Entries Tagged 'Loan Review' ↓
June 30th, 2007 — Groups, Loan Review, Prosper.com
Here is a current listing from EveryDay People. This listing has an excellent chance of funding. In addition, Everyday People’s Group Leader StaciM has also endorsed AND BID on the listing. (Personally I think an endorsement without a bid is meaningless… kudos StaciM). The reason StaciM can bid with confidence is that she really gets to know the people in her group — she independently verifies many of the facts in the individuals story.
The only thing I would have done differently is to put a higher starting rate. In the case of D, E, and HR I believe in starting at the maximum (in this case 24% — state cap and GL fee) and allowing the market to fully fund and then bid down a quality listing. That being said the 23% is not out of line with the marketplace. (Edit: StaciM has informed me that, “he is at the max rate, less the GL reward. Remember Prosper always holds back 1%”… in which case I think this listing is very well done indeed.)
This is about as clean a D as you will find and the reason for the credit score is clearly laid out in the listing and verified by the GL. What more could you want?

$25 Bonus For New Lenders
How to Use Prosper Listing Widget for MySpace, Blog, Website, or Other
Here is the Description…
Purpose of loan:
I would like to pay off all my high interest credit card debt. In this case it is all the debt I have.
My financial situation:
I currently gross 53,503.00 a year. Monthly is 4458.58. About 5 1/2 year ago I got out of the military and fought for 2 years trying to keep up with all my payments but was unsuccessful considering I was not making what I made in the military and had to file for bankruptcy. The last 3 1/2 years (since the bankruptcy) I have never been late on any payments and have had perfect credit since. Unfortunately the bankruptcy is keeping my credit score down in the low 600’s which is why I’m rated as a D on this site. I am a safe bet with a great interest rate for you investors.
I recently divorced and would like to consolidate all my bills into one payment and to save some money from the credit card interest rates. My current debt is from a home remodel which upon selling they were going to get paid off but the home did not sell for what was expected and it had to sell quickly. I am not one to just run up credit cards because I want a new toy. I am very careful with my money, I just made a bad call on an investment. I currently make plenty of money for this loan and my other payments listed below. My debt to income ratio is a little high do to the other auto loan my ex-wife and I have. She has this vehicle and it is written in the divorce decree that she is responsible for this loan and it’s debt. She has already been removed from all other accounts with my name on it.
Although I just started my current job a couple of months ago I have been in the same field of work for 7 years and love what I do. I have had a great professional relationship with my current jobs CEO and executives for the last 3 years which is why they asked me to come join their team. My job is very stable and I don’t plan on going anywhere. Thanks again for your time.
Monthly net income: $
3,300.00
Monthly expenses: $
Housing: $ 905.00
Insurance: $ 135.00
Car expenses: $ 769.00 Gas 200.00
Utilities: $ 120.00
Phone, cable, internet: $ 99.00
Food, entertainment: $ 200.00
Clothing, household expenses $ 50.00
Credit cards and other loans: $ 386.00 monthly, total 9375.00 This will be paid off with this loan.
Other expenses: $
Here is StaciM endorsement… and did I mention she bid on the lisitng as well:
I’ve verified income, rental amount, and car payment. DTI high in part for consolidation, but also due to vehicle that is his former spouse’s responsibility.
Here is another random listing from EveryDay People.
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June 4th, 2007 — Loan Review, Prosper.com, Statistics, Tools
The 1 month or worse curves that I published over the weekend have many potential uses in determining the interest rate required to make a certain return.
When the curves are complete we can simply solve the Markov Model since the vehicle is a fairly straight forward 3 year fully amortized loan. If we can assume the remainder of the Markov Model (we are missing months 11-37), we could also solve the Markov Model.
Solving the Markov Model is the holy grail of investing in Prosper, because having done so, one can simply fall back on the law of large numbers, by diversifying in many loans, and make a fairly consistent rate of return. Any large investors rigorously analytical that are going to come onto the platform will undoubtedly be solving the Markov Model.
As a first step to solving the Markov model I thought I would predict the 3 year cumulative default rate. At the moment there are 2 obvious options: linear and exponential decay. While the curves currently look linear it is not possible that they will remain so. In the HR category for example a linear trend would result in a cumulative 3 year default rate of a ridiculous 108%. The next obvious choice is exponential decay.
The thinking is: if 30% default in 10 months, 30% of the remaining good loans will default in the next 10 months, and 30% of the remaining good loans will default in the next 10 months. In other words, 70% of the HR loans survive 10 months; 70% of those (100*0.70*0.70) survive the following 10 months. Or, as a mathematical expression, pct_good_loans(p,r,t) = 100 * (1-r)^(t/p), where p is period, r is rate at period, t is time in months.
For HR = 100 * ( 1 - (1-0.30)^(36/10) ) = 72%.
Yikes! Clearly believable looking at the current curve; although it may turn out to be slightly high as most unsecured debt curves are actually S-shaped even though Prosper’s havn’t turned yet.
I averaged the exponential decay 3 year cumulative default rates for period 6-10. Here are the results:
| AA |
A |
B |
C |
D |
E |
HR |
| 3.9% |
12.7% |
20.8% |
21.2% |
32.8% |
53.8% |
73.7% |
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April 30th, 2007 — Loan Review, Prosper.com
A new loan funded (Removing Remaining Debt – $25,000 at 22%). I participated via my standing orders High Amt (>=15K) Low DTI (<15%) AF (Autofunding), High Amt (>=15K) Mid DTI (<25%) AF (Autofunding), High Amt (>=15K) High DTI (<40%) AF (Autofunding), and High Amt (>=15K) Extreme DTI (<70%) AF (Autofunding). The borrower had AA credit, a 15% DTI, and is a homeowner. 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 $5,497.15 in principal across 85 loans ($64.67 per loan) with an weighted average interest rate of 17.77% and an account value of $5,498.64. 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 have a very high interest card that I want to pay-down as soon as possible.
My financial situation:
My credit is excellent and income is decent , but would like to remove this debt from my balance sheet. I am waiting for funds in the next few months, but would like to remove the debt prior to being paid to avoid the higher interest.
My monthly
budget:
Mortgage/rent: $5,000
Insurance: $1500
Car expenses: $0 business pays
Utilities: $250
Phone, cable, internet: $250
Food, entertainment: $500
Clothing, household expenses $500
Credit cards and other loan payments: $2500
Other expenses: $500
—————————————
Total monthly expenses: $11,000
My income is over $20,000 per-month
Here is a graph of all loans on Prosper with AA credit and a DTI of < 15% and Loan Amount $20,000 +/-$5,000 funded in the last 100 days:

