A new loan funded (debt relief for kids – $19,500 at 14.34%). I participated via my standing order RL Overlooked. The borrower had B credit, a 64% DTI, and is a homeowner. This was a non autofunding loan. As a reminder my standing orders (and manual bids) 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 $5,147.15 in principal across 81 loans ($63.55 per loan) with an weighted average interest rate of 17.57% and an account value of $5,417.09. Each loan on average is 1.2% of my portfolio with a maximum in any one loan being 3.6%.
Here is the listing:
For the readers that believe in reading the actual description without modification:
Purpose of loan: i’m actually asking for this loan to get my children out of a little debt.i got fully funded for a listing before and i was confused about the process so i didnt go through with it. now i would like to try again and get some relief for my kids.My financial situation:
financially i’m fine. i can afford around 300-400 amonth on a loan and still be comfortable.My monthly budget:
Mortgage/rent: $650
Insurance: $included in house note
Car expenses: $350
Utilities: $250
Phone, cable, internet: $50
Food, entertainment: $daughter pays for that
Clothing, household expenses $0
Credit cards and other loan payments: $lets say 500-700
Other expenses: $200
—————————————
Total monthly expenses: $2200
Here is a graph of all loans on Prosper with B credit and a DTI of < 64% and Loan Amount $6,000 +/-$5,000 funded in the last 100 days:
| Number of Loans | Average Amount Borrowed | Weighted Average | Standard Deviation |
|---|---|---|---|
| 263 | $5,913.95 | 12.56% | 2.57% |
The weighted average plus 1 sigma is 15.13%. The weighted average plus 2 sigma is 17.7%. The weighted average plus 3 sigma is 20.27%. This loan is between 2 and 3 sigma higher than the mean. I love standing orders. The new RL overlooked standing order is showing potential.
What do you think?
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