Comments on: Prosper Strikes Banks… I mean Back! http://www.thefinancialblogger.com/prosper-strikes-banks%e2%80%a6-i-mean-back/ This is where your finance takes place Thu, 09 Feb 2012 13:23:29 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Adam http://www.thefinancialblogger.com/prosper-strikes-banks%e2%80%a6-i-mean-back/comment-page-1/#comment-5948 Adam Sat, 30 May 2009 02:05:02 +0000 http://www.thefinancialblogger.com/?p=1582#comment-5948 Their "quiet period" has already been going on for 7.5 months... I don't know what the hold-up is, but they obviously have been having some trouble somewhere. I have made 20 loans through Prosper in the past... 2 went bankrupt, and 4 are currently "late". If your loans have failed, that generally means you were loaning to people with poor credit history (while you were probably trying to make a bunch of money on high interest rates to them). Since you chose the people that you loaned to, and since you have access to their credit information, you can't really blame Prosper. Their “quiet period” has already been going on for 7.5 months… I don’t know what the hold-up is, but they obviously have been having some trouble somewhere.

I have made 20 loans through Prosper in the past… 2 went bankrupt, and 4 are currently “late”.

If your loans have failed, that generally means you were loaning to people with poor credit history (while you were probably trying to make a bunch of money on high interest rates to them). Since you chose the people that you loaned to, and since you have access to their credit information, you can’t really blame Prosper.

]]> By: Seamus http://www.thefinancialblogger.com/prosper-strikes-banks%e2%80%a6-i-mean-back/comment-page-1/#comment-5791 Seamus Thu, 07 May 2009 13:16:19 +0000 http://www.thefinancialblogger.com/?p=1582#comment-5791 Of the over forty loads I made at Prosper,Over half failed and many thousands of dollars never got payed. Of the over forty loads I made at Prosper,Over half failed and many thousands of dollars never got payed.

]]> By: Mitch http://www.thefinancialblogger.com/prosper-strikes-banks%e2%80%a6-i-mean-back/comment-page-1/#comment-5790 Mitch Thu, 07 May 2009 12:28:26 +0000 http://www.thefinancialblogger.com/?p=1582#comment-5790 People need to stop thinking of P2P lending as a social endeavor. Prosper's new flavor is all about doing good and helping others and the economy. In reality, it seems it will only help the institutions that will offload their loans on to regular people. Prosper's performance before was aweful, and I'm not quite convinced this will change that. On the other hand, Lending Club's performance is much better. Lending there is more "objective" and it's all about returns. But it takes time to invest because their selection of borrowers is so strict People need to stop thinking of P2P lending as a social endeavor. Prosper’s new flavor is all about doing good and helping others and the economy. In reality, it seems it will only help the institutions that will offload their loans on to regular people. Prosper’s performance before was aweful, and I’m not quite convinced this will change that. On the other hand, Lending Club’s performance is much better. Lending there is more “objective” and it’s all about returns. But it takes time to invest because their selection of borrowers is so strict

]]> By: Larry http://www.thefinancialblogger.com/prosper-strikes-banks%e2%80%a6-i-mean-back/comment-page-1/#comment-5788 Larry Wed, 06 May 2009 22:02:16 +0000 http://www.thefinancialblogger.com/?p=1582#comment-5788 It will be interesting to see how fast Prosper can bounce back. It was the leader and has even less direct competition now, though in much different environment. Lending Club is doing ok, but didn't exactly bust out of the gate after it's quiet period ended...and they are operating in about forty states versus one for Prosper right now. Larry Mitchell Social Lending Network http://www.sociallending.net It will be interesting to see how fast Prosper can bounce back. It was the leader and has even less direct competition now, though in much different environment. Lending Club is doing ok, but didn’t exactly bust out of the gate after it’s quiet period ended…and they are operating in about forty states versus one for Prosper right now.

Larry Mitchell
Social Lending Network
http://www.sociallending.net

]]> By: The Financial Blogger http://www.thefinancialblogger.com/prosper-strikes-banks%e2%80%a6-i-mean-back/comment-page-1/#comment-5785 The Financial Blogger Wed, 06 May 2009 11:50:36 +0000 http://www.thefinancialblogger.com/?p=1582#comment-5785 thx ! I just edited the post :-D thx !

I just edited the post :-D

]]> By: Traciatim http://www.thefinancialblogger.com/prosper-strikes-banks%e2%80%a6-i-mean-back/comment-page-1/#comment-5784 Traciatim Wed, 06 May 2009 11:47:58 +0000 http://www.thefinancialblogger.com/?p=1582#comment-5784 P.S. You link goes to communitidylend.com and not communitylend.com . . . P.S. You link goes to communitidylend.com and not communitylend.com . . .

]]> By: Traciatim http://www.thefinancialblogger.com/prosper-strikes-banks%e2%80%a6-i-mean-back/comment-page-1/#comment-5783 Traciatim Wed, 06 May 2009 11:46:59 +0000 http://www.thefinancialblogger.com/?p=1582#comment-5783 I've been eagerly awaiting Community Lend since early last year, so far they are vapour-ware. IOU as far as I recall started processing loans but then stopped due to a regulatory problem. I figured they were going to go under. I’ve been eagerly awaiting Community Lend since early last year, so far they are vapour-ware. IOU as far as I recall started processing loans but then stopped due to a regulatory problem. I figured they were going to go under.

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