My friend's prosper listing

[manlymatt83]

Hi all,

Inspired from this thread: Text

My friend's prosper listing is here:
Listing Link

Just as a side note, the listing is the parents of my best friend since high school.

EDIT: listing updated

 

[ultimatebob]

I'm a Prosper lender, but there is no way in hell I'd bid on that listing. I'm not trying to be mean, but your friend has a D credit rating and has had 98(!) delinquencies over the past 7 years! With a record like that, I think that I'd be better off "investing" my money in slot machines or at the Blackjack table... they have a lower risk and a better estimated rate of return.

The only way she'll stand a chance at getting any bids on that loan would be to:

Bump up the interest rate to something like 28% than 20%. Prosper's risk calculation system estimates a 24% chance that she'll default on the loan, which means that she's basically offering an estimated 4% negative return on investment at a 20% interest rate.

Have her get as many personal endorsements as possible, and BACK THEM UP WITH A BID. If someone like you is willing to risk $50 on your buddy, more people will be doing the same.

Oh, and have her prepare to explain why she allowed her credit to get so bad in the first place.

Edit: Fixed the gender. Oops.

 

[manlymatt83]

Originally posted by: ultimatebob
Oh, and have him prepare to explain why he allowed his credit to get so bad in the first place.

Her husband left her with the kids when they were very young. She was a single parent until she married her current husband, who's been helping a bit with getting things back in order.

I understand your suggestions. I'm trying to get the darn facebook application installed (which isn't working) because apparently that allows for instant transfers and then I will definitely endorse and bid on the loan.

 

[TallBill]

Originally posted by: ultimatebob
I'm a Prosper lender, but there is no way in hell I'd bid on that listing. I'm not trying to be mean, but your friend has a D credit rating and has had 98(!) delinquencies over the past 7 years! With a record like that, I think that I'd be better off "investing" my money in slot machines or at the Blackjack table... they have a lower risk and a better estimated rate of return.

The only way he'll stand a chance at getting any bids on that loan would be to:

Bump up the interest rate to something like 28% than 20%. Prosper's risk calculation system estimates a 24% chance that he'll default on the loan, which means that he's basically offering an estimated 4% negative return on investment at a 20% interest rate.

Have him get as many personal endorsements as possible, and BACK THEM UP WITH A BID. If someone like you is willing to risk $50 on your buddy, more people will be doing the same.

Oh, and have him prepare to explain why he allowed his credit to get so bad in the first place.

Yeah, well put. I personally only stick to AA, A, and B with very few delinquencies. Been getting 15% (after fees) on 33 loans totaling $2000 with no late payers.

 

[Eli]

Hmm.. It would be cool to get into lending on Prosper.

I used them to pay down some high interest credit cards a couple of years ago.

What exactly is a delinquency? Is that a missed payment?

 

[T9D]

How the hell do these people pay off credit cards when they are asking 34% on prosper?? The credit card can't be more than that! And now they will have empty cards to run up again. I don't understand why people fund those ones. Seems like a disaster waiting to happen.

As far as your friend goes... His rating is bad and his interest rate is way lower than even a lot of people with great scores are getting.

 

[manlymatt83]

Originally posted by: ultimatebob
I'm a Prosper lender, but there is no way in hell I'd bid on that listing. I'm not trying to be mean, but your friend has a D credit rating and has had 98(!) delinquencies over the past 7 years! With a record like that, I think that I'd be better off "investing" my money in slot machines or at the Blackjack table... they have a lower risk and a better estimated rate of return.

The only way he'll stand a chance at getting any bids on that loan would be to:

Bump up the interest rate to something like 28% than 20%. Prosper's risk calculation system estimates a 24% chance that he'll default on the loan, which means that he's basically offering an estimated 4% negative return on investment at a 20% interest rate.

Have him get as many personal endorsements as possible, and BACK THEM UP WITH A BID. If someone like you is willing to risk $50 on your buddy, more people will be doing the same.

Oh, and have him prepare to explain why he allowed his credit to get so bad in the first place.

- Listing up'd to 28%
- I bid a few hundred bucks

Hopefully that'll help!

 

[mundane]

So this is some kind of loan auction?

