My very first E credit loan… A new loan funded (payoff current loan and new invest on business — $25,000 at 29.00%). I participated via a manual bid (lured by the excellent extended credit and interest rate?). The borrow had E credit and 37% 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. This one was better than that.
With this loan I have $3,850 in principal across 60 loans ($64.17 per loan) with an weighted average interest rate of 16.81% and an account value of $3,938.32. Each loan on average is 1.6% of my portfolio with a maximum in any one loan being 3.8%.
Here is the listing:
For the readers that believe in reading the actual description without modification (grammar and spelling not his strong suite.):
my name is peter shi il park
i own a small corporation which called Red Ice Inc (Cellullar(sic) phone wholesale and retail company)
when i was making investment on opening Red Ice Inc, i cashed out money from my credit card( this made my credit score down by almost 150 points)
now, im(sic) trying to pay off ther(sic) credit card dept because they are keep raising interest. and im(sic) also trying to put more invest on Red Ice Inc.
Here is a graph of all loans on Prosper with E credit and a DTI of < 47% and Loan Amount $20,000 +/-$5,000 funded in the last 100 days:
| Number of Loans | Average Amount Borrowed | Weighted Average | Standard Deviation |
|---|---|---|---|
| 6 | $18,083.33 | 25.15% | 3.85% |
The weighted average plus 1 standard deviation is 29%. So it was a very clean E with the weighted average plus 1 standard deviation as the exact interest rate. The data is a little thin, only 6 loans. I am satisfied. I think.
I have stayed away from E up until now. HR isn’t even an option for me.
What do you think?
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Categories:
Loan Review, Prosper.com
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