I recently swore off non auto funding loans. Since making that choice my standing orders haven’t found any auto funding loans to their liking. Granted, my interest rates are very very tight (weighted average plus 1.5%) and my credit requirements are quite stringent (no current delinquencies, less than 10 delinquencies in last 7 years, less than 2 public records in last 10 years), but the $225 from the sale of a domain has made it to Prosper and I now have $331 (6 loans) waiting on appropriate listings. Did I make the the right choice?
As impatient as I am I think getting rid of non auto funding loans was still the right choice. If I haven’t found a loan in the next day or two I will be reducing my interest rates for all bids currently over 15% by 0.5%. This should find a few more listings and still ensure that the interest rate is tight enough to ensure a funded loan.
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