(OT) anyone else getting stiffed on prosper ?

[icedog44]

I have 10 loans going ..... all in the range of 500-1000

1 went to bankruptcy ..... the other 2 are more than 30 days late

I finally got in touch with one of the borrowers ... and simply asked what the problem was and if she was planning on paying it back

SHE GOES OFF ON ME ..... like I have no right to be asking about it .... and its none of my business whats going on with her loan

just and EXTREMELY RUDE response filled with insults and excuses

anyone else having prosper issues ?

[Minnow]

icedog, that doesn't sound good at all. What type of collateral do you hold in these deals?

[drunkguy]

I have 10 loans, all current except 1 is 2 weeks late

[icedog44]

absolutely none Minnow

you loan to people pretty much on faith

generally these people have like CC interest debts around 25-30%

They come to prosper looking for a lower rate .....
and like on ebay ..... you bid at what % you want to lend them money

it generally comes out lower than what they owe to the CC companies (like 18% for example)

so in theory .... they should be saving money down from their 30% original CC debts ..... and you get 18% on the loan .... everyone wins right ?

if they stiff you ..... it goes to a collection agency ... which of course .... wont collect

[Domer]

I've been pretty successful on Prosper but I was really picky -- I only lend to college students and recent graduates with verified jobs/job offers. To me those are the best risks, and the ones most likely to be paying way too much interest to credit card companies.

If someone is 40 and coming to Prosper, they quite possibly have larger problems than what a Prosper loan can solve.

Also, I don't ever lend to homeowners. If they're a homeowner they should be able to get a secured loan (with the equity in their house). If they have no equity, there's a chance that they're upside down on the house and about to default on their mortgage. In that case, they're just looking for free money.

[skilled27]

You are taking on extremely risky investments so volatility is expected. You are taking on loans from people already in trouble. Its like investing in small caps, you have to expect that some will crash and burn. I personally would invest in small caps if you are looking for higher return and risk, at least those businesses with great potential.

The long term historical average of the stock market is 10%. Thats for large, medium, and small cap together. 18% just isn't high enough a rate to be taking that kind of risk. In this economy you need stability. You are too risky right now in this slow economy. Then again I don't know if you are diversified in other investments or not.

[icedog44]

My average loan is 17% at "C" credit rating

I tried to loan to the same people that Domer did
college kids with high CC debt

he has obviously had better results

ill be happy to break even at this point

I stopped lending 4 months ago

[Dell Dude]

i told you, icedog. you'll have your coin as soon as i hit a ten teamer.

[drunkguy]

Originally Posted by drunkguy

I have 10 loans, all current except 1 is 2 weeks late

two in collections now

[Bitter Bruin]

I have 63 loans (weighted average rate of 13.78%), 3 are in collections and 1 is 2 months down....I started a year ago and have 9 of them that have been paid back in full. At this point I have stopped making loans and will just let them run their course.

[CrazyCanadian]

interesting concept.

Anyone know of a similar website that canadians can use?


prosper doesnt accept canadians.

thanks in advance

[robin]

everyone knows the saying never lend friends and family money.....

i must have missed the last part of the saying.....but its ok to lend broke strangers money?

seriously yall are smart guys, what was the thought process behind lending broke strangers money?


most broke desperate people dont give a rats ass about credit rating , from my dealings.

[msufan]

Originally Posted by robin

seriously yall are smart guys, what was the thought process behind lending broke strangers money?

[icedog44]

I got 2 that filed bankruptcy ..... those are dead in the water

1 is in collections (about to go belly up)

and 2 are late

I stand to lose about 2500

you try to help a brother out .... and like robin correctly states .... they dont give a rats ass ..... and in turn .... you take it in the ass


lesson learned

[BuzzRavanaugh]

I like the ones that have already filed for bankruptcy--they can't do it again.

[Dell Dude]

Not available in Michigan
Unfortunately, at this time lenders in Michigan are not able to bid or transfer money to Prosper. If you have portfolio plans, they have been paused. You may transfer money out of your Prosper account as they become available from loan payments.

The United Socialist States of America. Just went to log in and seay if it still works. This is beyond stupid and silly. Sick and tired of this nanny state noncents. Fuck you, Michigan.

[Dell Dude]

Siriusly, people. Somebody needs to start suing everything that moves in this stupid country. Enough is enough.

[luke m.]

you guys are fucken nuts! you have a better chance at making money just by being a offshore bonus whore and taking chances with some of these books!

[Bitter Bruin]

At this point, I am hoping to just get my money back that I invested in that place. I went with all "A" loans with high FICOs and they were homeowners - I am getting fucked.