P-2-P Lending

Moosie

Moosie

Grand poopa
Joined
Dec 9, 2000
Messages
17,666
Location
Boise, Idaho
Alright, Since all the old threads are gone, I'll bring back up my P-2-P lending on www.Prosper.com .

I started in Dec, It's Feb now. Not a long time into it yet so I still have reservations and would not endorse it for the average Joe but here is how I've done :

I have 37 Current Loans I'm lending to:

Cash balance: $15.97
Value of loans:+$2,812.76
Payments in transit:+$8.78
Winning bids:+$0.00
Winning bids pending review:+$500.00
Total account value:=$3,337.51

Principal loaned:$2,849.99
Payments received:$76.15
Principal paid: $50.54
Interest paid: $25.61
Late fees paid: $0.00

Value of loans: $2,812.76
Principal outstanding: $2,799.45
Interest accrued: $13.31
Late fees accrued: $0.00

Avg. interest rate:17.98%
Daily interest accrual:$1.38

My Stats Are listed here (3rd party site that is a few days behind actual numbers) : http://www.lendingstats.com/lenders/MoosieID
 
Did you mean Senior as in "senior moment" or as "senor" as in senor Jose? Either way, guilty as charged!;)
 
Yah.... I'm getting some 2nd payments in too already... Yippee !!! ;)

Like I said, I'm awaiting the longer haul before I say it was a good move. I know there are a bunch of Ney sayers on this type of investing. I'm just updating so people are in the loop. I see some investors that have invested in only a couple and they never made the first payment. That would burn out a guy real quick !!!!! :p

I'm following a few more guys, one is "mjerryfirst" that put in over 30k and has a flawles record so far after a few months. that will be a bit interesting.

I've transfered over a few more bucks, I will send in some lower return rates on higher rated borowwers and my "Average" return will lower because of it. It will be interesting to see how it plays out at years end.

If everyone pays, I make $1.38 a day. Not enough to Retire, but justifies my $2 breakfast :p
 
I know, that would be cool except I don't smoke and It would be a waste to buy cigs ;)

I know it's not alot, but the percentages are good. I've probably got more in there then I should for a "test". I have over 40 Loans being lent out so it's a good test. Someone is bound not to pay back... (Although I hope not !!) I will feel better in about a week and a half when my "Intrest paid" (Actual monies made) is over the $50. Then, it wouldn't feel so bad if someone defaulted on a $50 loan :D :D

I like the diversification investment option. The cool part is there are alot of people that are caught in the Payday loan deal paying alot of interest. I can see and follow some of these accounts that over time, their debt is paid down and their credit is getting better. Thats one of the cooler parts of the investing I think !!!!

There is also a topic going on about someone behind on their payments, filing BK. In the BK settlement, they are filing against everything except their Prosper account. They want to make sure all those guys are getting paid back. He looks at it not as a bank loan but a local friend loan from real people. That is kind of a cool concept. (Although crappy someone has to file).

Anyway, still on track.
 
brymoore said:
Triple up on your loans and you can buy a pack a smokes a day.
Click to expand...

I'm working on it :eek:

I'm up to 48 loans and 13 in review.

http://www.lendingstats.com/lenders/MoosieID

Estimated ROI 16.98%

Avg. interest rate: 17.86%
Daily interest accrual: $1.96

I'm hoping to end up around the 10% mark(ish) It's still early in the game to know.

I'm $0.04 from breaking the $2 a day mark, I'll update you when I get there... ;)
 
I'm impressed that your portfolio still doesn't have any deliquency. Almost $2/day. How much are those chocolate shakes at McDonalds?
 
$1.99.. Almost there :D :D

It's still early on, I'll probably say that for the next 6 months. Most of my accounts are new ones. I started off pretty slow so the bulk of my coins are < a month. I'm not jumping up and down yet :eek: :eek: My average loan is 35.3 days old with the longest at 70.
 
Bry..... I'm up to a Shake a day :p

Cash balance: $300.97
Value of loans: + $4,387.74

Payments in transit: + $12.74
Winning bids: + $300.00
Winning bids pending review: + $63.15
Total account value: = $5,064.60

Active loans: 52
Payment status: 52: All Current

Principal loaned: $4,433.40
Payments received: $110.26
Principal paid: $73.93
Interest paid: $38.41
Servicing fees: -$2.08

Value of loans: $4,387.74
Principal outstanding: $4,359.47
Interest accrued: $28.27
Late fees accrued: $0.00

Avg. interest rate: 18.02%
Daily interest accrual: $2.15
 
Thats a service fee on certain accounts. That is accumalitive thus far. It is tacked onto higher risk applicants. It tells you the fee prior to bidding on Each account has a rate associated with it.
 