| Number of Loans |
Average Amount Borrowed |
Weighted Average |
Standard Deviation |
| 59 |
$20,879.66 |
10.78% |
1.9% |
The weighted average plus 1 sigma is 12.68%. The weighted average plus 2 sigma is 14.58%. The weighted average plus 3 sigma is 16.48%. The weighted average plus 4 sigma is 18.38%. The weighted average plus 5 sigma is 20.28%. The weighted average plus 6 sigma is 22.18%. This loan is between 5 and 6 sigma higher than the mean. I statistical aberration. I love standing orders.
What do you think?
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April 29th, 2007 — Loan Review, Prosper.com
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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April 28th, 2007 — Loan Review, Prosper.com
A new loan funded (Try this one more time, group leader, wantabe borrower – $19,500 at 14.34%). I participated via my standing order RL Overlooked. The borrower had AA credit, a 59% 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:
Reinvest in prosper
My financial situation:
Repayment is not an issue, and I would never jeopardize my good credit to help other people. On the other hand I do want to help but don’t want to use my own principle. this way I can budget a monthly amount to put away and help others at the same time. Pretty ingenius I think. Not to mention the stock market is downright boring right now. So if you want a good loan with my guarantee that there will never be a late payment, you can do your part by bidding down the interest rate. Thanks in advance.
My monthly budget:
I have an estate that pays all living expenses.
I also have a real estate development company and am partner in a electrical contracting company.
Here is a graph of all loans on Prosper with AA credit and a DTI of < 59% and Loan Amount $19,500 +/-$5,000 funded in the last 100 days:

