anyone try the prosper thing?

[dmcowen674]

Originally posted by: Homerboy
http://www.prosper.com/public/lend/listing.aspx?listingID=17847

I'm going to personally deliver $20 to her I think.

My problem is that I have two remaining credit cards with high balances and interest rates of 26.74% and 29.99%.

Each credit card company continually raise my interest rates every other month and, in my opinion, it is getting out of control
================================================
Since when did credit cards become legal loansharking?

 

[FoBoT]

how do you break their knee caps if they are late on paying?

 

[ChaoZ]

This is really interesting. I'm going to try lending $100 first and see how it goes.

 

[dmcowen674]

Originally posted by: Taggart
man this would really change the lending industry if it works...

Well Chris Larsen who founded E-Loan is behind it.

Banks have basically stopped funding individuals so this is the niche market that Prosper will fill.

 

[Doboji]

Update: All of my loans are up to date and paid on time...

I have 4 outstanding loans for a combined interest rate of ~19%....

I'm planning on making more loans... but not until after my wedding end of october.

 

[jme5343]

I'm currently 100% funded, down from 14% to 11.5% I'm hoping to see it finish around 11%.

[rant]


Similar to what dmcowen said, I had Chase up my rate to 29.99% from 11% out of the blue. No late payment, no nothing. No explanation other than, "factors on your credit report indicate a higher risk of default" WHAT???? First, I pulled the report, everything's fine. I've not been late on ANYTHING in 9 years. Second, someone's at risk of not paying, so you jack their rate by 18%??? Yeah, great logic. They couldn't pay before, but now that you've upped the rate to a usury fee, they'll pay. (I guess it kinda worked for me, I'm paying it ofF)

My prosper loan at 11ish % will pay chase. I believe I'll leave a $20.00 balance on the card and use it to fill my motorcycle now and then. I'll pay it before interest accrues, that way they can keep sending the bills and making no profit off me.

[/rant]

 

[SearchMaster]

Originally posted by: jmebonner
I'm currently 100% funded, down from 14% to 11.5% I'm hoping to see it finish around 11%.

[rant]


Similar to what dmcowen said, I had Chase up my rate to 29.99% from 11% out of the blue. No late payment, no nothing. No explanation other than, "factors on your credit report indicate a higher risk of default" WHAT???? First, I pulled the report, everything's fine. I've not been late on ANYTHING in 9 years. Second, someone's at risk of not paying, so you jack their rate by 18%??? Yeah, great logic. They couldn't pay before, but now that you've upped the rate to a usury fee, they'll pay. (I guess it kinda worked for me, I'm paying it ofF)

My prosper loan at 11ish % will pay chase. I believe I'll leave a $20.00 balance on the card and use it to fill my motorcycle now and then. I'll pay it before interest accrues, that way they can keep sending the bills and making no profit off me.

[/rant]

Bad idea unless you have a backup card with a better rate. If you have ANY balance on the card then need to purchase something on it (i.e. emergency $700 auto/motorcycle repair in the middle of nowhere), you'll end up paying them a month's interest on $720. If you leave zero balance on the card, then sure you risk having them cancel it without you having the opportunity to screw them over through your plan, but that's not that likely.

 

[jme5343]

I've got two others, one at 11% and one at 13.9% or so. That's why I'm so chapped about the rate hike.

 

[FelixDeCat]

Originally posted by: jmebonner
I'm currently 100% funded, down from 14% to 11.5% I'm hoping to see it finish around 11%.

[rant]


Similar to what dmcowen said, I had Chase up my rate to 29.99% from 11% out of the blue. No late payment, no nothing. No explanation other than, "factors on your credit report indicate a higher risk of default" WHAT???? First, I pulled the report, everything's fine. I've not been late on ANYTHING in 9 years. Second, someone's at risk of not paying, so you jack their rate by 18%??? Yeah, great logic. They couldn't pay before, but now that you've upped the rate to a usury fee, they'll pay. (I guess it kinda worked for me, I'm paying it ofF)

My prosper loan at 11ish % will pay chase. I believe I'll leave a $20.00 balance on the card and use it to fill my motorcycle now and then. I'll pay it before interest accrues, that way they can keep sending the bills and making no profit off me.

