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
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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.
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