I have watched my money sit for 8 days only to be outbid in the waning minutes for the last time. I am swearing off of non auto funding loans until such time as Prosper adds a time remaining criteria to the standing order filters.
From now on I will only be bidding exclusively via standing orders on auto funding loans. I hope others are able to snipe some great interest rates in my absence, but it makes me sick for my money to be sitting in a quality bid for 8 days only to get outbid in the final minutes.
This means I now only have 10 standing orders. Much more manageable 
Will this hurt my IRR? I don’t think so, in fact I think it will help it. I need to find less than 10 loans per month on average and finding loans that are more likely to fund will help. That does beg the question is a fully funded auto funding loan more likely to make it past review than a fully funded non auto funding loan?
I call on standing order aficionados to follow suit. If we all stopped bidding on non auto funding loans then they more loans wouldn’t become funded. This would force the manual bidders to vet the best loans instead of us with our interest rate filters. More loans would be auto funding and life would be good. Prosper might even add the time left criteria. It is our money we hold the power.
Here is a link to my forum request for the time left criteria: http://forums.prosper.com/index.php?showtopic=19144
Related Posts -
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...... - Auto-funding vs Non-auto-funding AF vs NAF I have already blogged my affinity for standing orders over manual orders.  Given the choice and the current standing order options I would prefer only auto-funding loans, but there are too many good NAF for this to be the correct strategy. With auto-finding loans the interest......
- New Standing Orders Cycling through Non Auto Funding Loans I have just been watching my new standing orders (no adjustments yet). I have $50 that is not in a pending review loan or in loans. The Standing Orders have bid on 3 NAF loans (in the last 3 days) but been out bid each time so far. I might......
- Prosper Bid Sniping -- The Only Way Large Lenders Don't Move the Market Bid sniping is watching a loan until the last possible moment and stepping in a bidding. This can be done on both loans that are fully funded and loans that are not yet fully funded. This is the only optimal strategy for large lenders bidding on non auto funding loans. ......
- RL Overlooked Non Auto Funding Standing Orders A couple of weeks ago I tried a new standing order: RL Overlooked. The initial results are very much to my liking for example: debt relief for kids, Try this one more time, group leader, wantabe borrower , Wife wants to get back to work! Please help Re-list, and Financial Freedom......
Related Websites -
Mutual Funds 101 One way that investors can pool their money is mutual funds, which allows them to invest together in a variety of different stocks. Each of the participating investors is charged a percentage fee based on what they invest so that the professional fund manager can receive payment for his work...... -
Taking that First Bike Ride - The First of Many? [/caption]For many aspiring cyclists, it's easy to make the initial purchases - some safety equipment like a helmet and reflectors, a solid bike. But the problem comes when it's actually time to put these products to use and get your butt off of the couch and into the world. So...... -
How to Get Back on Track with Your Mortgage Payments We all watched as the housing market took a terrible tumble along with the rest of the economy. It is not over with yet as there are still those who are losing their jobs and have no way to make their monthly mortgage payments. If you are a part of...... - Learn To Earn Dollar From Home Before getting started, you better check make quick money online and leave a comment. Don’t you just love to make quick money online and make money online now than later? Isn’t it great to make free money online? It is possible if you know how to drive targeted traffic to......
- Earn Bux From Home On The Net This is the real deal at make money at home online The power of positive thinking that is so often preached about in self-help books and movies these days is seen by many people as being "hocus-pocus", or brain-washing at its best, especially if you are one of the many......
- Pink Free Standing Punching Bags Boxing Exercise & Fitness
- Swim Suit 6m Rash Guards Surf Store
- Order of the Arrow Patches Badges, Patches Boy Scouts Fraternal Groups Historical Memorabilia Collectibles
- Standing Liberty (1916-30) Quarters Coins: US Coins & Paper Money
- Auto Harp & Dulcimer String Acoustic Musical Instruments
Categories:
Features, Prosper.com, Strategy
Tags:
1 comment so far ↓
I don’t have any standing orders but I share your pain. I’ll search around for a loan that I want to fund and then the last 10 minutes, I may have to rebid a couple of times to stay in the game. While my interest goes down.
Leave a Comment