I started in February - I have 38 loans - 1 is greater than 15 days late (AA credit loan with a 21% debt to income ratio), and one is late less than 15 days (B credit)....My average interest rate is running about 12.6%. I agree about sticking with the higher credit primarily. However, if you really study some of those listings, you can find pretty good deals on C's with people with good DIRs and no past delinquencies. Those are few and far between, though.
The challenge there is you have to sift through the bullshit and find the quality. The one thing I have started to note is some of the crap these "group leaders" pull. Specifically, they lay these huge bids on their loans to start (I have seen one where the guy bid $5000 against a $15,000 loan), and then as the sheep follow along and fully fund the loan and then actually bid the rate below where a borrower with that credit deserves, this guy's bid dries up and at the end of the day he has no money at risk, and he is now going to pocket the "leader fee"....look out for that stuff.  |