tag:blogger.com,1999:blog-6178547344217818498.post8043283095401262360..comments2023-11-26T16:59:51.483-08:00Comments on Prosper Lending Review: Newsweek tips hat to ProsperUnknownnoreply@blogger.comBlogger7125tag:blogger.com,1999:blog-6178547344217818498.post-86617659959957588362007-09-17T00:50:00.000-07:002007-09-17T00:50:00.000-07:00Andrew, I agree with you 100%. The Newsweek artic...Andrew, I agree with you 100%. The Newsweek article says, "The interest rates on these unsecured loans tend to be high, so borrowers with good credit scores could get better rates on most mainstream credit cards."<BR/><BR/>How can you get better rates on mainstream credit cards than Prosper or Lending Club?<BR/><BR/>By the way, I bid on <A HREF="http://prosperlending.blogspot.com/2007/09/prospers-product-manager-seeks-loan-on.html" REL="nofollow">your loan</A>. I was outbid but I'm glad to see you got a great rate.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6178547344217818498.post-45643365393225718022007-09-16T16:01:00.000-07:002007-09-16T16:01:00.000-07:00Tom, you're probably a financially responsible guy...Tom, you're probably a financially responsible guy, and don't carry a balance on your credit card, but unfortunately the average family owes about $8,000 on their credit card (Source: <A HREF="http://www.pbs.org/wgbh/pages/frontline/shows/credit/etc/synopsis.html" REL="nofollow">Frontline</A> - they also have a great online episode about the credit card industry). Bank loans are becoming more and more scarce, and unless you own a home, a HELOC is not an option. So increasingly, credit card loans are becoming the only option for average Americans. Prosper, LendingClub, and future entrants will focus primarily on the credit card market, since they are such easy targets with their high and adjustable rates, dishonest marketing tactics, and absurd policies.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6178547344217818498.post-45148933397190635332007-09-16T10:39:00.000-07:002007-09-16T10:39:00.000-07:00JD, thanks for stopping by. Your ROI looks great....JD, thanks for stopping by. Your ROI looks great. I'm sure some will argue that it's not really quite fair to compare it to Prosper yet due to the average loan age. More loans will default over time. Of course Lending Club is going to have fewer defaults due to the stricter credit score requirments for borrowers.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6178547344217818498.post-57534260686826212862007-09-16T10:30:00.000-07:002007-09-16T10:30:00.000-07:00At LendingClub the average ROI is about 11.51%. Ch...At LendingClub the average ROI is about 11.51%. Check out the top performers:<BR/>https://secure.lendingclub.com/lender-ranking.action<BR/><BR/>-- CTO, LendingCLubAnonymoushttps://www.blogger.com/profile/00780469622481933644noreply@blogger.comtag:blogger.com,1999:blog-6178547344217818498.post-25390227682420230342007-09-16T02:25:00.000-07:002007-09-16T02:25:00.000-07:00Mike, I just followed your link to LendingStats. ...Mike, I just followed your link to LendingStats. Wow - there are only 3 people that have an estimated return above 13% (according to the LendingStats equation). I see you restricted the population to those with more than $5,000 in loans, more than 20 loans, and an average loan age of 9 months.<BR/><BR/>Like you said, possible but not easy or likely.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6178547344217818498.post-88916399347446239802007-09-15T22:14:00.000-07:002007-09-15T22:14:00.000-07:00Good catch Mike. I corrected the article.And, I'd...Good catch Mike. I corrected the article.<BR/><BR/>And, I'd have to add that plenty of <B>borrows</B> are making more than 13%. Much more. :)Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6178547344217818498.post-42936328959316753742007-09-15T22:04:00.000-07:002007-09-15T22:04:00.000-07:00Also, can borrowers earn up to 13%.I think you mea...<I>Also, can borrowers earn up to 13%.</I><BR/><BR/>I think you meant to say "can lenders earn up to 13%"? The <A HREF="http://www.lendingstats.com/prosperInvestors?loanCountFilter=1&loanAgeFilter=4&loanAmountFilter=2&submit=Filter&sort=estimatedROI&sortDirection=DESC" REL="nofollow">answer is yes</A>, but it isn't easy or likely.Mikehttps://www.blogger.com/profile/09170494229206362647noreply@blogger.com