Prosper

[awal]

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@fused wrote:

I started lending money at Propser in early 2008. All of the notes have been paid or COed. Its too bad the economy tanked, I really like the whole concept of peer-to-peer lending.

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What's the out for the lender when a loan is COed?

[LS2982]

I cant understand the scoring model for EX Scorex PLUS, my scores are always 100+ lower than my PLUS and FICO scores. I want to get a loan from Prosper but they keep coming back to score is too low.

[fused]

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@awal wrote:

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@fused wrote:

I started lending money at Propser in early 2008. All of the notes have been paid or COed. Its too bad the economy tanked, I really like the whole concept of peer-to-peer lending.

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What's the out for the lender when a loan is COed?

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There really isn't an out. Two and three years ago, Propser sent notes that were 60 days late to a third-party CA. The CA had a horrible track record, and I had quite a few loans that charged-off.

[fused]

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@LS2982 wrote:

I cant understand the scoring model for EX Scorex PLUS, my scores are always 100+ lower than my PLUS and FICO scores. I want to get a loan from Prosper but they keep coming back to score is too low.

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I think the EX Scorex Plus algorithm is flawed. I had more defaults with borrowers who graded out high than graded out low. At least Lending Club uses a proven scoring algorithm, a TU FICO score.

[llecs]

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fused wrote:

At least Lending Club uses a proven scoring algorithm, a TU FICO score.

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TU98 no less....though my loans aren't doing that well either.