New Loan Funded — paying bills — $5,000 at 26.00% — D Credit — DTI 12%

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:

RateLadder.com Loan

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:

RateLadder.com Loan Analysis

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?

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6 comments ↓
#1 Lazy Man and Money on 01.30.07 at 6:09 pm

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.

#2 Kevin on 01.30.07 at 7:20 pm

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.

#3 Lazy Man and Money on 01.30.07 at 8:04 pm

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%.

#4 Lazy Man and Money on 01.30.07 at 8:05 pm

I take that last part back, I guess you can now do it by how funded it is.

#5 Kevin on 01.30.07 at 8:32 pm

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/

#6 Lazy Man and Money » Prosper Lenders Need to Check Out RateLadder.com on 01.31.07 at 5:57 am

[...] 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. [...]

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