 

[manlymatt83]

Originally posted by: tk109
How the hell do these people pay off credit cards when they are asking 34% on prosper?? The credit card can't be more than that! And now they will have empty cards to run up again. I don't understand why people fund those ones. Seems like a disaster waiting to happen.

As far as your friend goes... His rating is bad and his interest rate is way lower than even a lot of people with great scores are getting.

It's a her, and I had her up the rate.

 

[MrMaster]

Good luck. Having one of the reasons she is a good candidate being she loves her dog makes me frown.

I have a loan through prosper (small biz) and I have a few hundred lent out. Except for the bitch trying to verify my identity for the loan I haven't been screwed.

 

[manlymatt83]

Originally posted by: MrMaster
Good luck. Having one of the reasons she is a good candidate being she loves her dog makes me frown.

It's sad that people with just as bad of credit history as her are getting lower interest rates because their picture is of an attractive female (whether it's the real person or not). She is looking for a new start, I've been helping her budget and figure out what she can afford and the best way for her to get out of her 1-month-behind track that she's on now. She's trying to avoid having to sell her house. She loves her dog, it's important to her, so she added it.


EDIT: oh and, if you have any tips on what I can tell her to make the listing better, let me know and I'll have her start a new listing with the changes. She's trying to and willing to do everything she can.

 

[Elbryn]

doesnt make much sense to me. 28% is pretty close to what the cc companies charge no? with the listed cash flows, there's 3k of difference per month! why bother with prosper and pay over 3 years with 28% interest when you can pay the debt off in 3 months in full? no offense but it either smells fishy or the whole story isnt being told here.

 

[darkxshade]

Originally posted by: mjuszczak

Originally posted by: MrMaster
Good luck. Having one of the reasons she is a good candidate being she loves her dog makes me frown.

It's sad that people with just as bad of credit history as her are getting lower interest rates because their picture is of an attractive female (whether it's the real person or not). She is looking for a new start, I've been helping her budget and figure out what she can afford and the best way for her to get out of her 1-month-behind track that she's on now. She's trying to avoid having to sell her house. She loves her dog, it's important to her, so she added it.


EDIT: oh and, if you have any tips on what I can tell her to make the listing better, let me know and I'll have her start a new listing with the changes. She's trying to and willing to do everything she can.

I'm sure since it's a she then a pic might get bids easy

 

[isekii]

Originally posted by: Elbryn
doesnt make much sense to me. 28% is pretty close to what the cc companies charge no? with the listed cash flows, there's 3k of difference per month! why bother with prosper and pay over 3 years with 28% interest when you can pay the debt off in 3 months in full? no offense but it either smells fishy or the whole story isnt being told here.

Yea some of the other posts are ridiculous there too.
They have good amount coming in monthly, yet they are looking to borrow more at a high APR.

 

[manlymatt83]

Originally posted by: Elbryn
doesnt make much sense to me. 28% is pretty close to what the cc companies charge no? with the listed cash flows, there's 3k of difference per month! why bother with prosper and pay over 3 years with 28% interest when you can pay the debt off in 3 months in full? no offense but it either smells fishy or the whole story isnt being told here.

The listed cash flows include her husband and her daughters net income. Her daughter is willing to help as well and lives with them but Joy is trying to do things on her own first and not ask her daughter to pay rent, etc. That's why it says "total".

The totals are correct, her expenses are correct. The reason is that she needs to pay two months of her mortgage at once and was going to use part of the funds for this, and the rest to pay down her credit cards. The original amount she requested was $15,000+ but it's been since knocked down, but the listing text wasn't edited.

Hope that makes more sense.

 

[apac]

Originally posted by: mjuszczak

Originally posted by: MrMaster
Good luck. Having one of the reasons she is a good candidate being she loves her dog makes me frown.

It's sad that people with just as bad of credit history as her are getting lower interest rates because their picture is of an attractive female (whether it's the real person or not). She is looking for a new start, I've been helping her budget and figure out what she can afford and the best way for her to get out of her 1-month-behind track that she's on now. She's trying to avoid having to sell her house. She loves her dog, it's important to her, so she added it.

