Comments on: Lots of cancelled loans on Prosper.com? http://www.mightybargainhunter.com/2007/08/11/lots-of-cancelled-loans-on-prospercom/ Personal finance, commentary, and spending less the easy way Sat, 21 Nov 2009 01:23:30 -0400 http://wordpress.org/?v=2.8.6 hourly 1 By: Internyet http://www.mightybargainhunter.com/2007/08/11/lots-of-cancelled-loans-on-prospercom/comment-page-1/#comment-82677 Internyet Sun, 12 Aug 2007 02:59:18 +0000 http://www.mightybargainhunter.com/2007/08/11/lots-of-cancelled-loans-on-prospercom/#comment-82677 I've noticed this as well. My impression, without having really dug into it, is that it's catching more bogus loan requests. Maybe identity fraud, maybe just those borrowers who thought they could pad their income and panicked when prosper started asking for documentation. Either way, it's bumming me out. I'm trying to eek out my %. When money gets tied up for two-three days (for bidding to end) and one week (for prosper to vet the loan and cancel it), I'm losing %. Money sitting there not making interest. It's bad enough that new lenders are driving down the % below sustainable limits. By the way. I'm looking into opening a secondary prosper market. Resale of loans. Any interest from this saavy group? I’ve noticed this as well. My impression, without having really dug into it, is that it’s catching more bogus loan requests. Maybe identity fraud, maybe just those borrowers who thought they could pad their income and panicked when prosper started asking for documentation.

Either way, it’s bumming me out. I’m trying to eek out my %. When money gets tied up for two-three days (for bidding to end) and one week (for prosper to vet the loan and cancel it), I’m losing %. Money sitting there not making interest.

It’s bad enough that new lenders are driving down the % below sustainable limits.

By the way. I’m looking into opening a secondary prosper market. Resale of loans. Any interest from this saavy group?

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