3 Standing Order Features Prosper Needs — Time Remaining Criteria and more | P2P Lending, Peer to Peer Lending, People to People Lending

I fund loans exclusively through standing orders. (At the moment very tight standing orders.) I like the options and flow of the current standing orders configuration, BUT there are 3 things that Prosper needs to add/change.

First and foremost, there needs to be a way to only bid on loans that are within X amount of time from auction closing. There is nothing more frustrating to a standing order junkie then having money tied up for 8 days or more only to have a gem of a auto funding loan show up and fund in 6 hours. Why can’t I say, “Don’t put money into a loan auction until the waning minutes or hours?” I understand the standing orders only fire every so often, but then it is my responsibility to pick a length of time that ensures my standing order having a chance to find loans.

Second, I would like to be able to reset the amount lent field of my standing order. I am planning on periodic interest rate reviews and at each review I would like to reset the amount lent in the past to 0.

Finally, I would like to be able to duplicate a standing order with one button click. I don’t want to search first; I have all of the criteria; and/or I am just going to change one or 2 options.

The second and third features I could live without, BUT the time remaining criteria for standing orders is long overdue. The only reason the feature isn’t already implemented is that prosper fears it would cause less loans to fund and higher interest rates. I don’t see the problem. Higher interest rates means more lenders, more lenders means more loans fund. Helping to improve my internal rate of return, by not leaving my money on the sideline would be a big plus.

Blog Traffic ExchangeRelated Posts

  • Adam Nash Merged with RateLadder to form the Ideal Quicken Solution (without Prosper integration)Â I have found what I think is the most complete solution to the Quicken and Prosper dilemma, but that doesn’t mean it is the best solution…Â Let me start with the negative and work to the positive… The problem with his solution is that it is too much work…Â I……
  • Pimp My Listing #1 — Blessed with TripletsI am starting a new semi-regular feature. Pimp my listing. I don’t yet know at what frequency I will post this feature. These listings will be the best of best extended credit AA-C credit grades and good rates. Most will be larger loans and most will have caught my attention…….
  • Capacity is Not a Problem with Prosper.com — Invest 10K in 1.5 Months on Nothing but Great Loans.I have often wondered if the large lenders have any capacity problems. That is, do they ever find it hard to find loans. I asked pensioner that very question at Prosper Days and his response was, “I moved $750,000 into Prosper in a month and a half, so I would……
  • Prosper Discontinues Group Payment RewardsHallelujah! Hallelujah! Hallelujah! I never placed much stock in Groups. Decoupling Groups from money turns them into what they should be… social networking. Here is the announcement email which I received because I am the group leader of Group RateLadder… Dear Kevin, At Prosper, we have been listening to your……
  • RateLadder Crosses 11K in Prosper Account ValueAfter reaching the 10K milestone I stopped adding fund to my Prosper account unless the funds were generated in advertising/donations. Today, my account value peaked over the 11K threshold ($11,079.42). I am very happy with my progress to date. To be sure, I wish I had avoided certain extended credit that……

blog traffic exchangeRelated Websites

  • Peer to Peer Lending ReviewOne of the side effects of the atrocious market we have endured in recent months is incredibly low interest rates on deposit accounts. Bank savings accounts are earning less than 1% yield, and even traditionally higher online savings accounts at the best online banks, such as ING Direct, are only……
  • Advance Payday Loan, How To AvailWith the ubiquity of the internet, almost all business transactions are done online. You do not only go online for shopping and banking. You can even avail loans online. Whenever you need cash urgently, you can look for advance payday loans online. Getting instant cash loans has never been……
  • Where Do Small Businesses Go Now?Credit and money are still in really tight places, and this is absolutely no secret. What is unknown in the current economy is what small businesses should do and where they should go now. Many small businesses are finding themselves struggling and even drowning in an attempt to overcome the……
  • Small Business 101: FundingIt’s that time of week again, when the joy of starting a small business is grabbed, wrung out, and strewn on my blog for all to see. Yes, it’s Small Business 101. This week, we’re going to be looking at one of the most important factors for any small business……
  • Introduction to Mortgages pt 2 of 5This is part two in a five part series on what you need to know about mortgages before you buy a home. The housing market is an interesting beast, because it comes and goes, rises and falls, allows some people to flourish and brings others to ruins. If you want……

Online StoresIf you liked this article, vote for it on del.icio.us and stumbleupon.

Categories:

Tags:

Leave a Reply

Your email address will not be published. Required fields are marked *