You may be a good friend of hers, as I assume based on your defense of each of the points people bring up, but the fact of the matter is that when it comes to lending money anonymously the facts are what count. I don't care if she's attractive, unattractive, loves dogs, or hates dogs. Here is what I see from her prosper profile. She

- has bad credit
- is putting herself further into debt
- has a $7500 monthly income and a 16% debt-to-income ratio, but needs to take a $7500 loan? Something doesn't add up right.

 

[manlymatt83]

Originally posted by: apac

Originally posted by: mjuszczak

Originally posted by: MrMaster
Good luck. Having one of the reasons she is a good candidate being she loves her dog makes me frown.

It's sad that people with just as bad of credit history as her are getting lower interest rates because their picture is of an attractive female (whether it's the real person or not). She is looking for a new start, I've been helping her budget and figure out what she can afford and the best way for her to get out of her 1-month-behind track that she's on now. She's trying to avoid having to sell her house. She loves her dog, it's important to her, so she added it.

You may be a good friend of hers, as I assume based on your defense of each of the points people bring up, but the fact of the matter is that when it comes to lending money anonymously the facts are what count. I don't care if she's attractive, unattractive, loves dogs, or hates dogs. Here is what I see from her prosper profile. She

- has bad credit
- is putting herself further into debt
- has a $7500 monthly income and a 16% debt-to-income ratio, but needs to take a $7500 loan? Something doesn't add up right.

As I mentioned, the $7500 includes her husband and her daughter. Her daughter will only help if need be. Minus the $2000 in her daughter's income and then you have a little less than a $1000/mo left over. Does that make more sense? Should I have her relist the listing with that info?

Also, the first $5000 of the loan will immediately go to her being one month behind in mortgage payments. The rest will go to her credit card to consolidate (she has one credit card that is at a very large interest rate that she just wants to cut up).

I guess the best thing I could do is:

- have her relist down to the $5000 she really needs
- re-explain that the money will be used to catch up on the mortgage and the rest will be to pay down credit cards?

 

[apac]

Originally posted by: mjuszczak

Originally posted by: apac

Originally posted by: mjuszczak

Originally posted by: MrMaster
Good luck. Having one of the reasons she is a good candidate being she loves her dog makes me frown.

It's sad that people with just as bad of credit history as her are getting lower interest rates because their picture is of an attractive female (whether it's the real person or not). She is looking for a new start, I've been helping her budget and figure out what she can afford and the best way for her to get out of her 1-month-behind track that she's on now. She's trying to avoid having to sell her house. She loves her dog, it's important to her, so she added it.

You may be a good friend of hers, as I assume based on your defense of each of the points people bring up, but the fact of the matter is that when it comes to lending money anonymously the facts are what count. I don't care if she's attractive, unattractive, loves dogs, or hates dogs. Here is what I see from her prosper profile. She

- has bad credit
- is putting herself further into debt
- has a $7500 monthly income and a 16% debt-to-income ratio, but needs to take a $7500 loan? Something doesn't add up right.

As I mentioned, the $7500 includes her husband and her daughter. Her daughter will only help if need be. Minus the $2000 in her daughter's income and then you have a little less than a $1000/mo left over. Does that make more sense? Should I have her relist the listing with that info?

Also, the first $5000 of the loan will immediately go to her being one month behind in mortgage payments. The rest will go to her credit card to consolidate (she has one credit card that is at a very large interest rate that she just wants to cut up).

I guess the best thing I could do is:

- have her relist down to the $5000 she really needs
- re-explain that the money will be used to catch up on the mortgage and the rest will be to pay down credit cards?

I'll first say that I'm not a prosper lender, so it doesn't make much difference to me.

Important questions:
- Why is she 2 months behind on her mortgage? Especially with all the luxury expenses (cable, gym, entertainment, etc).
- Why is her debt-to-income ratio listed at 16%? Maybe someone with a prosper account can clarify, but even with the mortgage expenses alone ($2400/mo), using the combined income of her entire household ($7500/mo), that's 32%.
- edit: And why are there so many red flags on this listing? No mention of $5000 payments, net income is questionable at best, and some bogus story about combining payments?

