I fund loans exclusively through standing orders. (At the moment very tight standing orders.) I like the options and flow of the current standing orders configuration, BUT there are 3 things that Prosper needs to add/change.
First and foremost, there needs to be a way to only bid on loans that are within X amount of time from auction closing. There is nothing more frustrating to a standing order junkie then having money tied up for 8 days or more only to have a gem of a auto funding loan show up and fund in 6 hours. Why can’t I say, “Don’t put money into a loan auction until the waning minutes or hours?” I understand the standing orders only fire every so often, but then it is my responsibility to pick a length of time that ensures my standing order having a chance to find loans.
Second, I would like to be able to reset the amount lent field of my standing order. I am planning on periodic interest rate reviews and at each review I would like to reset the amount lent in the past to 0.
Finally, I would like to be able to duplicate a standing order with one button click. I don’t want to search first; I have all of the criteria; and/or I am just going to change one or 2 options.
The second and third features I could live without, BUT the time remaining criteria for standing orders is long overdue. The only reason the feature isn’t already implemented is that prosper fears it would cause less loans to fund and higher interest rates. I don’t see the problem. Higher interest rates means more lenders, more lenders means more loans fund. Helping to improve my internal rate of return, by not leaving my money on the sideline would be a big plus.
Related Posts -
Ayn Rand Indecisive Liberal, Prosper Blog, and Other Prosper Changes Prosper CEO called Ayn Rand an indecisive liberal when compared to Prosper Lenders. In his blog post on money and merit, Chris Larsen uses The Cathedral and The Bazaar to make the argument that p2p lending is toppling cathedrals... I find the Ayn Rand assertion hilarious. And Prosper has an...... - Hey, Brother, Can You Spare A Dime? There are many ways to secure loans these days, but due to the sub-prime mortgage crisis, banks and other financial institutions have been much tighter on their guidelines to lend. It seems you need an almost perfect credit score these days to get a low interest rate. Now that this......
- Automatic Prosper I have heard many people say that Using Prosper takes too much time -- too much time to find listings; too much time to place bids; too much time to monitor and rebid as needed... I don't think this is true... There are 2 Prosper features that when used in......
-
Pimp My Listing #1 -- Blessed with Triplets I am starting a new semi-regular feature. Pimp my listing. I don't yet know at what frequency I will post this feature. These listings will be the best of best extended credit AA-C credit grades and good rates. Most will be larger loans and most will have caught my attention....... - New Standing Order Prosper Lending Strategy After some initial flirting with manual bidding I have moved exclusively to standing orders for all my prosper loans. As I am now in a reinvestment period and will only be requiring 1-3 new loans per month I have decided to tighten up my interest rates. I have 20 standing......
Related Websites - Prosper.com Review: A Review of the Prosper Marketplace Prosper.com, also called Prosper Marketplace, is a service that is part of the emerging peer-to-peer lending industry which facilitates the lending and borrowing of money between its users. How it Works: Prosper, Lending Club, Zopa and other firms around the world are sidestepping the banking industry by creating an......
-
making money with a credit card Credit cards are evil. Credit card companies are predatory, aggressive entities who seek only to make money. Poor consumers are victimized by high interest rates and ridiculous penalties. Credit card companies are worse than baby kitten stompers, and we all know how evil THEY are. Except, of course, they...... - Patriots Can't Stand Prosperity As my sainted Mother used to say of the Red Sox during the Yawkey era: #$!# #%&!@ Red Sox! - Can't stand Prosperity!!! It seem the Patriots can't stand prosperity. They went into Sunday night's game with the chance to take over sole possesion of 1st place in the AFC......
-
Getting an affordable loan with peer to peer lending Today many people find themselves rejected at banks when trying to attain a loan due to their credit score, and other factors. But now there is a new way to get a loan, Peer to Peer Lending. Borrowers receive loans through websites such as Lendingclub.com. These lending sites allow two...... -
FHA Mortgage Loan Requirements Guide When I was reading Dale Siegel’s The New Rules of Mortgages, was struck by the sheer number of available mortgage options available to Americans. I knew about your standard vanilla varieties (30 year fixed, 15 year fixed), even the trickier ones (ARMs, Option ARMs), but I knew very little about......
Categories:
Features, Prosper.com
Tags:
1 comment so far ↓
[...] Previously I wrote about 3 features I wish prosper standing orders implemented and my new prosper standing order lending strategy. Having watched closely for a week or so I have decided that I need finer grained control. [...]
Leave a Comment