OT: Questions about prosper.com?? I know this is the place to go

PO69 · Jul 11, 2007

I have finally received my banking priveldges to loan money. But I have a few questions. AND I KNOW that this is the place to go!!

I will post a link to a few auctions that look great to me. I was going to bid $500 on the first one, but dont understand why if someone has bad credit they can only list for 7.55% or so.

It says that for Texas that the maximum allowed is 7.55% or so for this person. So I cant bid higher correct?? The person mentions that he wanted to ask more but couldnt. What is an HR rating anyway?

Just by checking, I dont see too many other auctions listing a low rate for a HR status

PO69 · Jul 11, 2007

Here is an example auction. How will he ever get to 100% funded? And I believe that HR is a bad rating, but why the low interest rate then and not a high one??

https://www.prosper.com/lend/listing.aspx?listingID=166214

whalewager · Jul 11, 2007

That guy is a fn loser

juice · Jul 11, 2007

I'm so confused:
" My current monthly net income is $1200, my wife’s is $3600. "

Total monthly expenditures: $1157

$1706 - Total amount of Debt to pay off.

He can pay this off in less than a month..
Income = $4800 / mo
Expenses = $1157 / mo
So he's clearing $3,643 a month.

This shit is a scam and a half.

jwblue · Jul 11, 2007

I wonder what % of people default on their loans. Can lenders report them to the credit reporting agency if they do not pay?

IS

PO69 · Jul 11, 2007

Well whale, would you expect people not to be losers when they need to borrow this small amount and NOT go to a bank??

It goes back to the old saying,

"The people with great credit dont need the money at all, guys with poor credit need the lending hand, which not many will give!"

Rich people have the good credit and dont need to borrow, while losers like this guy need to borrow and cant.

It is sort of funny that he lives with his inlaws! I loved that one!!!

Whale, if someone has an HR rating, can this guy change it somehow to borrow later? I still might throw him a bone, he wont get funded anyway.

I thought that I would start a new thread about prosper.

whalewager · Jul 11, 2007

it is auto reported to the collection agency of your choosing.

When you sign up as a lender they let you pick from 3 or 4 to do the collecting in case of default.

PO69 · Jul 11, 2007

Question about lending whale!

Lets say that I lend someone $1000 at 10% interest. After the 3 years, I would only have received $100 interest? Or is it compounded differently.

Cause one could DEFINITELY do better on a 12 month cd at 5.29% than what I said above. But I must be thinking of this the wrong way.

Thanks for the info about the credit reporting

whalewager · Jul 11, 2007

playersonly69 said:
Well whale, would you expect people not to be losers when they need to borrow this small amount and NOT go to a bank??

It goes back to the old saying,

"The people with great credit dont need the money at all, guys with poor credit need the lending hand, which not many will give!"

Rich people have the good credit and dont need to borrow, while losers like this guy need to borrow and cant.

It is sort of funny that he lives with his inlaws! I loved that one!!!

Whale, if someone has an HR rating, can this guy change it somehow to borrow later? I still might throw him a bone, he wont get funded anyway.

I thought that I would start a new thread about prosper.

A lot of rich people use others money buddy.

I have a relative that makes major money and he is up to his ears in debt cuz hes a dumbass...

If you want to lend money to high risk...dont do it at this % rate...

whalewager · Jul 11, 2007

There are better candidates out there other than this fn idiot....

whalewager · Jul 11, 2007

It is an annual percentage rate...

annual means yearly...

I need to get you a polo shirt and cap also...

ILMW · Jul 11, 2007

Seems to me that guy just sponges off his in laws. No mortgage to pay, no electricty, he gets alot of grocieries from the in laws....christ.

whalewager · Jul 11, 2007

https://www.prosper.com/help/tutorials/lending_tips.aspx

PO69 · Jul 11, 2007

By the way, new posters who have never seen prosper, dont look at this ad and think that they are all this way. I just listed one example, it was funny that he lives with the inlaws! He shows that he makes $4000 or so a month and live with inlaws, what a moocher

whalewager · Jul 11, 2007

Most of his listing is a lie

whalewager · Jul 11, 2007

and I apologize po69...

I answered your question without thinking...the % rate is for the life of the loan..not annual compounding...

example of 1000 loan

Monthly payment: $29.97 The amount you will pay back every month for 36 months
Borrower rate: 5.00% The interest rate you will pay for your loan
APR: 6.70% The cost of your credit as a yearly rate

Amount financed: $975.00 The amount of money provided to you at loan closing
Finance charge: * + $78.93 The dollar amount the credit will cost you
Loan closing fee: + $25.00 The fee will be deducted from your loan proceeds at closing if there is a successful match

Total of payments: = $1,078.93 The amount you will have paid after you have made all payments as scheduled

PO69 · Jul 11, 2007

So then except for the hell of it, lending at real low rates isnt much better than a bank cd.

But it is sort of fun

whalewager · Jul 11, 2007

its a TON of fn fun...

its a great gd hobby

whalewager · Jul 11, 2007

heres one for u po69...quick

https://www.prosper.com/lend/listing.aspx?listingID=161332

PO69 · Jul 11, 2007

He will NEVER pay a cent of that money back. Look at the people who say something about him. It is just him creating user ID's. The sites ACTUAL number of members is a bit distorted due to shit like this.

The guy has almost as many user ID's as mofome