Recently I was interviewed and featured heavily in an online magazine initial publication: NuWire Investor. NuWire focuses on alternative investments. This interview happened during a very brief manual bidding experiment (less than 2 weeks). I am back to nothing but standing orders.
Here are some of my favorite parts of the article:
Many investors were intrigued by the idea of replacing banks in the lending equation. “It was a very interesting idea to me,” Kevin Gillett, a Prosper lender and the author of www.rateladder.com, said. “I love the idea of cutting the banks out of the picture.”
Prosper has the advantage of independence from the stock market, “so even if it can’t blow the doors off returns that you might see hyped up about it, if it can return 10–12 percent and be orthogonal to the stock market, I think that alone is enough of a reason to invest in it,” Gillett said. Prosper is creating a “completely different asset class,” he said.
Gillett carefully analyzes that information and frequently adjusts his lending strategy accordingly. “I’m trying to be cautious and follow what’s going on and track how I’m doing and understand the marketplace,” he said.
The time remaining criteria would allow my standing order to basically act as I’m acting in a manual bid, which is to say, watching the interest rates, watching the loans, and then when the loan gets within 30 minutes of the end of its auction, then to have the standing order fire,” Gillett said. Such a system “is absolutely necessary if you’re going to be a standing order bidder these days,” he said.
Here is a link to the article: Prosper: Peer-to-Peer Lending
Here is a link to the publication: NuWire Investor
Related Posts -
Prosper Collections Test In Progress I had noticed several days ago that several (6 out of 15 in collections to be exact) of my delinquent loans had a new agency with the name "NEW AGENCY TEST"... Today I received the following email from Prosper... Prosper is committed to improving our collections on delinquent loans. To...... - Money Walks Lists RateLadder.com as an Interesting Prosper.com Blog I was looking into my Google Analytics statistics from 1/9/2007. (I made it to the 3rd page of Reddit and stayed most of the day with my story Using Prosper.com for Your Emergency Fund - 312% improvement over CD Ladder). 90+% of my traffic came as a reddit referral. I......
- Prosper.com Lenders Unite: Where is our Interest? First of all, I love Prosper.com. It is a great idea (person-to-person lending, breaking the loan apart into smaller chucks to diversify, credit checks, etc.)... BUT, that fact that a lenders money doesn't earn interest is ridiculous. Once money (it takes 4 business days) is in Prosper.com account interest is not earned. ......
- the Alpha John wonders... I received an email from a reader (Alpha John)Â that I would like to share and then answer his question... Kevin, As you can tell from my blog, I've been following yours for a couple weeks. I'm at IT guy by trade (was a DBA for several years) and I'm in......
- Lender Due Diligence I liked the previous rgf post so much I went and looked up another of his posts... This one is on Prosper Lender Due Diligence. The forum thread is here. Enjoy: Those that have followed my posts know that I lend money for a bank for a living (an underwriter).......
Related Websites -
Weakonomics Weekend Edition: Web Hosting Edition My contract with my current hosting provider is just about to expire, and I'm pretty sure I'm moving on to someone new. If you've never had a website before, you may not be familiar with an internet host, or web host. A web host offers a the service of keeping...... -
happy independence day! photo credit: *Micky For the Americans out there, enjoy Independence Day! I spread my fair share of gloom and doom about ye olde Union, but it's still the only functional democracy in North America. Except for Canada. And except for the last 16 years, we've all managed to pull...... -
Being Nicolas Cage How would you feel if every single one of your favourite movie characters was acted out by none other then the tour de force actor Nicolas Cage? would they be Ruined beyond all repair? Or would they be made all the better by his serious style of versatile acting? Well wonder...... - Credit card firm urged to cut interest rates Credit card firms are being urged to follow the recent cut in interest rates. Business secretary Lord Mandelson is meeting the firms’ bosses later today to encourage them to drop their rates. "The government is deeply concerned that borrowers aren't getting a fair deal," said Consumer Affairs Minister Gareth Thomas.......
- Some Foreclosures Cannot Be Helped, Says Treasury Dept. I Agree, And Nor Should They Be. Be sure to take the poll about this subject at the end of the post! I just finished reading a recent article about Treasury Secretary Henry Paulson saying that there are many foreclosures that cannot be helped; but I would venture to say that there were even more than he......
- Standing Liberty 1916-30 Quarters Coins US Coins Paper Money
- Stock Certificates, Bonds Paper Railroadiana, Trains Transportation Collectibles
- Track Lighting Lighting Fixtures Home Lighting
Categories:
News, Prosper.com
Tags:
4 comments ↓
Very interesting article. Was this just published? The date says 1 April.
It was published a little while ago, but only just recently made available for free. I didn’t write anything before because I couldn’t link directly to it. If you sign up for the 30 day trial there is also 2 audio clips (myself and lazyman) that goes along with it.
I guess I should go back and check out those audio clips…
The Catch Behind No Closing Costs Refinance Loans…
You may have heard about No Cost Refinance or Free Refinance. The concept implies that the only thing charged on this kind of loans is interest. Those who promote this, claim that there are no closing costs, no additional fees, etc….
Leave a Comment