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Messages - DiligentiaLLC

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Investors - P / "Principal adjustments" on Prosper Monthly Statement
« on: December 11, 2012, 04:01:11 PM »
Today I view my monthly statement from Prosper and I see I lost money from the line item "Principal adjustments".  The statement gave no explanation why I lost money, nor did it explain what a "Principal Adjustment" even is (in the context of Prosper investing).  Google offered no solid explanation either.

Any answers out there?

Suggestions / "Show unread posts since last visit" Not Working
« on: September 12, 2012, 12:05:22 PM »
Hey Peter,

When I click on the link "Show unread posts since last visit." on your forum I get the following result:

No unread topics found since your last visit.

I know for a fact this is not true as I can easily find posts I have not read (by manually searching).

Any ideas?  Logging in and out of the forum doesn't fix the issue either.

Anyone else having this problem?

General P2P Lending Discussion / $50k limit for loans?
« on: June 18, 2012, 09:23:49 AM »
I noticed most banks offer unsecured loans and lines-of-credit up to $50k.  Why doesn't Lending Club or Prosper off a loan up to this amount? I wonder if they will in the future?  Anybody heard anything on this topic?

Investors - P / Re: Debt Sales
« on: June 08, 2012, 04:33:11 PM »
Then get that guy (USMC Retired) that used to invest in Lending Club & who asked endless questions (when it was allowed), to do the collections. No one is more meticulous, patient, persistent, repetitive.

hahahah I used to love that guy.  I always felt like investing with him was a social investment stamp of approval.   ;D

It's a shame Lendstats can't report on how well he did.

Suggestions / Active "State Tracker/Progress Page"
« on: June 07, 2012, 01:43:03 PM »
Peter, the last update I have seen on your blog with regard to states available for borrowing/investing is a year old:

Do you have a page somewhere else on your site that keeps a current running list of all states that LC & Prosper now support for borrowers & investors?

Investors - P / Re: Class action lawsuit
« on: June 04, 2012, 02:58:59 PM »
Haven't heard anything about it.  According to the document, what are they being sued for?

I don't think they are doing it out of any loyalty to Prosper or Lending Club

I would partially agree with your statement.  The part I agree with is that brand loyalty probably plays little or no part in the lending decision. But I must be fair and admit I can think of many friends and relatives that only do business with one particular bank because "they have been banking with them for years" - not because they shopped around and made the decision on interest rate competitiveness.  So the more I think about it, who knows, maybe brand loyalty to Prosper/LC could play a part with some tech savvy folks?

I think the borrowing process is quick and easy but the bottom line is most likely that this is the best rate they can find.

This part I respectfully disagree with.   ;)  I think convenience is a motivator for some folks, especially those with higher credit grades who have other loan options and are more likely to have opportunities to not go full term with the money they need at the moment.  A great example of this is with the percentage of people that pay off loans early on both p2p platforms.  For the higher credit grade folks that have that done the math on the time value of their loan, a few mouse clicks and X,000 in two weeks is much more convenient than having to argue with a banker on why you are a good "risk" for them to take and then have to provide the mountain of paperwork and applications to prove as such. This is all the more true when the borrower knows privately (or publicly) they are only going to need the money for less than a year anyway so the interest accrual effect between Prosper at 12% and local bank at 10% (if even possible nowadays) over a period of less than 12 months could be considered by some as nothing more than a convenience cost.

What was especially surprising to me about the announcement was how it reflected a possible shift in lending choices. Folks with A & B credit scores would traditionally be able to borrow from a bank and/or liquid accounts that offer them competitive interest rates (such as credit cards or lines-of-credit).  To see people with higher credit profiles choose p2p lending when in fact this demographic has more options is pretty exciting. 

Investors - LC / LC Deposit Delay for New Money
« on: April 09, 2012, 02:20:21 PM »
I found out why Lending Club takes four business days to process a deposit/transfer of new money into one's account before the money is available for investing. As some of you may know, the deposit is instant with Prosper so I inquired with my LC rep as to why it takes so much longer with them.  Below is the response I received:

"The industry standard for processing and settling of an ACH transfer is 4 business days.  Some institutions are willing to take on the risk of posting credits before they have settled completely, and Prosper is apparently one of them.  We have taken the stance that we want there to be no ambiguity on the availability of the cash on the other side of the transaction."

Thought some of you may have wondered as well.

General Lending Club Discussion / Re: How can Lending Club improve?
« on: March 20, 2012, 11:14:43 AM »
I try not to become a conspiracy theorist on the matter but I am beginning to wonder if LC is not doing it on purpose. Perhaps to keep this niche market for their Prime funds or equivalent?    ???

General Lending Club Discussion / Re: How can Lending Club improve?
« on: March 19, 2012, 12:55:28 PM »
Good guess Peter, but I was speaking of the ever popular "When will LC ever offer past payment data on repeat borrowers wishing to obtain a new loan?"

Understanding that this is a very small market for Lending Club doesn't reduce the fact it is valuable data for future investments.

Investors - LC / Re: Loans paid off early. What % for you?
« on: March 13, 2012, 08:21:39 PM »
Prosper creates an incentive for repeat borrowers by reducing interest rates on the subsequent loans.  I would imagine this creates a peripheral incentive to payoff previous loans early.   Does anybody know if LC offers the same incentive for repeat borrowers?

I put a blob of money in LC last June. After 9 months, over 7% of my notes (combination of 36 & 60 month) have paid off early. Seems like a high percentage. What kinds of rates are others running?

General Lending Club Discussion / Re: How can Lending Club improve?
« on: March 13, 2012, 08:19:35 PM »
I count the "Instant Transfer" feature as one of the main advantages their platform has over LC.  I don't know why LC hasn't caught up yet...

Notice I said "one of the main advantages" and not "the biggest advantage".  Anybody want to take a guess on the biggest advantage Prosper has over LC?   (as if we don't harp about it enough already)     8)

I have no idea why Lending Club takes so long to fund your account, there should be no reason it should take longer than a brokerage account. Their arch rival Prosper has taken advantage of this and allow instant transfer of funds up to $50K.

Investors - P / Re: Monthly statements
« on: March 13, 2012, 08:15:07 PM »
WES, I have contacted Prosper on multiple occasions over the past few weeks and I keep getting "it will be out tomorrow" or "it will be out soon" and both statements never come to fruition.  As an institutional investor, our firm cannot perform our month-end performance measurements without reconciling against all account statements - so this is a major pain for us as well.  Suffice it to say I know where your frustration is coming from.

Thank you sir.  I will pass this along.

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