Lend Academy Network Forum

Prosper Discussion => Investors - P => Topic started by: GM on September 12, 2011, 03:36:21 PM

Title: How Can Prosper Improve for Investors?
Post by: GM on September 12, 2011, 03:36:21 PM
Hello,

We are interested in knowing how we can improve for investors.  What suggestions do you have to improve your experience on Prosper? 

Let us know.

Glenn G. Millar
Prosper.com
Title: Re: How Can Prosper Improve for Investors?
Post by: WES on September 12, 2011, 05:21:47 PM
"My Account" page should show total investment, so you don't have to add notes + cash + pending.

"Browse Listings" and  page should allow sorting by column headers.

"Search Results" should have more columns, to allow sorting by levels, ie, Level 1 = Yield, Level 2 = Term, Level 3 = Rating, etc.
Title: Re: How Can Prosper Improve for Investors?
Post by: Peter on September 12, 2011, 05:58:50 PM
The biggest improvement I would like to see is an email or SMS notification service where Prosper can let me know if a new loan that meets one of my saved searches has come on to the platform. Sometimes loans I am interested in are fully funded before I get the chance to bid thanks to the large institutional guys like worth-blanket2 snapping up the lion's share of the loan.

One other things I would like to see is improvements to your performance and statistics section. A Lendstats-type utility should be part of the offering here.
Title: Re: How Can Prosper Improve for Investors?
Post by: Bilgefisher on September 14, 2011, 12:47:41 PM
The biggest improvement I would like to see is an email or SMS notification service where Prosper can let me know if a new loan that meets one of my saved searches has come on to the platform. Sometimes loans I am interested in are fully funded before I get the chance to bid thanks to the large institutional guys like worth-blanket2 snapping up the lion's share of the loan.

One other things I would like to see is improvements to your performance and statistics section. A Lendstats-type utility should be part of the offering here.
-I agree with this 100%.  My loan criteria is very tight.  Only around 4-5 loans a week meet that criteria.  I find I have to log in at 6 am to beat the institutional investors to the loan.

-Also, I would like to see a quicker processing of deposits into my account from my bank(especially when if my bank account is verified). Every other payment processor out there allows instant purchases.  It currently takes 7 days on prosper.   I have come across a few loans that I would have invested in if I could deposit quickly and invest quickly.  I realize that a $500 deposit will allow instant investing, but often if I only invest smaller amounts per loan. I do not wish to deposit $500 and tie up my money when I will only be investing $100 in the loan.

-As far as items I really like, your openness with information.  I use lendstats all the time to refine my investments.  The fact that you allow the data mining of that information is huge. I feel I have more information available to make a well researched investment.  It puts you ahead of the pack.  It is the main reason I primarily invest with Prosper.
Title: Re: How Can Prosper Improve for Investors?
Post by: Bilgefisher on September 14, 2011, 12:49:57 PM
"My Account" page should show total investment, so you don't have to add notes + cash + pending.

I like this suggestion as well.  I repeatedly have to manually add these numbers.
Title: Re: How Can Prosper Improve for Investors?
Post by: ChrisProsper on September 16, 2011, 06:21:50 PM
Thanks for the posts! On the Instant Transfer request, that one we can change right away and you'll be happy to note that we just reduced the minimum from $500 to $25 effective right now! We had originally set $500 as the minimum to ensure we didn't get too many bounced deposits, but the experience has been pretty good to date so we'll reduce the minimum to $25 and watch the results. Btw, I agree with the need, almost all my bids are made after instant transfers - which I love. Thanks for the feedback to enable this feature more broadly. Enjoy!
Title: Re: How Can Prosper Improve for Investors?
Post by: Peter on September 16, 2011, 11:23:39 PM
Thanks for the posts! On the Instant Transfer request, that one we can change right away and you'll be happy to note that we just reduced the minimum from $500 to $25 effective right now! We had originally set $500 as the minimum to ensure we didn't get too many bounced deposits, but the experience has been pretty good to date so we'll reduce the minimum to $25 and watch the results. Btw, I agree with the need, almost all my bids are made after instant transfers - which I love. Thanks for the feedback to enable this feature more broadly. Enjoy!
Thanks Chris. Now that is good service. I think that is something that will be appreciated by many investors.
Title: Re: How Can Prosper Improve for Investors?
Post by: Bilgefisher on September 19, 2011, 09:50:14 AM
Thanks for the posts! On the Instant Transfer request, that one we can change right away and you'll be happy to note that we just reduced the minimum from $500 to $25 effective right now! We had originally set $500 as the minimum to ensure we didn't get too many bounced deposits, but the experience has been pretty good to date so we'll reduce the minimum to $25 and watch the results. Btw, I agree with the need, almost all my bids are made after instant transfers - which I love. Thanks for the feedback to enable this feature more broadly. Enjoy!