 

[Elbryn]

Originally posted by: mjuszczak

Originally posted by: apac

Originally posted by: mjuszczak

Originally posted by: MrMaster
Good luck. Having one of the reasons she is a good candidate being she loves her dog makes me frown.

It's sad that people with just as bad of credit history as her are getting lower interest rates because their picture is of an attractive female (whether it's the real person or not). She is looking for a new start, I've been helping her budget and figure out what she can afford and the best way for her to get out of her 1-month-behind track that she's on now. She's trying to avoid having to sell her house. She loves her dog, it's important to her, so she added it.

You may be a good friend of hers, as I assume based on your defense of each of the points people bring up, but the fact of the matter is that when it comes to lending money anonymously the facts are what count. I don't care if she's attractive, unattractive, loves dogs, or hates dogs. Here is what I see from her prosper profile. She

- has bad credit
- is putting herself further into debt
- has a $7500 monthly income and a 16% debt-to-income ratio, but needs to take a $7500 loan? Something doesn't add up right.

As I mentioned, the $7500 includes her husband and her daughter. Her daughter will only help if need be. Minus the $2000 in her daughter's income and then you have a little less than a $1000/mo left over. Does that make more sense? Should I have her relist the listing with that info?

Also, the first $5000 of the loan will immediately go to her being one month behind in mortgage payments. The rest will go to her credit card to consolidate (she has one credit card that is at a very large interest rate that she just wants to cut up).

I guess the best thing I could do is:

- have her relist down to the $5000 she really needs
- re-explain that the money will be used to catch up on the mortgage and the rest will be to pay down credit cards?

i still question why go the prosper route? the situation is not that bad. got a large lump sum that needs to be paid.. has she called the mortgage company and talked to them, they're probably happy to work something out givin the subprime stuff and since she's only 1 month behind. with 5k coming in and a 1k surplus, a few judicious cuts to cable/internet/phone/fitness/entertainment can boost the surplus to 1.3-1.5k. that alone means that in less than 6 months she'd be out of her problems and back in the black. the cc company may also be amenable to reducing rates if you call and ask. i'm not attacking her loan request just pointing out that she could easily get out of this without going through the trouble of adding a 28% loan to her name.

 

[manlymatt83]

New listing:

http://www.prosper.com/lend/li....aspx?listingID=402439

Hopefully that clears everything up!

 

[ultimatebob]

Originally posted by: mjuszczak
New listing:

http://www.prosper.com/lend/li....aspx?listingID=402439

Hopefully that clears everything up!

That's a MUCH better listing! Just one little piece of advice... if your friend is hot, post a picture. No, seriously... Guys are always suckers for pretty faces!

 

[manlymatt83]

Originally posted by: ultimatebob

Originally posted by: mjuszczak
New listing:

http://www.prosper.com/lend/li....aspx?listingID=402439

Hopefully that clears everything up!

That's a MUCH better listing! Just one little piece of advice... if your friend is hot, post a picture. No, seriously... Guys are always suckers for pretty faces!

She's pretty old The daughter is hot, but that wouldn't be honesty now would it?

In any event, I'd appreciate ANYONE who would be willing to place $50 on that listing. All I can say is -- you know who I am -- and while I can't personally guarantee the listing, I promise that $300 of my own money is in that listing, most likely a bit more as the listing continues, and I'm going to be hounding her if she isn't responsible - and this is a friend of mine for almost 10 years.

But no expectations. You guys did more than enough of what I was looking for - helped me to help her create a good listing.

 

[akubi]

can she put up her daughter as collateral?

 

[manlymatt83]

Originally posted by: akubi
can she put up her daughter as collateral?

LOL, I don't know about that!

 

[manlymatt83]

Originally posted by: isekii

Originally posted by: Elbryn
doesnt make much sense to me. 28% is pretty close to what the cc companies charge no? with the listed cash flows, there's 3k of difference per month! why bother with prosper and pay over 3 years with 28% interest when you can pay the debt off in 3 months in full? no offense but it either smells fishy or the whole story isnt being told here.

Yea some of the other posts are ridiculous there too.
They have good amount coming in monthly, yet they are looking to borrow more at a high APR.

Remember, you can always pay down early