Hallelujah! Hallelujah! Hallelujah!

I never placed much stock in Groups.  Decoupling Groups from money turns them into what they should be… social networking.

Here is the announcement email which I received because I am the group leader of Group RateLadder…

Dear Kevin,

At Prosper, we have been listening to your feedback regarding groups and group leader rewards.

The original philosophy behind Prosper Groups was to enable borrowers in close-knit communities to leverage the reputation and peer pressure of their group to attract more bids from lenders, resulting in potentially lower interest rates for borrowers, and lower default rates for lenders. We have found, after nearly two years of experience, that the strongest groups are comprised of close networks of friends and associates, where compensation is not the dominant motivation for the group leader’s services.

As a result, we are making changes to Prosper Groups. In the next month, Prosper will discontinue payment rewards on new loans for group leaders. Group leaders will continue to earn payment rewards on all eligible loans originating before the change. Group leaders can also receive referral rewards for referring borrowers or lenders to Prosper under our Referral Program.

We hope this change will encourage group leaders to grow their groups by inviting new members from their pre-existing social networks, turning Prosper Groups into a more powerful community development tool and making Prosper simpler for both borrowers and lenders.

For more details on these changes, please visit our Group Changes Frequently Asked Questions (FAQ).

Thank you for helping us become the Internet’s leading community lending site.

Sincerely,
Prosper

Related Posts

• Zopa Shuts Down US Branch Zopa, the UK based peer to peer lending company, is shutting down their US branch due as a result of toughening conditions that are currently being experienced by the US economy. Zopa provides loan services in the UK, as well as in Italy and Japan through a pure P2P style......
• Pensioner Debt Sale Results for August 07 Sale Pensioner (the former #1 lender on Prosper by amount loaned) has once again been generous in sharing his default debt sale results...  CreditGrade: B Homeowner: No Verified Account: Yes Debt to Income Ratio: 11% Sale date: Aug-24-2007 Principal balance before sale: $597.37 Proceeds from sale and forfeited group rewards: $91.16......
• Prosper IRR Lender “Game” July 07 Update It is time for the July 2007 update of the IRR Lender “Game.” This is going to be more about accomplishments during the last month rather than pure calculations.  The actual numbers are at Prosper.com IRR Lender “Game” Tracking Page So without further ado: Highest IRR Model: leporello 2.61% Largest IRR......
• RateLadder and LazyMan Default Debt Sale Results RateLadder had 1 loan in the recent debt sale. CreditGrade: AA Homeowner: Yes Verified Account: Yes Debt to Income Ratio: 25% Very Clean Extended Credit Sale date: Aug-24-2007 Sale reason: Delinquency Principal balance before sale: $143.87 Loan value before sale: $152.68 Proceeds from sale and forfeited group rewards: $36.63 $36.63......
• Prosper IRR Lender “Game” September 07 Update It is time for the end of September 2007 update of the IRR Lender “Game.” This month was just a regular month. A Collections guru was hired and I did have a collections paymnet at the last second that saved me from a negative model IRR. Hopefully, a sign of......

Related Websites

• On Prosper.com I started seeing posts on Prosper.com only recently. It's intriguing. This site brings people who want to borrow money to people who want to lend it. (And takes a little money from both sides to keep the lights on, but hey -- I didn't expect it would be for free!)......
• Greenpeace ages world leaders in head-turning ads [/caption] The environmental activism group Greenpeace, no stranger to controversy, is at it again. In conjunction with the start of the U.N. Climate Change Conference in Denmark, the group has teamed up with TckTckTck to plaster the Copenhagen airport with advertisements featuring drastically altered images of famous world leaders participating......
• What Is Social Capital? When I was at Prosper's annual conference, there was a lot of buzz around the term "social capital." I thought I was alone in wondering what it was. However, when I caught up with Wealth Boy, I found that he hadn't heard the term used before. I'm going to go......
• Late Prosper Borrower Makes Good I knew it wasn't going to be easy, being a lender, but when a borrower was late, I panicked a bit. If 1/10th of my loans don't come through, I'm going to have a problem. Happily the payment came through after being more than 15 days late, something that I......
• The Illusion of Credit Card Rewards Programs Credit card rewards programs are popular with card users. Many personal finance sites and bloggers devote considerable attention to evaluating the merits of different credit cards that reward users based on spending levels. In the case of some bloggers, those evaluations rise to the level of outright promotion because of......

Online Stores

• Hallelujah Supplements & Diet Exercise & Fitness
• Military Payment Paper Money: US Coins & Paper Money
• Veterans Groups Fraternal Groups Historical Memorabilia Collectibles
• Patterns Doll Making & Repair Dolls Dolls & Bears
• Molds Doll Making & Repair Dolls Dolls & Bears

If you liked this article, vote for it on del.icio.us and stumbleupon.


Categories:

Features, Prosper.com

Tags:

azerbaijan, mozambique