I've had 9 loans, 1 of which has defaulted already (all originated summer of 06). I've got another loan that is constantly late and a couple others that are paid off already.
I was going to use this as a source of growth on funds that I had set aside for my son's college, but after a while all the listings were crap so I pulled my money out (that I could).
A friend of mine has about 300 loans now and has about a 10% default rate. He only buys A-B paper. He has a hard time manually finding "good" loans now and is starting to slow his investment.
I think that Prosper needs to look at their loan terms (is it still only 3 years?) and the high number of defaults in order to get better lending sources.
I've had 9 loans, 1 of which has defaulted already (all originated summer of 06). I've got another loan that is constantly late and a couple others that are paid off already.
I was going to use this as a source of growth on funds that I had set aside for my son's college, but after a while all the listings were crap so I pulled my money out (that I could).
A friend of mine has about 300 loans now and has about a 10% default rate. He only buys A-B paper. He has a hard time manually finding "good" loans now and is starting to slow his investment.
I think that Prosper needs to look at their loan terms (is it still only 3 years?) and the high number of defaults in order to get better lending sources.