[/rant]

Im sorry but Chase has been on my sh*t list since 2005 for the same nonsense. I had two old accounts that I was paying off slowly because along time ago I locked in some favorable rates at the highest possilbe balance. One has been closed since 2002. The rate hasnt gone up at all despite 17 rate hikes by the Fed during that time period. It was a Wachovia account, then it was acquired by Bank One, now Chase owns it. Those evil bastards decided to bump it up a quarter point, despite the fact that the previous two lenders left the rate alone for three years!

Thats not all - I had another account with First USA that was changed to Bank One, then acquired by Chase. This was an active account with a relatively decent rate. I had a "balance transfer" balance and also a purchase balance. Ive had the card since 1993 and they always applied payments to interest with the rest going to principal, which was treated as one combined balance. The comes Chase...not only do those snakes double the interest rate, they change the card to a dual balance. What this means is that before one balance gets paid down you have to payoff the higher rate balance first. In the meantime, the interest calculated on the lower rates balance is added back into it in the form of negative amortization. In other words, it grows each month! In my case to the tune of $40 per month on top of all other interest calculated for an effective interest rate of nearly 35%!!!!!!!!!!!. I work for a bank and knew they were trying to pull a fast one. They claimed to have notified me, which was bullsh*t, because I know what dual balance accounts are and would have closed the damn thing. I called and argued for about six months and even asked for arbitration (being that you cant sue credit card cos anymore), in the meantime they sat their happy asses back and just lapped up the money. All this was to no avail. Bastards!

I allocated all resources, curtailed all spending, etc, and sent every extra dollar to those cards. I then transferred everything else away from them and paid it all off. I will never, ever, ever do business with Chase again. Ever. And this story will be told to discourage people from doing business with Chase. They are pure evil and should be avoided at all costs.

 

[judasmachine]

if i borrowed $50 from someone they'd be paid back in full immediately... 19% on $50 is insane!

 

[jme5343]

Originally posted by: FelixDeKatAnd this story will be told to discourage people to do business with Chase. They are pure evil and should be avoided at all costs.

I'm with you My prosper loan is now at 11%, so I can't wait to transfer the $$ to those schmucks and put my diabolical (okay, I'm kidding) plan into effect I will NEVER use chase on a regular basis for anything.

 

[Golgatha]

Originally posted by: FelixDeKat

Originally posted by: jmebonner
I'm currently 100% funded, down from 14% to 11.5% I'm hoping to see it finish around 11%.

[rant]


Similar to what dmcowen said, I had Chase up my rate to 29.99% from 11% out of the blue. No late payment, no nothing. No explanation other than, "factors on your credit report indicate a higher risk of default" WHAT???? First, I pulled the report, everything's fine. I've not been late on ANYTHING in 9 years. Second, someone's at risk of not paying, so you jack their rate by 18%??? Yeah, great logic. They couldn't pay before, but now that you've upped the rate to a usury fee, they'll pay. (I guess it kinda worked for me, I'm paying it ofF)

My prosper loan at 11ish % will pay chase. I believe I'll leave a $20.00 balance on the card and use it to fill my motorcycle now and then. I'll pay it before interest accrues, that way they can keep sending the bills and making no profit off me.

[/rant]

Im sorry but Chase has been on my sh*t list since 2005 for the same nonsense. I had two old accounts that I was paying off slowly because along time ago I locked in some favorable rates at the highest possilbe balance. One has been closed since 2002. The rate hasnt gone up at all despite 17 rate hikes by the Fed during that time period. It was a Wachovia account, then it was acquired by Bank One, now Chase owns it. Those evil bastards decided to bump it up a quarter point, despite the fact that the previous two lenders left the rate alone for three years!

Thats not all - I had another account with First USA that was changed to Bank One, then acquired by Chase. This was an active account with a relatively decent rate. I had a "balance transfer" balance and also a purchase balance. Ive had the card since 1993 and they always applied payments to interest with the rest going to principal, which was treated was one combined balance. The comes Chase...not only do those snakes double the interest rate, they change the card to a dual balance. What this means is that before one balance gets paid down you have to payoff the higher rate balance first. In the meantime, the interest calculated on the lower rates balance is added back into it in the form of negative amortization. In other words, it grows each month! In my case to the tune of $40 per month on top of all other interest calculated for an effective interest rate of nearly 35%!!!!!!!!!!!. I work for a bank and knew they were trying to pull a fast one. They claimed to have notified me, which was bullsh*t, because I know what dual balance accounts are and would have closed the damn thing. I called and argued for about six months and even asked for arbitration (being that you cant sue credit card cos anymore), in the meantime they sat their happy asses back and just lapped up the money. All this was to no avail. Bastards!

