Author Topic: How Can Prosper Improve for Investors?  (Read 17952 times)

GM

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How Can Prosper Improve for Investors?
« 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

WES

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Re: How Can Prosper Improve for Investors?
« Reply #1 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.

Peter

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Re: How Can Prosper Improve for Investors?
« Reply #2 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.
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Bilgefisher

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Re: How Can Prosper Improve for Investors?
« Reply #3 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.

Bilgefisher

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Re: How Can Prosper Improve for Investors?
« Reply #4 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.

ChrisProsper

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Re: How Can Prosper Improve for Investors?
« Reply #5 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!

Peter

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Re: How Can Prosper Improve for Investors?
« Reply #6 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.
Publisher of the Lend Academy blog

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Bilgefisher

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Re: How Can Prosper Improve for Investors?
« Reply #7 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.

Bilgefisher

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Re: How Can Prosper Improve for Investors?
« Reply #8 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

nonattender

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Re: How Can Prosper Improve for Investors?
« Reply #9 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...
A little nonsense now and then is relished by the wisest men.

Peter

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Re: How Can Prosper Improve for Investors?
« Reply #10 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.
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chasingbread

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Re: How Can Prosper Improve for Investors?
« Reply #11 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.

312lender

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Re: How Can Prosper Improve for Investors?
« Reply #12 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

nonattender

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Re: How Can Prosper Improve for Investors?
« Reply #13 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.)
« Last Edit: October 01, 2011, 09:39:29 AM by PeerLend »
A little nonsense now and then is relished by the wisest men.

Bilgefisher

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Re: How Can Prosper Improve for Investors?
« Reply #14 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.