| Number of Loans |
Average Amount Borrowed |
Weighted Average |
Standard Deviation |
| 48 |
$17,679.17 |
11.24% |
2.68% |
The weighted average plus 1 sigma is 13.92%. The weighted average plus 2 sigma is 16.6%. This loan is between 1 and 2 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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April 28th, 2007 — Loan Review, Prosper.com
A new loan funded (Buy a Jetta! – $6,001 at 23%). I participated via my standing orders Low Amt (<15K) Low DTI (<15%) AF (Autofunding). The borrower had D credit, a 9% DTI. 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 $5,047.15 in principal across 79 loans ($63.89 per loan) with an weighted average interest rate of 17.59% and an account value of $5,387.82. Each loan on average is 1.2% of my portfolio with a maximum in any one loan being 3.7%.
Here is the listing:

For the readers that believe in reading the actual description without modification:
Purpose of loan: Buy a 2004 Jetta from an acquaitance. It’s a steal and my car is on it’s last legs.
My financial situation:
I have no outstanding debt. Just living down past blemishes until 06/2008. I pay no rent because I have an arrangement to work as super/handyman/etc. in a relatives 5-unit rental property …I have the efficiency unit upstairs. I only pay utilites. My salary is 33,500 which is paid out semi-monthly twice a month…netting about $990 each pay or $1980 monthly. My living situation will cease around 06/2008 since my prospects will be brighter and I’ll pay about $300 per month in rent.
My monthly budget:
Mortgage/rent: $0 will increase to $300 after 07/2008
Insurance: $40
Car expenses: $40
Utilities: $35
Phone, cable, internet: $100
Food, entertainment: $200
Clothing, household expenses $50
Credit cards and other loan payments: $0 (card is just to increase credit score..I pay before 30 day grace period)
$220+ after prosper loan
Other expenses: $40
—————————————
Total monthly expenses: $520
Prosper Loan $220+
Monthly Pay $1980
Monthly Savings $1240 or less
Here is a graph of all loans on Prosper with D credit and a DTI of < 9% and Loan Amount $6,001 +/-$5,000 funded in the last 100 days:

| Number of Loans |
Average Amount Borrowed |
Weighted Average |
Standard Deviation |
| 246 |
$5,159.35 |
18.32% |
3.31% |
The weighted average plus 1 sigma is 21.63%. The weighted average plus 2 sigma is 24.94%. This loan is between 1 and 2 sigma higher than the mean. I love standing orders.
What do you think?
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April 27th, 2007 — Loan Review, Prosper.com
A new loan funded (
Consolidating debt-no late payments – $25,000 at 16%). I participated via my standing orders High Amt (>=15K) Extreme DTI (<70%) AF (autofunding). The borrower had AA credit, a 41% DTI, and is a homeowner. 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 $5,047.15 in principal across 79 loans ($63.89 per loan) with an weighted average interest rate of 17.59% and an account value of $5,387.82. Each loan on average is 1.2% of my portfolio with a maximum in any one loan being 3.7%.
Here is the listing:

For the readers that believe in reading the actual description without modification:
Purpose of loan: Consolidate debt in order to get debt to income ratio down.
(explain what you will be using this loan for)My financial situation: I have never had a late payment or deliquency. I fulfill my financial obligations. I currently have a high debt to income ratio and desperately want to get this lowered.
(explain why you are a good candidate for paying back this loan)My monthly budget:
Mortgage/rent: $3311
Insurance: $172
Car expenses: $600
Utilities: $250
Phone, cable, internet: $150
Food, entertainment: $200
Clothing, household expenses $100
Credit cards and other loan payments: $2058
Other expenses: $0
—————————————
Total monthly expenses: $6591
Here is a graph of all loans on Prosper with AA credit and a DTI of < 41% and Loan Amount $20,000 +/-$5,000 funded in the last 100 days:

| Number of Loans |
Average Amount Borrowed |
Weighted Average |
Standard Deviation |
| 85 |
$21,045.88 |
11.32% |
2.22% |
The weighted average plus 1 sigma is 13.54%. The weighted average plus 2 sigma is 15.76%. The weighted average plus 3 sigma is 17.98%. This loan is between 2 and 3 sigma higher than the mean. I love standing orders.
What do you think?
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April 27th, 2007 — Loan Review, Prosper.com
A new loan funded (Wife wants to get back to work! Please help Re-list – $24,000 at 21.48%). I participated via my standing order RL Overlooked. The borrower had B credit, a 62% 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 $5,047.15 in principal across 79 loans ($63.89 per loan) with an weighted average interest rate of 17.59% and an account value of $5,387.82. Each loan on average is 1.2% of my portfolio with a maximum in any one loan being 3.7%.
Here is the listing:

For the readers that believe in reading the actual description without modification:
My wife wants to get back to full time work! This is a relist and we really need your help!We are needing these funds for her new business venture. The funds will go towards our lease/rental space and a POS system for the store. We already have all of our merchandise and store fixtures so once we are funded we are ready to make our offer to the landlord.
We will be selling gently used children’s clothes, accessories & maternity wear.
We were previously were trying to purchase a turn-key business and were funded thru prosper for the full $ 25,000.00. However we lost the bid on that business and felt obligated to cancel and re-post just as we promised some of our bidders/lenders. We are now back to our original plan of opening our own store.
We have the initial inventory & just yesterday purchased the remainder of the fixtures. We need these funds for our deposit, first/last months rent on the retail space, a POS system my wife wants to keep the store organized and some purchasing funds to buy from the public when we open. We will be offering the landlord $ 1.25 a square foot for a 2800 sq ft retail space. There is a Longs Drugs, Save Mart grocery store, Payless Shoe Source, Dollar Tree, My Donald’s & a Taco Bell in the same shopping center so there is not a lack of traffic.
The city of Modesto is a large growing community & has recently experienced a baby boom. What a perfect time to introduce a used children’s store.
As disclosed in our previous add we have two credit cards that have 8,000.00 balances each due to a car accident. Our mechanic took our BMW for a joy ride and completely wrecked the front end. We are just about to settle with his insurance for approx $ 18,000.00 which includes repairs & rental.
Please feel free to e-mail me with any questions you have.
Our credit card debt as follows:
Capital One $ 7800.00 (car accident repairs & legal fees) 0%
Citi Card $ 8,000 (car accident repairs and legal fees) 0%
Chase Universal $ 6100.00 (personal charges, & landscaping for home)
Chase Visa $ 3,200.00 0% (personal charges) 0%
MOCSE CU Card $ 3,000.00 (use to pay for rental & other misc during car accident) fixed 12%
World Market $ 1100.00 (no payments for another 10 months)
We do not have any late or delinquent accounts and we pay all of our bills on time all of the time!
We would appreciate your bid and thank you for your confidence in our ability to succeed.
Here is a graph of all loans on Prosper with A credit and a DTI of < 21% and Loan Amount $14,000 +/-$5,000 funded in the last 100 days:

| Number of Loans |
Average Amount Borrowed |
Weighted Average |
Standard Deviation |
| 101 |
$19,764.35 |
15.74% |
3.15% |
The weighted average plus 1 sigma is 18.89%. The weighted average plus 2 sigma is 22.04%. This loan is between 1 and 2 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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April 26th, 2007 — Loan Review, Prosper.com
A new loan funded (paying off taxes – $25,000 at 11.44%). I participated via my standing orders Low Amt (<15K) Mid DTI(<25%) AF (Autofunding) and Low Amt (<15K) High DTI(<40%) AF (Autofunding). The borrower had A credit, a 21% DTI. 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 $5,047.15 in principal across 79 loans ($63.89 per loan) with an weighted average interest rate of 17.59% and an account value of $5,387.82. Each loan on average is 1.2% of my portfolio with a maximum in any one loan being 3.7%.
Here is the listing:

For the readers that believe in reading the actual description without modification:
Purpose of loan is to pay off taxes My financial situation: I have been working at the post office for 15 years.
(explain why you are a good candidate for paying back this loan)
My monthly budget:
Mortgage/rent: $700
Insurance: $100
Car expenses: $80
Utilities: $0
Phone, cable, internet: $100
Food, entertainment: $100
Clothing, household expenses $20
Credit cards and other loan payments: $400
Other expenses: $0
—————————————
Total monthly expenses: $1500
Here is a graph of all loans on Prosper with A credit and a DTI of < 21% and Loan Amount $14,000 +/-$5,000 funded in the last 100 days:
| Number of Loans |
Average Amount Borrowed |
Weighted Average |
Standard Deviation |
| 66 |
$12,108.32 |
11.67% |
2.66% |
The weighted average plus 1 sigma is 14.33%. The weighted average plus 2 sigma is 16.99%. This loan is between 1 and 2 sigma higher than the mean. I love standing orders.
What do you think?
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April 25th, 2007 — Loan Review, Prosper.com
A new loan funded (Financial Freedom / Credit Card Consolidation – $25,000 at 11.44%). I participated via my standing order RL Overlooked. The borrower had AA credit, a 37% DTI. 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 $5,047.15 in principal across 79 loans ($63.89 per loan) with an weighted average interest rate of 17.59% and an account value of $5,387.82. Each loan on average is 1.2% of my portfolio with a maximum in any one loan being 3.7%.
Here is the listing:

For the readers that believe in reading the actual description without modification:
Purpose of loan:
Hello, Prosper Lenders, I am re-listing and providing more information this time around. I’m putting it all out there. I’m a hard-working, dedicated teacher, a mother of 3 (one married), and a responsible tax-paying citizen. Like many, I have over-extended myself with credit card debt and a credit union loan. I made the loan to buy our daughter a car. I make my monthly payments on time every month, but don’t seem to be getting anywhere with the credit cards. I’m hoping to combine the credit union loan I have, pay off some smaller bills listed, and pay off the large credit card debt once and for all!
My financial situation:
I have a AA credit score, earn a good living and have never missed a payment on anything! Like many, I’ve managed to get too much debt on my credit cards and have other outstanding loans that make it hard to see progress. I want to end the frustrations of high interest and stress in my life and build a better, financially sound future for my family.
Monthly Salary (after deductions): $3300
My monthly budget:
Mortgage/rent: $0 (My husband pays our mortgage - $700 monthly)
Insurance: $320
Car expenses: $489
Utilities: $140
Phone, cable, internet: $170
Food, entertainment: $400
Clothing, household expenses $150
Credit card #1- $500 (will pay off with loan)
Furniture store loan- $120 (will pay off with loan)
Medical Bills- $100 (will pay off with loan)
Credit Union Loan- $417 (will pay off with loan)
Gas Cards $120
—————————————
Total monthly expenses: $2926
Current Extra Cash Flow: $300
Cash Flow w/Prosper Loan to Consolidate: $650
I appreciate your help and your time!
Respectfully yours,
Dedicated Teacher
Here is a graph of all loans on Prosper with A credit and a DTI of < 13% and Loan Amount $15,000 +/-$5,000 funded in the last 100 days:

| Number of Loans |
Average Amount Borrowed |
Weighted Average |
Standard Deviation |
| 68 |
$20,770.59 |
11.25% |
2.80% |
The weighted average is 11.25%. This loan is 0.19% above the mean. I love standing orders, but I have since revised this standing order upwards… Iam also thinking of splitting into 2 standing orders based on loan size.
What do you think?
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