------------------------------------------------------------------------------------
From Aaron Vermut. posted 4/05/13
"We are taking a measured approach to ramping up our marketing to bring more borrowers on the platform. Keep watching the numbers and you'll see what I am talking about!"
-------------------------------------------------------------------------------------------------------------------------------------------------------
I must be looking at the wrong numbers since I really don't see what he's talking about. What I've seen for the last 2 weeks is the worst availability of loans I've ever seen at Prosper. Maybe I haven't given the new management team enough time, but what I'm seeing so far isn't very promising.
#25
Investors - P / Whole Loan Program - Fair or Not?
December 31, 1969, 06:00:00 PM
https://forum.lendacademy.com/index.php?topic=942.msg5655#msg88888888Quote"> from: ee1x on April 05, 2013, 04:02:36 PM
#26
Investors - P / Is Prosper turning around?
April 04, 2013, 11:00:00 PM
A few of my posts lately have been a little harsh towards Prosper. I've been venting and expressing frustration over a few investment issues that I've had, but it would be unfair and unbalanced of me to criticize without at least mentioning a few things Prosper has done well lately. So below is a list of things that may or may not have marked the beginning of a Prosper "turn around" in the minds of some investors. Please feel free to comment on anything I missed:
Jan 22 - Prosper receives $20 million in new funding and a new management team that takes over with a new 100-day plan.
Feb 01 - Prosper Funding LLC goes into affect, adding another level of protection for investors.
Mar 29 - Prosper issues $15.1 million in new loans, a huge turnaround from previous months, 3rd best month ever.
Mar 30 - President of Prosper, Aaron Vermut, blogs on his commitment for better transparency and more communication with investors and borrowers (http://blog.prosper.com/2013/03/30/a-note-from-our-president-aaron-vermut-as-prosper-looks-to-the-future/" class="bbc_link" target="_blank">http://blog.prosper.com/2013/03/30/a-note-from-our-president-aaron-vermut-as-prosper-looks-to-the-future/).
Mar ?? - Origination times for loans improve greatly.
Apr 03 - Prosper redesigns its website and implements a new logo.
Jan 22 - Prosper receives $20 million in new funding and a new management team that takes over with a new 100-day plan.
Feb 01 - Prosper Funding LLC goes into affect, adding another level of protection for investors.
Mar 29 - Prosper issues $15.1 million in new loans, a huge turnaround from previous months, 3rd best month ever.
Mar 30 - President of Prosper, Aaron Vermut, blogs on his commitment for better transparency and more communication with investors and borrowers (http://blog.prosper.com/2013/03/30/a-note-from-our-president-aaron-vermut-as-prosper-looks-to-the-future/" class="bbc_link" target="_blank">http://blog.prosper.com/2013/03/30/a-note-from-our-president-aaron-vermut-as-prosper-looks-to-the-future/).
Mar ?? - Origination times for loans improve greatly.
Apr 03 - Prosper redesigns its website and implements a new logo.
#27
Investors - LC / 36 or 60?
March 18, 2013, 11:00:00 PM
I think when you say "weird" you're probably asking if there is higher risk in 5 year notes as opposed to 3 year. There may or may not be. Great answer I know, but the reality is that P2P is still too young to have an exact answer for that. But I believe the higher interest rates on 5 year notes do compensate for that risk - that's just an opinion though.
I've been doing this for 19 months now, and have accumulated 41 charge-offs on 1400+ notes between LC and Prosper, but am still making a 15%+ return overall. At Prosper 56% of my money is in 3 year notes, 44% in 5 year notes. Of the 25 charge-offs there, only 4 are from 5 year notes with 21 being from 3 year notes. At Lending Club 36% (between 2 LC accounts) is in 3 year notes, and 64% in 5 year notes. I have 16 charge-offs at LC, 9 are from 5 year, 7 are from 3 year. So in my brief and limited experience in P2P lending, I don't see 5 year notes yet as riskier than 3. But of course that could change over time.
