Author Topic: trouble picking up new loans  (Read 4506 times)

Natalie-OBX

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trouble picking up new loans
« on: March 31, 2014, 03:16:48 PM »
Hello - I got tired of the noontime race of wasting my time to possibly pick up 1 or 2 loans on Prosper.  I decided to set up a filter to use their AQI.  I've gotten less than 5 loans over the last 3 weeks, and I have plenty of money available. 

So, my question, is the AQI too slow, or is there something wrong with my filter?

C, D, E, HR
debt consolidation
3 year loans
0 to 0 inquiries
10 to 50 open credit lines
income at least 50k

Is there a site that provides this service for Prosper investors?  I've been using BlueVestment for Lending Club, and that's working great.

Any advice would be appreciated.

--Natalie

thezfunk

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Re: trouble picking up new loans
« Reply #1 on: April 01, 2014, 03:06:12 PM »
It's a problem with Prosper right now.  Their auto invest feature runs well after the hour.  I think somewhere Peter mentioned it's 20 mins after release? 

I don't know of an auto invest service yet available for Prosper.  I also use BlueVestment and desperately wish Nathan supported Prosper.  I don't know of any that do.  I could very well be wrong.

Fred93

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Re: trouble picking up new loans
« Reply #2 on: April 01, 2014, 04:01:49 PM »
I don't know of an auto invest service yet available for Prosper.  I also use BlueVestment and desperately wish Nathan supported Prosper.  I don't know of any that do.  I could very well be wrong.

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rocco.g

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Re: trouble picking up new loans
« Reply #3 on: April 01, 2014, 09:10:40 PM »
The AQI is the problem, not your filter.  If you run your filter at http://www.nickelsteamroller.com/#!/link?l=3a81dfc985df6be12fd04810fb65aef2 and zoom in on "Origination Date" you can see that there are about 10 fractional loans a week that meet your criteria, so you should be bidding on more than 10 a week, not less then 2.

http://www.nickelsteamroller.com/ supports both Prosper and Lending Club API access and if you send me a message with your nickelsteamroller username, I can turn this feature on for your account so you can try it out.

We have a few features that are not generally available to the public right now, and this is one of them.  We plan on opening up different tiers of service in the future to make these features available.  Some will be free, others will cost money.  We are still working out the details.

-Rocco

Peter

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Re: trouble picking up new loans
« Reply #4 on: April 02, 2014, 12:31:02 AM »
Rocco is spot on. AQI is simply too slow. I use NickelSteamroller to invest right now though the API and I am finding several loans every single day that meet my criteria. And my cash balance is always below $200 on a $65K+ account.
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Natalie-OBX

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Re: trouble picking up new loans
« Reply #5 on: April 02, 2014, 04:14:14 PM »
Thanks guys.  I will check out both sites.

Rocco - I sent you a private message.

--Natalie

james

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Re: trouble picking up new loans
« Reply #6 on: April 02, 2014, 11:43:22 PM »
When talking to LC about access for BlueVestment, they very strongly advised against it and pointed out that I would have to give my credentials to a third party. . .  Are you more experienced folks not concerned about this additional risk?
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thezfunk

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Re: trouble picking up new loans
« Reply #7 on: April 03, 2014, 10:18:30 AM »
When talking to LC about access for BlueVestment, they very strongly advised against it and pointed out that I would have to give my credentials to a third party. . .  Are you more experienced folks not concerned about this additional risk?

Sure, it's a risk.  It's either I risk my credentials or I get 0 notes that I want.  I can die in a car accident on the way to work but that doesn't stop me from getting in the car and driving.  Everything in life is a risk and you pick what you are willing to risk.

BruiserB

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Re: trouble picking up new loans
« Reply #8 on: April 03, 2014, 12:34:16 PM »
When talking to LC about access for BlueVestment, they very strongly advised against it and pointed out that I would have to give my credentials to a third party. . .  Are you more experienced folks not concerned about this additional risk?

Sure, it's a risk.  We are putting faith in the owners of the sites to trust them with our credentials and also to ensure that they are protecting them from being hacked by someone else.  I have personally corresponded and/or spoken to the people that run both LendingRobot and Bluevestment and am personally satisfied that both of these companies are on the up and up, but that is of course no guarantee that they are.

Of course there are some things that can be done to mitigate the risk.....it's probably not a good idea to use the same login credentials for Lending Club, Prosper, or any of the 3rd party sites that you use for your other financial accounts.  It would be hard for someone to clean out your LC account instantly as they would have to sell all of your notes and then change the account they transfer the balance to....all of which would take time.  But if they got your credentials and they are the same as you use for your other financial accounts, you'd be much more at risk.

Hopefully LC will eventually update the way they use the API to make it unnecessary to give your full credentials to third party filtering sites.
« Last Edit: April 03, 2014, 12:36:04 PM by BruiserB »