12 Responses

EH | October 14th, 2009 at 8:42 am

I like the idea, but there is absolutely no way that a $2000 worth of loans will be originated by Nov. 15. With the verification processes as it is now, I get about $500 worth of loans originated a month. and I always have about 10-15 funded loans waiting to be verified.

Prosper Blog | October 14th, 2009 at 5:51 pm

There may be a number of ways you can get to $2,000 in a month. We are continuing to increase the number of good listings on the site and our through put continues to improve.

Addiitonally, if you have a large amount of money on the platform, and are bidding at $25.00 (i.e. the minimum) you could consider increasing the bid amount to $50.00.

debt consolidation | October 15th, 2009 at 4:22 am

This is a great news to hear but is for a very short span of time should have lasted till the Christmas.
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Jacob
debt consolidation

Prosper Blog | October 15th, 2009 at 10:09 am

We will take your requests into consideration and assess the program in a few weeks. Thank you for your input.

JDuggan | October 15th, 2009 at 11:01 am

This confirms what I am experiencing. I joined a couple months ago and I have to say that I happy with the results so far. Im getting over 20% return on my money which is way better than the stock market over the course of this year. This place rocks. Thanks!

NewHorizon | October 15th, 2009 at 11:56 am

“…with an expected net return of 10%.”

I can’t speak for others, but I think it’d be wonderful if we - including prospective lenders - could track the net return on Prosper’s web site. (… aside from blog posts like this one, I mean.)

BTW, anybody know what was the expected net return 2 months after Prosper’s initial launch?

Rich | October 15th, 2009 at 11:58 pm

How about require the money to be transferred in by 11/15, but invested over the next month. Using portfolio plans, it takes forever to loan out that much at $25 a loan. The plans end up having a lot of money sitting in bids that end up losers, and then verification adds time.

Ray | October 16th, 2009 at 8:14 am

With deference to EH’s comment, perhaps some clarification is in order about the Nov 15 cut-off. Is it bids that are placed before Nov 15 on loan auctions that go on to result in loans? Bids placed on loan auctions that end before Nov 15 and go on to result in loans? Bids placed on loan auctions that are verified and accepted by the borrower before Nov 15?

101010 | November 17th, 2009 at 9:39 am

The wording on the “Cash Rebate Fall Promotion for Lenders” has been changed and now does not make sense.

Previously it stated the period was “October 12 through November 15″ but now states “October 12 through December 15″. (I know because I had taken screenshots of the text.)

This would be fine, except that it also says, “Once you have bid and invested on the loan listings your 1% or 2% cash rebate will be deposited into your Prosper account by December 4.”

How can the cash rebate for Oct 12 - Dec 15 be deposited in our account on Dec 4?

101010 | November 17th, 2009 at 9:42 am

I see the text in this blog has the old text of “Oct 12 - Nov 15″ but it has been changed on this page:
http://www.prosper.com/help/topics/lender-cash-rebate.aspx

w/o changing the day the rebate would be deposted.

Please clarify. Thank you!

Prosper Blog | November 17th, 2009 at 8:36 pm

@101010
Good catch. Sorry about that - we will fix on the site asap. In the meantime, here are the correct updated offer details:

We have extended the cash rebate promotion through December 31.

Current promotion
- Invest $1,000 to $4,999 by November 15, and you will still receive your 1% cash bonus by December 4.
- Invest $5,000 or more by November 15, and you will still receive your 2% cash rebate into your Prosper account by December 4.

The extended promotion
- Invest $1,000 - $4,999 by December 31 and receive a 1% cash rebate into your Prosper account by January 22, 2010.
- If you invest $5000 or more, you will receive a 2% cash rebate into your Prosper account by January 22, 2010.

To qualify, the funds must be bid and invested on loan listings. Notes offered by Prospectus.

To receive a cash bonus, funds must be invested between October 12 and December 31.

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