I've been doing this for 19 months now, and have accumulated 41 charge-offs on 1400+ notes between LC and Prosper, but am still making a 15%+ return overall. At Prosper 56% of my money is in 3 year notes, 44% in 5 year notes. Of the 25 charge-offs there, only 4 are from 5 year notes with 21 being from 3 year notes. At Lending Club 36% (between 2 LC accounts) is in 3 year notes, and 64% in 5 year notes. I have 16 charge-offs at LC, 9 are from 5 year, 7 are from 3 year. So in my brief and limited experience in P2P lending, I don't see 5 year notes yet as riskier than 3. But of course that could change over time.
#28
Investors - LC / This one surprised me
January 04, 2013, 11:00:00 PM
Dan:
You have an honesty and integrity to you that I like, and your intellect is without question. Sometimes you are a bit brash and bold in your opinion but your assertiveness really does add a necessary balance on these boards; it makes them all the more interesting to read. So I do have a lot of respect for you. But, instead of blaming the environment you were in that you claim made you an irresponsible & deadbeat borrower, why not take personal responsibility for the decisions you made? It's far more honest and far more liberating than misplaced confessions. Please believe that I do have the utmost respect.
I can understand people who take out loans and then due to hardship, such as a loss of job or a medical reason or something else legitimate, really can't pay the money back; I can't be angry at them. But really, those people are far and few between. What I do get angry at are those who have no excuse for doing wrong by borrowing money they know they can't pay back, and so yes they are deadbeats, losers, or worse, and almost always they find something/anything to blame their actions on rather than themselves (the truth). Whatever the wrong is, it's someone/something else's fault, not mine. And since it's never their fault they go on and on again doing the same dumb thing until someone/something forces them to stop - they never learn anything, never get anywhere in life, and always wonder why. We have a real problem with that in society - a REAL problem. I have little respect and even less patience for people of that mentality. I have far more respect for those who own up - "I made a poor choice, I'm not proud of what I did, it was wrong, and this is what I'm doing now to make amends." - that's taking personal resposibilility, that's the begining of integrity, learning, and growth, and that's how I wish more people behaved - don't you?
You have an honesty and integrity to you that I like, and your intellect is without question. Sometimes you are a bit brash and bold in your opinion but your assertiveness really does add a necessary balance on these boards; it makes them all the more interesting to read. So I do have a lot of respect for you. But, instead of blaming the environment you were in that you claim made you an irresponsible & deadbeat borrower, why not take personal responsibility for the decisions you made? It's far more honest and far more liberating than misplaced confessions. Please believe that I do have the utmost respect.
I can understand people who take out loans and then due to hardship, such as a loss of job or a medical reason or something else legitimate, really can't pay the money back; I can't be angry at them. But really, those people are far and few between. What I do get angry at are those who have no excuse for doing wrong by borrowing money they know they can't pay back, and so yes they are deadbeats, losers, or worse, and almost always they find something/anything to blame their actions on rather than themselves (the truth). Whatever the wrong is, it's someone/something else's fault, not mine. And since it's never their fault they go on and on again doing the same dumb thing until someone/something forces them to stop - they never learn anything, never get anywhere in life, and always wonder why. We have a real problem with that in society - a REAL problem. I have little respect and even less patience for people of that mentality. I have far more respect for those who own up - "I made a poor choice, I'm not proud of what I did, it was wrong, and this is what I'm doing now to make amends." - that's taking personal resposibilility, that's the begining of integrity, learning, and growth, and that's how I wish more people behaved - don't you?
#29
Investors - LC / This one surprised me
December 31, 1969, 06:00:00 PM
Here's a laugh at some of my lates at Prosper and why you can't believe a word of what a lot of these people write. Because of the non existent collections agency at Prosper I fully expect all these notes to be charged off. I've yet to have even 1 note 31+ days late become current again, not one (12 charge offs so far, 24 currently 31+ days late, ouch). Prosper should look into getting a real collections agency. Some of you may recognize these notes in your own portfolio:
I am a good candidate for this loan because...
