Prosper Estimated Return Guidance Pessimistic Example — aka PML #5 — Pay off high interest home improvement cards | P2P Lending, Peer to Peer Lending, People to People Lending

#1pjz on 11.04.07 at 7:31 am

Nice listing and a great idea about catching good listings that fall into bad buckets. The only drawback that since it did fall in a bad bucket that it would not get funded.

I am also going to use this opportunity to gripe about lenders giving advice. They will just remove any chance of making a profit here.

When they tell borrowers not to close their paid of CCs because they will lower their credit scores. As a lender I do not want my borrowers tempted with a ton of credit cards.

What got me on this tangent is the lenders comment in the Q&A of this listing:

“You should consider relisting without the auto-funding feature. It will lower your risk profile and improve your likelihood of funding.”

What the hell is he thinking? Why not suggest to raise their rate to improve likelihood of funding?

#2Kevinon 11.04.07 at 7:45 am

I couldn’t agree you you more… How about more interest not less…

and yes I agree good loans in bad buckets will reduce the liklyhood of funding… Thi might be a strategy for one of the large active lenders.

#3Allen Liuon 11.04.07 at 7:50 pm

I agree with your pick here. If I had $50 in my Prosper account right now, I would bid on it. Right now I have exactly $48.06…hehe. I take that back: I just noticed it has already ended. This is the type of listing that falls through the cracks and that is exactly why I will never use the standing order or the portfolio plans.

#4Chrisfs on 11.05.07 at 3:10 pm

“You should consider relisting without the auto-funding feature. It will lower your risk profile and improve your likelihood of funding.”
Don’t get ticked at someone for trying to do the borrower a favor. If not enough people bid because of the AF, then no one wins. He can keep his same interest rate, without the AF and get funded.

#5pjz on 11.09.07 at 7:58 pm

Well the borrower did relist with noAF. The borrower said in a Q&A that “choose to run the full 7 days to get a better interest rate” but they closed the listing to moment it got funded. Looks like just another desperate AF borrower. Rateladder why did you not bid on the second loan?

#6Kevinon 11.09.07 at 9:05 pm

Well… I think I did not have $50 in cash or my SO would have.

Now that he re-listed and closed early I am no longer as gung ho about this guy…

When I thought it was a 1st listing AF I liked it a lot more. You know naive borrower and all.

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