I really appreciate this.  I look forward to more investments and I hope this results in many other investors doing that same for you.
Title: Re: How Can Prosper Improve for Investors?
Post by: Bilgefisher on September 28, 2011, 10:00:53 AM
Another small suggestion.  Would it be possible to put an identifier next to the cash back listings?  A star or note. 

Currently the only way to know if certain loans are cashback, is to click on your cashback link.  I then have to go through each loan 1 by 1 to see if they meet my criteria.

When I do a search for my investment criteria, it would be helpful to know which ones are cashback loans.  Combined with the new instant transfers (which I greatly appreciate), this would also make investing choices easier and more frequent.


Thank you

Jason
Title: Re: How Can Prosper Improve for Investors?
Post by: nonattender on September 28, 2011, 10:39:01 AM
Another idea:

Peter had a blog column about a friend of his investing her first $5k in huge chunks (like $500-$1k per loan).  I know it's impossible to know
whether this behavior is from someone who plans to begin investing $5k per week or month or the like, but some kind of popup when users,
say, have an account balance of $5000 and then plop down bids that are greater than 5% or so of their total account value, reminding them
about the benefits of diversification, might be nice - and forestall any bad feelings against the platform by those who make such a mistake...

I realize that gets tricky, with instant xfers, and not necessarily having a useful denominator to look at, to gauge diversfication - and also not
having a crystal ball to know whether $1k or so bids per loan might still provide statistically meaningful diversification if the investors intends
deployment of $100k+ or so - but, maybe just target it to new investors or for the first five bids someone makes, if they are disproportionate.

I know this stuff exists in other parts of the site, but, something at point of bidding, much like how you used to pop up a warning when a bid,
under the old auction model, was significantly under the expected historical return for loans with similar credit characteristics, might be good.

Not everyone has a friend like Peter, who understands the need to diversify in p2p - but, then again, maybe Peter's friend is just an anomaly.
Anyway, just me worrying about people going away mad, when, if they'd do it right, they'd stick around and make themselves some dough...
Title: Re: How Can Prosper Improve for Investors?
Post by: Peter on September 30, 2011, 11:25:10 AM
Another idea:

Peter had a blog column about a friend of his investing her first $5k in huge chunks (like $500-$1k per loan).  I know it's impossible to know
whether this behavior is from someone who plans to begin investing $5k per week or month or the like, but some kind of popup when users,
say, have an account balance of $5000 and then plop down bids that are greater than 5% or so of their total account value, reminding them
about the benefits of diversification, might be nice - and forestall any bad feelings against the platform by those who make such a mistake...


Peerlend, I think this is great in theory but I doubt anything like this will happen. Both Prosper and Lending Club are prevented from providing investment advice and this sort of thing could easily be construed as such.
Title: Re: How Can Prosper Improve for Investors?
Post by: chasingbread on September 30, 2011, 01:33:23 PM
Would a smartphone application be too costly to develop? With loans going quickly these days, I find myself not by a computer to log in before the good loans get snatched up. The mobile browser is ok, but an app would make things much easier and quicker. Just a thought.
Title: Re: How Can Prosper Improve for Investors?
Post by: 312lender on September 30, 2011, 09:12:10 PM
Prosper suggestions:
- a way to filter out all listings with 2 DQs. meaning, a filter that allows me to bid on listings with 0-1 and 3-99 DQs.

