A new loan funded this afternoon (Debt Consolidation (Loan #6419) — $20,000 at 18.00%).  I participated via my standing order: Mid DTI — AF.  Which is this loan was funded as a medium debt to income ratio and was an auto-funding loan.  The borrow had C credit and 23% DTI.  As a reminder my standing orders only find loans with 0 current delinquencies, 10 or less delinquencies in the last 7 years, and 2 or less public records in the last 10.

With this loan I have $3,100 across 50 loans with an weighted average interest rate of 15.96%.

Here is the listing:

For the readers that believe in reading the actual description without modification:

I am a Senior Software Engineer looking to consolidate credit debt.  In Nov 2005 I had a Bank of America Card with $0 balance.  I was charged yearly fee for a service I was not notified of.  Being unaware that I had a balance I was given a notice that I had gone 30 days late for a balance of $58.  I was mortified as I had no late payments on my credit report and had a credit score over 720.  After many months of fighting I was unable to get them to take off the late payment from my credit report.  This is where my three Chase Cards decided to raise my interest rates to 19.99% and lowered my limits because I had a late payment with BOA.  Then a couple of months later because my balance to limit ratio was high due to them lowering my limit they raised my rates to 29.99%!!!! and my score dropped to 660!!!  Little did I know that this practice is very common with Chase and there is absolutely nothing you can do about this as there is fine print in your agreement that allows to pretty much do what ever they want with your rates and limits.  Frontline on PBS had a great piece on this.  I easily can afford with my income can pay off this debt, but I would much rather give ~17% to the community in prosper then 29.99% to big bad Chase. As you can see from my credit history I always make payments on time and have a very stable Employment history. 

Employment

Employer:      Geode Capital Management

Title:              Senior Applications Developer

Time:             2.5 years

History:         8+ years in Software Engineering (no gaps in employment)

Credit History

Credits Cards (7 years)

1 Thirty day late (Explained Above)

School Loan (8 years)

Never late

Car Payments (2 over 7 years)

Never late

Expenses

Rent      $800

Car        $288

Cable     $75

Elec       $60

Oil          $150

Ins         $170

Cell        $45

Loan       $211

Total    $1799 

Here is a graph of all loans on Prosper with C credit and a DTI of 23% +/-5% and Loan Amount $20,000 +/-$5,000:

Number of Loans	Average Amount Borrowed	Weighted Average
15	$17,521.80	19.10%

19.10% weighted average… Maybe I need to up my standing order interest rate?

What do you think?

 

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Loan Review, Prosper.com

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