A new loan funded (paying bills — $5,000 at 26.00%). I participated via my new standing order: Low Amt, Low DTI — AF. Which is this loan was funded as a low amount requested, low debt to income ratio and was an auto-funding loan. The borrow had D credit and 12% 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 $3,450 across 56 loans ($61.61 per loan) with an weighted average interest rate of 16.30% and an account value of $3,612.25. Each loan on average is 1.7% of my portfolio.
Here is the listing:
For the readers that believe in reading the actual description without modification:
I am a 44 year old divorced man with a twelve year old son. Currently I am living with my widowed mother. I would like this loan so that I can pay off some bills and also have enough money so that we can move into a bigger place. We are living in a small two bedroom house and it is a little crowded.
Here is a graph of all loans on Prosper with D credit and a DTI of 12% +/-5% and Loan Amount $6,000 +/-$5,000 funded in the last 100 days:
| Number of Loans | Average Amount Borrowed | Weighted Average | Standard Deviation |
|---|---|---|---|
| 137 | $4,522.77 | 19.08% | 3.86% |
22.94% equals weighted average plus 1 standard deviation compared to the loan rate of 26%. This is a great loan rate. I love standing orders.
What do you think?
Related Posts -
Use Prosper.com to Repair Your Credit This blog is mostly dedicated to Prosper.com lending. However, I think about all aspects of the process at Prosper. Lately there have been a number of postings that list repairing credit as an ancillary benefit of borrowing on Prosper.com. Repairing damaged credit is a critical step in reducing debt since better...... - Prosper.com Loan Listing Rates That WILL Get your Loan FUNDED A legitimate borrower at Prosper should have 1 main objective -- get the loan fully funded.  Granted there are other objectives (like getting the best interest rate), but none are as important as getting 100% funded. Without being 100% funded you will not get the loan. Prosper.com can be used to......
-
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 -- NAF. Which is this loan was funded as high debt to income ratio and was a non auto-funding loan. Here is the credit of the...... - 8 Listing Strategies to get Best Prosper Loan Rate I have had several bloggers ask for advice on their listings or potential listings... One of them even joined my group and successfully received a $25K loan at an interest rate he was happy with... As a blogger the reputation of your blog has meaning for you both in terms......
- Standing Order Technique for Prosper Non Autofunding Loans As regular readers know, the non auto funding loans are the bane of my greedy standing order algorithms. I have been experimenting with the advanced search sent out by Prosper in the recent overlooked listings email campaign (I have gotten 2 how about you?)... The advanced search that was sent......
Related Websites -
cost of war The Iraq War has cost the United States almost 457 billion dollars as of today, not to mention untold military and civilian lives. The price this nation will pay may be enormous for future generations. Whether the war was justified or not will be a question for the historians, most...... -
Weaky Awards #1 I hope to make this a regular segment on Weakonomics, the Weakonomics Awards or Weakies for short. The Darwin Awards of money if you will, only these losers will probably to live to see another day. I will rely on the readers for Weakie suggestions. Since you and I......
-
What is the Best Credit Score? The calculations that are used to arrive at your credit score are actually based on a lot of different statistical data, and they are based on objective evaluations. You receive points based on a number of different unique credit factors. Then, creditors are going to take all of this information...... -
Payday Loans Annual Percentage Rates Annual Percentage Rates (APR) on payday loans can reach as high as 900%, yet in reality payday loans do not have Annual Percentage Rates. This is an outrageous figure, which should tell you that payday loans are an extreme hazard. Payday loans are a source of monies that provide borrowers......
-
How To Refinance An Upside Down (Or Underwater) Mortgage. With mortgage rates at historic lows, it's a great time to refinance. The only problem for many people is that they owe more than the house is worth. This is sometimes called "being upside down on the loan" or "being underwater", but no matter what you call it you don't......
- Credit, Charge Cards Trading Cards Collectibles
- Current Year, Next Year Calendars Paper Collectibles
Categories:
Loan Review, Prosper.com
Tags:
6 comments ↓
This is outstanding! I looked at the loan and wondered how I missed out on it. The standing order… that’s how.
I used to hate standing orders. I now like them a whole lot more and will try to keep one going at all times. I’ll also try to keep a few dollars in the account even though the cash doesn’t earn extra interest.
Being a lazy man myself I find it hard to believe you ever hated standing orders.
How can you justify basing a loan off of a sob story? Give me the prosper verified facts… cold and hard.
Well the problem that I’ve had is that I tried it before automatic funding. It would bid right away and I’d have my money tied up in a loan that after 9 days would not get funded. So I switched to only bidding on the last day or two.
About 6 weeks ago I found the automatic funding and that changes things. I’d still like to wait to bid until it reaches 50%.
I take that last part back, I guess you can now do it by how funded it is.
I actually have 2 sets of mutually exclusive standing orders. One for auto funding that bid even at 0% funded. One for non auto funding that waits until 100% funded. The non auto funding orders still can tie up money for several days.
Here is my current standing order list…
http://rateladder.com/2007/01/15/new-standing-order-prosper-lending-strategy/
[...] Kevin at RateLadder has pulled off some really nice looking loans like those here and here. I haven’t even scratched the surface of what the site has to offer. I’ll be putting a lot more time there in the next few days. [...]
Leave a Comment