Folio Suggestions:
-search notes in folio by the same loan criteria prosper uses
-automated bidding on folio notes once they list
-automated listing of notes once they reach x payments remaining
-ability to create more than 10 listings at a time within Folio
-set folio note price by yield, not just premium
Title: Re: How Can Prosper Improve for Investors?
Post by: nonattender on October 01, 2011, 09:36:22 AM
Another idea:

Peter had a blog column about a friend of his investing her first $5k in huge chunks (like $500-$1k per loan).  I know it's impossible to know
whether this behavior is from someone who plans to begin investing $5k per week or month or the like, but some kind of popup when users,
say, have an account balance of $5000 and then plop down bids that are greater than 5% or so of their total account value, reminding them
about the benefits of diversification, might be nice - and forestall any bad feelings against the platform by those who make such a mistake...


Peerlend, I think this is great in theory but I doubt anything like this will happen. Both Prosper and Lending Club are prevented from providing investment advice and this sort of thing could easily be construed as such.

Actually, it'd be quiite as simple as developing a "diversification score" - visualize a little pie-chart which shows your per loan exposure...

An algorithmic solution like that could simply be informational rather than guidant:  "Your diversification % after this investment will be"

Be a nice little datapoint to see, in easy visual format, on the account page, as well... and the algo could be either simple or "weighted".

(But my motto is:  "Where regulation and innovation meet - innovation routes around."  In fact, that's rather its defining characteristic.)
Title: Re: How Can Prosper Improve for Investors?
Post by: Bilgefisher on October 03, 2011, 09:33:18 AM
Would a smartphone application be too costly to develop? With loans going quickly these days, I find myself not by a computer to log in before the good loans get snatched up. The mobile browser is ok, but an app would make things much easier and quicker. Just a thought.

This is a great suggestion.  Prosper may not have to develop it.  Could be a good app for any developer to make.
Title: Re: How Can Prosper Improve for Investors?
Post by: chasingbread on October 03, 2011, 04:20:00 PM
For convenience purposes mostly, a section that displays your "gain/loss to date" for the current monthly statement would be nice. I know I could look at my last statement and do the math, but it would be convenient and even motivating (MAYBE) if I see my gains increase throughout the month. I believe this was in place in the old days, but I am not 100% on that.

This might be totally irrelevant to some, but for me someone with only 200+ notes with a wide range of different amounts in each note, it would be nice to know what loans your most recent payments came from. With my larger notes, I like to know who is doubling up payments or just paying fast in general in order to prepare to re-deploy those funds into other worthy notes. At times, I find myself not logging in because I am not expecting any big payments coming in, but to my surprise somebody is paying early, double, etc.

For collections, I think a section for comments to be uploaded for collectors would be nice. I for one would like to at least know that collectors are actively engaging with the borrowers to collect unpaid balances. No privacy details have to be listed, but at least a simple call log that displays if contact was made or not. I don't know if there is any legal challenges to that.

My math gurus can check me on this, but would a "current ROI as of today" section be feasible? For us that are not the most savvy with numbers, statistics etc., it would be nice to have at least a ESTIMATED ROI of our portfolio that updates daily automatically.  I know there are websites that provide our profile with those numbers, but for one they differ from each other in my case, and for two, not everyone is up to speed with all those third-party sites.

Just a few suggestions that are entirely necessary, but they would add to the platform as a whole.

Thanks.
Title: Re: How Can Prosper Improve for Investors?
Post by: Peter on October 04, 2011, 06:20:49 PM
Actually, it'd be quiite as simple as developing a "diversification score" - visualize a little pie-chart which shows your per loan exposure...

An algorithmic solution like that could simply be informational rather than guidant:  "Your diversification % after this investment will be"

Be a nice little datapoint to see, in easy visual format, on the account page, as well... and the algo could be either simple or "weighted".

I love this idea. I think something like that would be really useful and at the very least might give a person pause if they see they are poorly diversified.
Title: Re: How Can Prosper Improve for Investors?
Post by: Peter on October 04, 2011, 06:23:37 PM
For convenience purposes mostly, a section that displays your "gain/loss to date" for the current monthly statement would be nice. I know I could look at my last statement and do the math, but it would be convenient and even motivating (MAYBE) if I see my gains increase throughout the month. I believe this was in place in the old days, but I am not 100% on that.

This might be totally irrelevant to some, but for me someone with only 200+ notes with a wide range of different amounts in each note, it would be nice to know what loans your most recent payments came from. With my larger notes, I like to know who is doubling up payments or just paying fast in general in order to prepare to re-deploy those funds into other worthy notes. At times, I find myself not logging in because I am not expecting any big payments coming in, but to my surprise somebody is paying early, double, etc.

