A new loan funded this afternoon (debt consolodation [sic] (Loan #6434) — $25,000 at 15.00%). I participated via my standing order: Low DTI and Mid DTI — NAF. Which is this loan was funded as a low and medium debt to income ratio and was an non-auto-funding loan. The borrow had B credit and 15% 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 $3,200 across 51 loans ($62.75 per loan) with an weighted average interest rate of 15.92%.
Here is the listing:
For the readers that believe in reading the actual description without modification:
The purpose of this loan is to consolodate[sic] debt at a lower interest rate than credit cards. Most of the accounts that will be paid off will be closed or are already closed to future use
Here is a graph of all loans on Prosper with B credit and a DTI of 15% +/-5% and Loan Amount $20,000 +/-$5,000:
| Number of Loans | Average Amount Borrowed | Weighted Average | Standard Deviation |
|---|---|---|---|
| 28 | $18,623.25 | 14.92% | 2.00% |
I think this is another fine example of a standing order (particularly the description)
What do you think?
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Are these the type of loans that groups of private lenders, or individuals willing to lend, who make loans to people or companies that may otherwise have difficulty finding funding via traditional sources?
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