AA credit grade
Date
Payment number
Amount paid -
NSFfees =
Amount received
Late fees +
Interest +
Principal -
Service fees
- Collection fees =
Net received
Resulting principal balance

Jan-22-2008 2957732 $0.42 - $0.00 = $0.42 $0.00 + $0.10 + $0.32 - $0.00 - $0.00 = $0.42 $48.35
Jan-14-2008 2903441 $1.59 - $0.00 = $1.59 $0.00 + $0.26 + $1.33 - $0.00 - $0.00 = $1.59 $48.67

HR credit grade
Date
Payment number
Amount paid -
NSFfees =
Amount received
Late fees +
Interest +
Principal -
Service fees
- Collection fees =
Net received
Resulting principal balance


Feb-04-2008 3209661 $1.94 - $0.00 = $1.94 $0.00 + $1.06 + $0.87 - $0.05 - $0.00 = $1.89 $47.29
Dec-31-2007 2731685 $1.94 - $0.00 = $1.94 $0.00 + $0.09 + $1.84 - $0.00 - $0.00 = $1.93 $48.16


So the first one has no Service fees with an AA credit. The 2nd one has one.
 
The service fee is associated with some borrowers, but not all?

Is that like a penalty to you if the borrower doesn't pay on time, or something?
 
I had to actually look it up. It's a 1% fee I guess. If the borrower doesn't pay, I don't have to pay a fee for them. It's taken out when they make a payment. Here you go :

Lender Fees

0%-1% annual loan servicing fee

The annual servicing fee is accrued daily, and is based on the current outstanding loan principal. This fee is accrued the same way that regular interest is accrued on the loan. The amount of the servicing fee depends on the borrower's credit grade:
AA: 0% annual loan servicing fee
A - HR: 1% annual loan servicing fee

For example, on a $5,000 A credit grade loan at 10% interest, the servicing fee would be $80.70 over its full 3 year length. Because the servicing fee is based on the daily principal balance (which is an amortized value), it will change on a monthly basis, and the servicing fee for a loan will vary based on the interest rate and the length of the loan (if the borrower happens to pay it back in less than 3 years).
 
I was just looking at a couple loans. One person I lent money to makes payments every few days or weeks. This seems a bit weird to me ?!?!?!

9 payment(s)

Date
Payment number
Amount paid -
NSFfees =
Amount received
Late fees +
Interest +
Principal -
Service fees
- Collection fees =
Net received
Resulting principal balance

Mar-03-2008†‡ 3360593 $0.42 - $0.00 = $0.42 $0.00 + $0.08 + $0.34 - $0.00 - $0.00 = $0.42 $44.42
Feb-25-2008 3323940 $0.42 - $0.00 = $0.42 $0.00 + $0.06 + $0.36 - $0.00 - $0.00 = $0.42 $44.76
Feb-20-2008 3298527 $0.42 - $0.00 = $0.42 $0.00 + $0.09 + $0.33 - $0.00 - $0.00 = $0.42 $45.12
Feb-12-2008 3261081 $0.57 - $0.00 = $0.57 $0.00 + $0.01 + $0.55 - $0.00 - $0.00 = $0.57 $45.45
Feb-11-2008 3251470 $0.58 - $0.00 = $0.58 $0.00 + $0.00 + $0.58 - $0.00 - $0.00 = $0.58 $46.00
Feb-11-2008 3251469 $1.59 - $0.00 = $1.59 $0.00 + $0.08 + $1.51 - $0.00 - $0.00 = $1.59 $46.58
Feb-04-2008 3214330 $0.42 - $0.00 = $0.42 $0.00 + $0.16 + $0.26 - $0.00 - $0.00 = $0.42 $48.09
Jan-22-2008 2957732 $0.42 - $0.00 = $0.42 $0.00 + $0.10 + $0.32 - $0.00 - $0.00 = $0.42 $48.35
Jan-14-2008 2903441 $1.59 - $0.00 = $1.59 $0.00 + $0.26 + $1.33 - $0.00 - $0.00 = $1.59 $48.67
 
Well...... Looks like we lost a week or so of posts due to hacking so I'll post an Update as of today on my prosper. I've hit a Milestone of $50. Finally :) I'm also looking foward in hitting my 90 day mark. 1 week to go !! Fingers crossed nothing defaulting yet :p

Here is the 3rd Party Monitoring site (Usually up to 1 week behind) :

http://www.lendingstats.com/lenders/MoosieID

Active loans: 70 Current

Payments received: $198.97
Principal paid: $135.50
Interest paid: $66.70
Servicing fees: -$3.23

Avg. interest rate: 19.68%
Daily interest accrual: $3.16
 
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