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?
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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. [...]
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