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 -
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...... -
Analyze a Loan Using Crystal Report and Data Export Since starting this blog I have reviewed several loans. Since then I have developed a basic crystal report to analyze a loan (DTI, Amount, Credit, and Lender Rate) in the context of all loans on Prosper.com. The report takes as import the credit grade and the debt to income ratio. It then filters the loans...... -
New Loan Funded — Finance for an ESTABLISHED Business — $25,000 at 24% — B Credit — DTI 1392557% A new loan funded (Finance for an ESTABLISHED Business â $25,000 at 24%). I participated via a manual bid the loan was Autofunding. The borrower had B credit and a 1392557% DTI (unverifiable income). As a reminder my standing orders (and manual bids) only find loans with 0 current delinquencies, 10 or less delinquencies...... -
New Loan Funded — Secure Borrower needs funds to complete rental houses — $25,000 at 12.00% — AA Credit — DTI 25% A new loan funded (Secure Borrower needs funds to complete rental houses â $25,000 at 12.00%). I participated via my standing order: Mid DTI â AF. Which is this loan was funded as a medium debt to income ratio and was an auto-funding loan. The borrow had AA credit and...... -
Prosper Loans: Auto Funding vs Non Auto Funding During Verification All completed listing go through a verification process.  This step is when Prosper vets the information given in the listing in regards to employment and debt to income ratio. When a listing is cancelled due to some discrepancy it is great (thank you Prosper!), but yet it can be painful. ......
Related Websites -
My Journey to Millions Reallocates his 401(k) After Analyzing his Portfolio Last week I reviewed Morningstarâs Free X-Ray Tool using my own 401(k). I believe that most people should leave their retirement accounts alone, both in terms of invading it and asset allocation within the account. I personally take a very balanced, hands off approach to my 401(k), choosing to...... - Beware the Cash-Out Re-Fi This has been a good news week for homeowners looking to re-finance their mortgage loan into a lower rate. Mortgage interest rates fell sharply this week following more rescue actions by the government. The average interest rate for a fixed 30-year mortgage loan dropped to under 6%, a seven week......
-
What is the Average Middle Class? I’m a sucker for statistics, probably why I enjoy looking at numbers like the average retirement savings or the average tax refund, but I never gave the term “middle class” much thought until recently. Fortunately for us, U.S. News & World Report has compiled some statistics on what the “average”......
- So, how do you tell if you can actually afford that home you want? Since I only have a few minutes this morning, I wanted to quickly post this article about affording your new house that I found online. Sorry I don't have time to comment on it, but I have to run out for the day. Hope everyone has a great one. According......
- Supplement to Weakon 206 and 207 Weakon 206 and 207 covered asset allocation and diversification. The problem with what I did is the terms aren't quite right. The two terms have merged definitions, with people referring to diversification when they mean asset allocation and vice versa. Confusion ensues. But instead of adding to it I'm trying......
- Keychains Buffalo Bills Football-NFL Fan Apparel & Souvenirs Sports Collectibles
- Standing Liberty (1916-30) Quarters Coins: US Coins & Paper Money
- Credit, Charge Cards Trading Cards Collectibles
- Chevron/Standard Oil Gas & Oil Companies Gas & Oil Advertising Collectibles
- Standing Liberty (1916-30) Quarters Coins: US Coins & Paper Money
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