Author Topic: Wonder if anyone else has expreienced this...  (Read 2995 times)

Dennis

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Wonder if anyone else has expreienced this...
« on: December 03, 2013, 02:41:48 AM »
Yesterday I invested $25 in an E note, but much to my amazement, when I went to check my "pending" file to see if it had fully funded yet, I saw that somehow my investment in that particular note totaled only $14 (??)  About 2 minutes after I invested in that note my "Pending" file showed roughly a 50% funding for it so far, that it was a "manual" investment (by me), and that I had more than enough $$ in my account for the measly $25 investment.  So I'm wondering - what happened that I got filled for only $14??? Either I accidently hit the wrong keys and invested $14 instead of $25 (I highly doubt that after 2,000+ purchased notes so far (between 3 P2P accounts) - never has happened before), or there was some sort of glitch with Prosper.  I thought $25 was the minimum investment anyway, even if I did make some sort of mistake (which I didn't).  So what happened - anyone???           
« Last Edit: December 03, 2013, 02:45:10 AM by Dennis »

core

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Re: Wonder if anyone else has expreienced this...
« Reply #1 on: December 03, 2013, 03:04:52 AM »
Maybe there was only $14 left to fund.  I know you said it showed only 50% funded when you checked it, but perhaps Prosper has some algorithm set up for VIPs/institutions/journalists that can cause your order to get bumped down the queue.  Strange that this issue has been mentioned twice in one week now though.  I wonder if they haven't changed something recently.

Dennis

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Re: Wonder if anyone else has expreienced this...
« Reply #2 on: December 03, 2013, 03:24:10 AM »
Just had a thought as I'm trying to figure this out, if you look at the numeric keyboard (available on most computers), the 1 and 4 ($14) align perfect with the 2 and 5 ($25) on the keyboard, so the 1 and 4 is exactly to the left of the 2 and 5.  So I guess it is possible that I hit 1 and 4 instead of the 2 and 5, in the passion of trying to secure a note where notes typically disappear rapidly, but IF that did happen why would the Prosper software allow me to invest in a note with less than the $25 minimum??  Did the $25 minimum policy change?









MarinBB

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Re: Wonder if anyone else has expreienced this...
« Reply #3 on: December 03, 2013, 10:41:07 AM »
No, the $25 min is still in place. I suspect that the listing only had $14 left to fund at the time when your manual bid reached their system. Just to make sure, when all was said and done, you did end up having $14 on this listing in question and not $25, right?

I would email this question to them. I have seen cases where the website, the pending investments section, and the API are out of sync. The most common case is that a listing appears as open for bidding (not fully funded) in a website search but it is in fact already filled and new bids on that listing from either the website or the API will fail. This state can persist for ~0-3mins.

I'm not aware of any preferential bid treatment for large, small, VIP, etc., investors beyond the whole loan program. I use both the API and the website and have not yet seen anything to suggest that bids are not honored on a first-come, first-served bases.



Dennis

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Re: Wonder if anyone else has expreienced this...
« Reply #4 on: December 03, 2013, 02:58:17 PM »
Just to make sure, when all was said and done, you did end up having $14 on this listing in question and not $25, right?

Correct.  I'm stuck with a $14 note, and the listing showed roughly only 50% funded for a few minutes after I invested in it.  It would make sense though, as you suggested, that the funding level could have been out of sync and I got the last remaining bid of $14.  But if that were the case, then why wouldn't it have cancelled or declined my investment when I inputted $25?  Normally it does that if you're the last bidder and you input an amount different than the exact remaining amount (when there's less than $25 remaining).

MarinBB

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Re: Wonder if anyone else has expreienced this...
« Reply #5 on: December 03, 2013, 03:41:36 PM »
Maybe the bit that determines the funding % also makes the initial decision of whether to accept a bid into the system. If it thought that the listing was only 50% funded, then it would have made sense to accept the whole $25.

Either way, I would drop them a line about this case. It really shouldn't be happening.

Kombinator

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Re: Wonder if anyone else has expreienced this...
« Reply #6 on: December 03, 2013, 07:01:37 PM »
The only time I ever saw this on Prosper (and it happened to me a few times) is when the note is fully funded and there is only a sub-25 stub left.  The funded status update lags behind reality, this is extremely apparent on lending club where I consistently get filled for a fraction of my initial submission, sometimes a small fraction.