For collections, I think a section for comments to be uploaded for collectors would be nice. I for one would like to at least know that collectors are actively engaging with the borrowers to collect unpaid balances. No privacy details have to be listed, but at least a simple call log that displays if contact was made or not. I don't know if there is any legal challenges to that.

My math gurus can check me on this, but would a "current ROI as of today" section be feasible? For us that are not the most savvy with numbers, statistics etc., it would be nice to have at least a ESTIMATED ROI of our portfolio that updates daily automatically.  I know there are websites that provide our profile with those numbers, but for one they differ from each other in my case, and for two, not everyone is up to speed with all those third-party sites.

Just a few suggestions that are entirely necessary, but they would add to the platform as a whole.

Thanks.

More good ideas here. I am not sure why Prosper don't even show you an ROI whereas at Lending Club it is front and center when you login. Lending Club also provides all the details from the collections agency which I find useful and I know many, many people have complained about this lack of transparency at Prosper.

I am going to remind them again of the many great ideas presented here.
Title: Re: How Can Prosper Improve for Investors?
Post by: Bilgefisher on October 10, 2011, 01:27:56 PM
Peter,

With the forum reorganization, is it possible their accounts were deleted?  I know mine was.

Jason
Title: Re: How Can Prosper Improve for Investors?
Post by: Bilgefisher on October 13, 2011, 02:43:56 PM
-I would like to be able to have two notes on 1 listing.

Currently if I bid $50 on a loan then later bid $100.  I will have a $150 note.

I would rather have a $50 note and $100 note.  $150 note is much harder to sell on folio then the smaller notes.
Title: Re: How Can Prosper Improve for Investors?
Post by: Peter on October 13, 2011, 06:11:54 PM
Peter,

With the forum reorganization, is it possible their accounts were deleted?  I know mine was.

Jason

Yes, unfortunately Chris Larsen's account was deleted (I was mortified about this whole thing) but I reached out to him and he has since re-created his account. I am going to talking with him soon and I will mention it again.
Title: Re: How Can Prosper Improve for Investors?
Post by: Bilgefisher on October 27, 2011, 12:41:01 PM
I stand corrected on the searching for featured loans.  I can setup a saved search for featured loans with my search criteria.  Pretty easy to do.

I still think a little indication that the note is featured may be helpful.
Title: Re: How Can Prosper Improve for Investors?
Post by: Peter on October 28, 2011, 12:55:11 PM
I stand corrected on the searching for featured loans.  I can setup a saved search for featured loans with my search criteria.  Pretty easy to do.

I still think a little indication that the note is featured may be helpful.

But the question is will you ever find featured loans that meet your criteria. I think in the last year I have found one featured listing that met my criteria.
Title: Re: How Can Prosper Improve for Investors?
Post by: Bilgefisher on October 28, 2011, 01:55:14 PM
Peter,  The same is true for me.  I did not even know it was a featured note until the 3.25% showed on my detail page.

I have 3 loan filters setup currently.  One for featured plus all my other requirements, one with just my requirements, and one with bare minimum 30+ payments.  I do the last just to see how many repeat borrowers are out there at D or lower.

I have only seen 1 featured borrower with 30+ payments history and s/he has so many other negative factors I couldn't even try to bid on it.
Title: Re: How Can Prosper Improve for Investors?
Post by: GM on October 28, 2011, 04:04:48 PM
Hope you all saw some of the changes on Prosper which have taken place in the last couple of days, which came straight from your requests.

1)  We now show asset allocation.
2)  We now show your ROI on your investor overview page.
3)  We introduced automatic Quick Invest, so as loan requests are posted on the site, your Quick Invest can automatically invest in them and you don't miss out.

Here's a blog post about them: http://blog.prosper.com/2011/10/27/new-for-investors-asset-allocation-seasoned-returns-and-more/

Hope you like these changes and we are looking forward to your feed back.

We are working on your other suggestions as well.  Stay tuned!

Glenn G. Millar
Prosper Employee
Title: Re: How Can Prosper Improve for Investors?
Post by: Bilgefisher on October 28, 2011, 06:28:15 PM
Glenn.  Gotta say, those changes are a huge improvement.  I think it was mentioned on the blog, but it adds a level of sophistication to the site.  Hopefully it helps draw in more investors and borrowers alike.