- "I pay my bills on time." (C Grade Note, 31+ days late)
- "I have a good full time job and I pay all my bills on time." (C Grade Note, 31+ days late)
- "I have a good credit and I all was pay my bills." (HR Grade Note, 31+ days late)
- "I'm a responsible person." (B Grade Note, 91+ days late)
- "I strongly believe that I am an excellent candidate for this loan because I earn a good salary for a person of my age, pay my bills in it's entirety; on time, every month and most importantly I live at home with my Parents, therefore helping me save on monthly costs. (E Grade Note, 31+ days late)
- "I pay all bills on time." (HR Grade Note, 61+ days late)
- "This will be my 3rd loan through Prosper and I have never missed a payment and paid both loans off early. ... Long story short you are guaranteed repayment. (E Grade Note, 31+ days late)
- "I am a good candidate for this loan because I am responsible and have great income to pay." (HR Grade Note, 61+ days late)
- "I have a steady job and I have been able to rebuild and pay off most of my debt after a divorce." (E Grade Note, BK Filed)
- "We always pay our bills!" (E Grade Note, BK Filed)
- "When able, I will pay an additional amount in order to pay off sooner." (HR Grade Note, 61+ days late)
- "I will make payments on time and pay off this loan. I have determined a monthly budget,..." (D Grade Note, BK Filed)
6 of these people made 3 payments or less.
Surprisingly I'm still making decent money at Prosper after 17 months of investing (17.39% annualized return on all notes, 17.87% on seasoned). None of my notes are greater than $25 and I listened to Peter in the very begining and diversified heavily, spreading the risk among all classes (A - HR but heavy in C - E ), and that has worked very well. As I'm still learning as I go, I no longer invest in HR grade notes, not surprisingly, they are by far the worst performers.
I am a good candidate for this loan because...
- "I pay my bills on time." (C Grade Note, 31+ days late)
- "I have a good full time job and I pay all my bills on time." (C Grade Note, 31+ days late)
- "I have a good credit and I all was pay my bills." (HR Grade Note, 31+ days late)
- "I'm a responsible person." (B Grade Note, 91+ days late)
- "I strongly believe that I am an excellent candidate for this loan because I earn a good salary for a person of my age, pay my bills in it's entirety; on time, every month and most importantly I live at home with my Parents, therefore helping me save on monthly costs. (E Grade Note, 31+ days late)
- "I pay all bills on time." (HR Grade Note, 61+ days late)
- "This will be my 3rd loan through Prosper and I have never missed a payment and paid both loans off early. ... Long story short you are guaranteed repayment. (E Grade Note, 31+ days late)
- "I am a good candidate for this loan because I am responsible and have great income to pay." (HR Grade Note, 61+ days late)
- "I have a steady job and I have been able to rebuild and pay off most of my debt after a divorce." (E Grade Note, BK Filed)
- "We always pay our bills!" (E Grade Note, BK Filed)
- "When able, I will pay an additional amount in order to pay off sooner." (HR Grade Note, 61+ days late)
- "I will make payments on time and pay off this loan. I have determined a monthly budget,..." (D Grade Note, BK Filed)
6 of these people made 3 payments or less.
Surprisingly I'm still making decent money at Prosper after 17 months of investing (17.39% annualized return on all notes, 17.87% on seasoned). None of my notes are greater than $25 and I listened to Peter in the very begining and diversified heavily, spreading the risk among all classes (A - HR but heavy in C - E ), and that has worked very well. As I'm still learning as I go, I no longer invest in HR grade notes, not surprisingly, they are by far the worst performers.
#30
General Prosper Discussion / Prosper Funding LLC Approved by the SEC
December 29, 2012, 11:00:00 PM
This is a HUGE game changer for me. If notes are protected, the biggest risk to investing in Prosper has been removed (IMHO). I'll wait until an official release from Prosper and then it's off to the races with new $$ from me. I hope they also get the software problem fixed very soon.