Anyone Use Prosper/Lending Club, etc. (fund, credit rating, collection, bankrupt)

[Texas User]

Anyone?

Pretty decent returns.

[pghquest]

I've done prosper, still holding some loans there. Retuns have been ok, nothing to jump for joy over because while some of them are great returns, a very large percentage of them default quickly.

[Texas User]

Originally Posted by pghquest

I've done prosper, still holding some loans there. Retuns have been ok, nothing to jump for joy over because while some of them are great returns, a very large percentage of them default quickly.

I use Prosper also. One filed for Bankruptcy. Most are Current.

[pghquest]

Originally Posted by Texas User

I use Prosper also. One filed for Bankruptcy. Most are Current.

I had 64 notes
36 current
1 late
1 in collections
16 charged off (1 in bk)
10 paid off

Luckily the charged off ones were the smaller loans and the ones current are the larger piced loans. (largest loan given was $1,265.76).

Ironically those with the better credits bill consolidations are the charge offs, and those business loans I made are the ones all current.

Average note yield 21.05%

[Texas User]

Originally Posted by pghquest

I had 64 notes
36 current
1 late
1 in collections
16 charged off (1 in bk)
10 paid off

Luckily the charged off ones were the smaller loans and the ones current are the larger piced loans. (largest loan given was $1,265.76).

Ironically those with the better credits bill consolidations are the charge offs, and those business loans I made are the ones all current.

Average note yield 21.05%

Wow, very good. Some people make a living off of that, is that true?

[pghquest]

Originally Posted by Texas User

Wow, very good. Some people make a living off of that, is that true?

I cant imagine that being true. Here is a chart of all lenders, if you sort by loan amount, some have nearly $1M but they get hardly any return and many of them actually receive negative returns.
LendingStats - Prosper Lenders

The problem is that there are only so many good loans and tons of bad ones. When you put in $1M, you end up throwing money at loans and dont take the time to properly analize each prospect.

If you sort them by return, and you'll see those with the highest return are those with the smallest loan lent out.

Here is a link to my charts there,
LendingStats - Prosper Loan Performance

[Texas User]

Originally Posted by pghquest

I cant imagine that being true. Here is a chart of all lenders, if you sort by loan amount, some have nearly $1M but they get hardly any return and many of them actually receive negative returns.
LendingStats - Prosper Lenders

The problem is that there are only so many good loans and tons of bad ones. When you put in $1M, you end up throwing money at loans and dont take the time to properly analize each prospect.

If you sort them by return, and you'll see those with the highest return are those with the smallest loan lent out.

Here is a link to my charts there,
LendingStats - Prosper Loan Performance

I would just give very small amount lot of average to good credit folks.

Give the higher amounts to the top credit rating prospects.