Archive for the ‘ Lenders ’ Category

Before discussing the results of the test, let’s review what we were testing. In November 2007, 74 loans that would have been included in the December Debt Sale were selected for a test of applying a legal collections strategy. These loans had an outstanding principal balance of approximately $705,000. They were placed at Hunt & Henriques, a prominent California debt collection law firm.

Once placed with the firm, these accounts were sent a “demand letter” stating that the balance would be accelerated in 30 days if an acceptable payment arrangement was not negotiated.  Continue reading The Results From the Legal Collections Test

One of the key challenges in collecting on unsecured installment loans is providing the borrower an incentive to continue to making payments when they come under financial distress. If you don’t make a payment  on a credit card you can’t keep charging on it. In the case of a house or a vehicle loan, the lender can repo/foreclose on the secured asset. On an unsecured loan, the borrower has already received the funds – so there is no loss of utility when they stop paying.

One way Prosper has been successful incenting distressed borrowers to pay is by Continue reading Collections – Hardship Arrangement are Benefiting Lenders

Starting today new lenders will receive a $50 sign-up bonus to use for their first two bids on Prosper loan listings. This promotion will last until 1,000 new lenders have signed up and received their $50 bonus.

Prosper lenders have been experiencing positive returns from investing in Continue reading $50 Sign-Up Bonus for New Lenders!

Ongoing economic challenges cannot be solved simply by fixing the traditional financial institutions, which proved to be opaque, fragile, and in some cases reckless. Navigating this ongoing financial crisis means embracing alternatives and new innovations that will make the country less dependent on Continue reading Innovative Financial Startups Band Together

We are pleased to announce a $100 Thank You Reward for every new Borrower you refer to Prosper.  The borrower simply has to apply, become fully funded and make the first payment on the loan. $100 will be deposited directly into your Prosper account for every approved Borrower you refer. Continue reading Refer a friend to Prosper and earn $100