Jason
Title: Re: How Can Prosper Improve for Investors?
Post by: WES on October 29, 2011, 03:57:01 PM
Glenn,

I agree that the changes are a big improvement. But the overview page should show a  summary of notes, counted by active, paid, late, in review, listed for trade. And you should be able to pull up inventory detail for each category count by clicking on it.

And it would be nice to see collection details for past due notes, similar to what Lending Club shows.
Title: Re: How Can Prosper Improve for Investors?
Post by: jimr on January 26, 2012, 11:27:43 AM
just starting with HR loans being extremely picky and have found some I like only to fill aeconds before I throw my $25 out, Always worth-blanket2, kinda annoying
Title: Re: How Can Prosper Improve for Investors?
Post by: GM on January 26, 2012, 02:21:36 PM
just starting with HR loans being extremely picky and have found some I like only to fill aeconds before I throw my $25 out, Always worth-blanket2, kinda annoying

Have auto tried auto quick invest?  That's why you are getting beat out.  In auto quick invest you designate the types of loans you want and how much you want to invest and as the listings show up you are automatically invested. 

Hope that helps.

Glenn G. Millar
Prosper Employee

Title: Re: How Can Prosper Improve for Investors?
Post by: DanB on February 07, 2012, 08:26:40 PM
I'd like to know why it takes 5-7 days for a sold note to settle at Prosper when it takes 1-3 days at Lending Club. They both use Folio. During the entire week long process Prosper or someone holds onto to my money for free.
Title: Re: How Can Prosper Improve for Investors?
Post by: GM on February 07, 2012, 09:39:09 PM
I'd like to know why it takes 5-7 days for a sold note to settle at Prosper when it takes 1-3 days at Lending Club. They both use Folio. During the entire week long process Prosper or someone holds onto to my money for free.

Dan - We do not hold on to investors' money without giving them access.  As soon as we have the funds in hand, they are available to the investor.  Since many investors reinvest these funds in Prosper notes, it would not be in our interest to delay the investor from reinvesting.

Glenn G. Millar
Prosper Employee
Title: Re: How Can Prosper Improve for Investors?
Post by: DanB on February 07, 2012, 10:57:09 PM
Well that's very comforting but it doesn't answer my question. So again,  I'd like to know why it takes 5-7 days for a sold note to settle at Prosper when it takes 1-3 days at Lending Club. Both companies use Folio. And I don't care what most investors do with their money. The indisputable fact is that I have access to my money within 1-3 days at Lending Club whereas it takes up to a week to get access to my money at Prosper. WHY?
Title: Re: How Can Prosper Improve for Investors?
Post by: dagilbe on November 27, 2012, 10:48:57 AM
Prosper can Prosper by doing the following:

1.  Enable lenders to search for blender listings. 
2.  Including specific income information like LC; instead of $25k to 50k; or 50k to 75k. 
3.  Including employers name like LC.
4.  Going Public- an IPO would generate much needed cash for Prosper and would bring new interest to P2P. 
5.  Get serious about collection efforts.  Unlike LC, Prosper will not pursue defaulted loans through the court system.  Prosper can even bring this service in-house as another way to generate additional revenue. 
6.  Keep lender promotions and have them more frequently throughout the year. 
7.  Have borrower payments be made on regular intervals instead of sporadically.  I know when new loans are issued, 11 a.m. and 7 p.m. central time on the weekdays, but I never know when borrower payments will hit my account. 
8.  Offer longer term notes. 
9.  Provide other borrower information including assets, equity in home, and net worth.
10.  Provide additional information regarding debts.  If a borrower has a 24% DTI and does not have CC debt, I have no idea what the rest of the debt is. 
Title: Re: How Can Prosper Improve for Investors?
Post by: Lovinglifestyle on November 27, 2012, 12:34:24 PM
Dagilbe, +1 for above post.  Thanks for writing it all out.

#s 2,3,5, 9 if possible, and 10 would get me back on board.  LC loses points for ease of use, but at least it has some information. 
Title: Re: How Can Prosper Improve for Investors?
Post by: NoGoodDeed on November 28, 2012, 11:20:44 AM
Alas, the OP, GM, hasn't logged into this forum since February.
I think this leaves Prosper without any direct involvement in these forums.