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:

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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Loan Review, Prosper.com