Author Topic: Employer removed from loan description  (Read 19358 times)

Lovinglifestyle

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Re: Employer removed from loan description
« Reply #30 on: September 29, 2013, 09:42:19 AM »
I actually prefer this to knowing the employer.  Employer's big or small lay people off and go out of business.  I think an individual's ability to bounce back from these setbacks based on what career field they choose.  In the last 10 years: I've been fired twice, Laid off twice because the plant was shutting down, changed companies for promotions 3 times, and worked as an independent contractor for a year making way more than I had working for a private company.  Any time I've sat down to look for work it normally takes 2-3 weeks for me to get multiple offers often at better pay than I had been making.

People don't work places for their whole career anymore.  Having a stable company is good, but is no guarantee of ongoing work.  I look at borrowers that can recover from job loss as a way better bet than those that work for big companies.

I agree that willingness and eagerness to work coupled with a responsible payment history are key.  Apparently we can't have the employers' names any longer, presumably for valid reasons, but I wish we could have both the employer and the title info, and some skill info as well! 

What does "Set Up Tech" mean??   

rlv99

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Re: Employer removed from loan description
« Reply #31 on: September 29, 2013, 09:29:53 PM »
I look at borrowers that can recover from job loss as a way better bet than those that work for big companies.

faeriering:

I agree with your above statement.  However, the problem is we are not provided with the data to find these abovementioned borrowers.  If you believe we are, I'd like to hear from you exactly what they are.

faeriering

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Re: Employer removed from loan description
« Reply #32 on: September 30, 2013, 09:30:57 PM »
Pharmacists
Engineers
Nurses

People in fields that have resiliency:
Petroleum, health care, etc
Trades especially those on the coasts (welder, pipe fitters, electricians, Iron workers)

Things that I would avoid:
Manufacturing jobs (unless they were extremely specialized)
Residential or commercial construction

But that's just from my personal work experience or family experience.  I'm sure there are others that you have experience with?

rlv99

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Re: Employer removed from loan description
« Reply #33 on: September 30, 2013, 10:21:11 PM »
Thank you, faeriering, for your breakout.  I wouldn't argue againest any of it, even if I was inclined to, which I am not.  But it does raise a couple of questions.  Do white collar professionals and skilled workers make better borrowers, i,e. less risk, than the remaining labor pool?  As a retired EE, there are many engineers I have known in the past who I wouldn't loan a nickle !

I have only been investing in LC since April, 2013. However, after buying into nearly 1,500 loans during that period, I know it is commonplace for these borrowers to "lie" to us and mistake the facts concerning their loan.   Therefore, I am, seemingly, constantly looking for a way to measure  the character  of the borrower, but with so very little info available to us it is almost a crap-shoot!  By removing Employer from the loan description, we lose yet one more piece of the character-puzzle, however tiny it may be. 

Good luck to all LC investors.

AnilG

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Re: Employer removed from loan description
« Reply #34 on: September 30, 2013, 11:28:59 PM »
Considering analyzing Prosper historical data. Prosper has used Job Title/Occupation for long time. Based on my review of Prosper data, Job Title/Occupation are better predictor of defaults compared to Employer Name specially when coupled with income.

Pharmacists
Engineers
Nurses

People in fields that have resiliency:
Petroleum, health care, etc
Trades especially those on the coasts (welder, pipe fitters, electricians, Iron workers)

Things that I would avoid:
Manufacturing jobs (unless they were extremely specialized)
Residential or commercial construction

But that's just from my personal work experience or family experience.  I'm sure there are others that you have experience with?
---
Anil Gupta
PeerCube Thoughts blog https://www.peercube.com/blog
PeerCube https://www.peercube.com

rlv99

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Re: Employer removed from loan description
« Reply #35 on: October 03, 2013, 05:55:14 PM »
IMO,  the Employer should be given for military personnel since they are granted certain protections in the event they default on a loan.  Just saw a loan with the job title "chief" and the location is San Diego. Using my super slueth skills,  I deduced this borrower was in the Navy although there is a chance he/she may be the head of an  indian tribe.

core

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Re: Employer removed from loan description
« Reply #36 on: October 03, 2013, 06:21:05 PM »
IMO,  the Employer should be given for military personnel since they are granted certain protections in the event they default on a loan.