I allocated all resources, curtailed all spending, etc, and sent every extra dollar to those cards. I then transferred everything else away from them and paid it all off. I will never, ever, ever do business with Chase again. Ever. And this story will be told to discourage people to do business with Chase. They are pure evil and should be avoided at all costs.

Dang! Open a non-Chase account and do a balance transfer FTW?!

 

[MisterJackson]

Wonder if I can take out a loan to make loans here

 

[b0mbrman]

So here's my situation:

Timeline
Sep 09 Logged in and found that my account had been put "on hold." Note that "on hold" means that I cannot bid, nor transfer money from my Prosper account to a bank account. Sent email to ask why. No response
Sep 13 Called* to ask why. Still no explanation given as to why, and was told that I would need to send government ID, recent bill, and pay stub to have my account unlocked. Emailed documents. No Response.
Sep 16 Called to ask again, was told to re-send the documents. Re-sent through email.
Sep 25 Received email from Prosper :Q saying they'd received my documents, but I needed to verify over the phone.
Sep 27 Called, verified, was told that the hold would be "put under review"

As of today, my account is still on hold

Unsecured risk, and the validity of personal loans aside, I'd stay far, far away just because of the awful customer service.




*Before anyone asks why I don't call sooner or more often, it is because it is not very easy for me to do so within their CSR hours.

 

[jme5343]

Just out of curiosity, do you have any $$ currently loaned out, or a loan that's out?

 

[jagec]

Originally posted by: dmcowen674
My problem is that I have two remaining credit cards with high balances and interest rates of 26.74% and 29.99%.

Each credit card company continually raise my interest rates every other month and, in my opinion, it is getting out of control
================================================
Since when did credit cards become legal loansharking?

They always have been. In general, if you can't afford to pay off your balance in full every month, you shouldn't get a credit card. Those companies need people who don't pay their balances in order to survive, but you don't want to be That Guy.

 

[b0mbrman]

Originally posted by: jmebonner
Just out of curiosity, do you have any $$ currently loaned out, or a loan that's out?

Have about $500 loaned out, $150 not loaned out.

No loans

 

[MixMasterTang]

.

 

[Chiropteran]

It's Lone Shark, the game.

 

[MrBlahh]

So how exactly does this work? If you are one of the lenders and they make a payment what happens? Do you just get some of that payment? Like on one listing I found that was fully funded the monthly payment was $93 with 31 bidders. Would the bidders all get $3 a month (assuming everyone bid the same amount at the same rate and minus any fees)?

 

[HardcoreRobot]

would love for other lenders to put their experiences

 

[mattocs]

Originally posted by: MixMasterTang
Thought I would put a shameless plug in here for my Borrow Request.

More pics. Before and after --->

 

[mchammer187]

any updates?

i'm thinking about trying this with a couple grand i have lying around

 

[CptObvious]

I browsed the site and it seems like a stupid risk for the returns you're getting. Anyone who has to resort to borrowing money this way is likely at high risk for defaulting, and the collection agency will probably give you a few cents for that $50 bad debt.

 

[FP]

Originally posted by: b0mbrman
So here's my situation:

Timeline
Sep 09 Logged in and found that my account had been put "on hold." Note that "on hold" means that I cannot bid, nor transfer money from my Prosper account to a bank account. Sent email to ask why. No response
Sep 13 Called* to ask why. Still no explanation given as to why, and was told that I would need to send government ID, recent bill, and pay stub to have my account unlocked. Emailed documents. No Response.
Sep 16 Called to ask again, was told to re-send the documents. Re-sent through email.
Sep 25 Received email from Prosper :Q saying they'd received my documents, but I needed to verify over the phone.
Sep 27 Called, verified, was told that the hold would be "put under review"

As of today, my account is still on hold

Unsecured risk, and the validity of personal loans aside, I'd stay far, far away just because of the awful customer service.




*Before anyone asks why I don't call sooner or more often, it is because it is not very easy for me to do so within their CSR hours.

Any updates on your situation? I am considering lending out some money.

(sorry for the uber-bump)

I am also thinking of starting an ATOT lending group. Probably based on lifer status and Heat. Would anyone be interested?