The loan discussed in previous posts is in the process of paying: One Loan Late. Not supposed to happen to AA. What does that mean? and Review of Late Loan #1

Their loan shows a payment as of the 2nd attempt.  So my prediction that the loan would be caught up was correct.  The consequences to my borrower are a relatively minor $5 failed payment fee (which Prosper.com keeps as they incurred the penalties associated with the failed payment.)

Knowing the consequences of non-payment I find it difficult to believe that any high grade credit would let their loan lapse far enough for consequences.  Yet, I am sure it will happen.  Maybe, just maybe, my standing orders are better at finding a higher quality of borrower… However, each loan is a 3 year journey till payoff and I expect the peak for defaults comes in year 2.

 

Related posts:

• One Loan Late. Not supposed to happen to AA. What does that mean? Of my 46 loans.  1 is now late (less than 15 days). Here is what Prosper.com says will happen now: What exactly happens if I’m...
• Review of Late Loan #1 In a previous post I talked about the consequences to my first late borrower: One Loan Late. Not supposed to happen to AA. What does that...
• New Loan Funded #5989 — $2850 in 45 loans A new loan funded this afternoon (#5989 — PAYING OFF CREDIT CARDS AND HOME IMPROVEMENT — $22,000 14.55%).  I participated via my standing order: High DTI...
• New Loan Funded #6028 — $2900 in 46 loans A new loan funded this afternoon (Business Consolidation Loan (Loan #6028)  — $25,000 10.38%).  I participated via my standing order: Low DTI — NAF.  Which is this loan...

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Categories:

Loan Review, Prosper.com

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azerbaijan, mozambique