It's far worse than that.  When they are deployed, the interest rate is lowered to something like 7%.   (Someone please correct me).  Protections for "defaults" should be a non-issue because deadbeats don't make it through basic training without "counseling"... right? 

Just saw a loan with the job title "chief" and the location is San Diego. Using my super slueth skills,  I deduced this borrower was in the Navy although there is a chance he/she may be the head of an indian tribe.

Heheh clever, sir.   If nobody else says so, I think that was a goal.  Hey, you should come mix it up with Dan, NJG, and I, if you are so fast on your moccasins.  Put some feathers in your hat though.

The "chief" says he works in "San Diego".    That certainly means we have to include "member of the Village People".

rlv99

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Re: Employer removed from loan description
« Reply #37 on: October 03, 2013, 06:37:11 PM »
Hey, you should come mix it up with Dan, NJG, and I, if you are so fast on your moccasins.  Put some feathers in your hat though.


I enjoy the give and take....or is it slap and smack!!!   I just might do that on occasion.  However, I don't share the same affinity for arrows sticking in my back as you three.

Randawl

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Re: Employer removed from loan description
« Reply #38 on: October 03, 2013, 06:40:42 PM »
When they are deployed, the interest rate is lowered to something like 7%.   (Someone please correct me).

Close!  It's lowered to 6% when deployed.

This is due to the SRCA:

Clarifies and restates existing law that limits to 6 percent interest on credit obligations incurred prior to military service or activation, including credit card debt, for active duty servicemembers. The SCRA unambiguously states that no interest above 6 percent can accrue for credit obligations (that were established prior to active duty or activation) while on active duty, nor can that excess interest become due once the servicemember leaves active duty instead that portion above 6 percent is permanently forgiven. Furthermore, the monthly payment must be reduced by the amount of interest saved during the covered period.

core

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Re: Employer removed from loan description
« Reply #39 on: October 03, 2013, 07:21:31 PM »
It's lowered to 6% when deployed.
This is due to the SRCA:
[snip]

Thanks, Randawl.  I was hoping someone would come through there  This forum never disappoints.  I think it only proper to say that we all appreciate the service of the members of the armed forces, even if we don't always express it.

There is there is a big difference between 25% and 6%.   Is a servicemenber's loan currently on 6% clearly shown on the performance details?  No.  I ask you:  Why not?   Because you haven't yet caused riots.

Next question:  You're holding 100's of notes, how dp you know that half them won't go down to 6% tomorrow when we retaliate against the [Russians]?  Which notes are held by active service members who are protecteced? Do you know?   



Or how about when their value plummets? [Family Emergency -- Russians]

How about when the USA is forced to make a first-strike strategic nuclear attack?  [Russians]


core

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Re: Employer removed from loan description
« Reply #40 on: October 03, 2013, 07:41:49 PM »
I  enjoy the give and take....or is it slap and smack!!!

You know, I 've done a few things in my life that I'm not proud of.  Some I want to do again.   And I came up with clever names for things which did not have a name.  It was rare that that happened, but it did.

But I have never, ever in my life heard of "slap and smack".  Do we want to know? 
« Last Edit: October 03, 2013, 07:46:04 PM by core »

rlv99

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Re: Employer removed from loan description
« Reply #41 on: October 03, 2013, 09:42:26 PM »
But I have never, ever in my life heard of "slap and smack".  Do we want to know?

Derived from DanB's latest production.  Not!  Just kiddn'!  Actually,  I think I picked it up in San Francisco in the early 50's when I cut high school and wound up seeing Marx Bros. movies.

core

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Re: Employer removed from loan description
« Reply #42 on: October 03, 2013, 09:56:32 PM »
I think I picked it up in San Francisco in the early 50's when I cut high school and wound up seeing Marx Bros. movies.

Ohhhh. so "slap and smack" is one of those films in which one is hit with a ladder leaving the worksite?  Gothcha.  DanB, you may wish to recover some funds because I think you got gypped.  Take back the saltines, the "rock", and everything.  You can even accuse repuplicans of taking away your Morning-after pill.




yojoakak

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Re: Employer removed from loan description
« Reply #43 on: October 03, 2013, 11:56:06 PM »
"slap and smack"...

You sure you don't mean "slap and tickle"?