Archive for the ‘ Prosper ’ Category

Prosper News Updates:

November 11, 2009
Fast Company: Peer-to-Peer Lending Explained: Brother, Can You Spare $100? By Lydia Dishman

Continue reading Prosper’s Media Roundup – 11/17/2009

We are pleased to inform our community that Nigel W. Morris, Co-Founder of Capital One, has joined Prosper’s Board of Directors and his venture capital firm, QED Investors, has invested in the company.

By way of background,  Nigel Morris co-founded Capital One in the early 1990’s, and during his ten-year tenure, Capital One’s customer base grew to over 40 million, managed loans increased to more than $70 billion and the company emerged as one of the top seven issuers of MasterCard and Visa credit cards in the world.

Continue reading Prosper receives investment in company

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

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