I have three loans I am funding through Prosper.com. One that I started in June, one in July and one in August. I just popped over to see how things are going and I see have my first late loan. This means that the person I lent money to hasn't made his payments on time. It is less than 15 days behind though, so it may be a first time payment oversight. We'll see. The author of Passive Family has funded several Prosper loans and as he has pointed out late loans aren't always a bad thing.
Isn't it interesting that the borrowers with B and D credit grades are doing fine, while Mr. A there is behind in his payments?
I'm not too concerned about it yet. I've been reading Passive Family Income long enough to know that those things happen. He's had several loans that have become late then turned around.
I'm still a big fan of Prosper. I like the idea of people to people lending - people helping each other out. Plus, only $100 of that $150 is mine. I received a $25 bonus for opening an account and then I got another $25 bonus when a friend of mine opened up her account. That means no matter how this all works out, I've made money!
Live Long and Prosper: (oh yeah, I said it.)
Prosperous Lending
Passive Family Income - The Upside of a Late Loan
My Guest Post(!!) on Passive Family Income on my Prosper Loans
Wednesday, September 17, 2008
My First Late Loan with Prosper
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2 comments:
Dawn - Thanks for all of the links! I am up to 52 loans now and 5 are in late status. I use to get very worked up with getting these late loans. But then I started thinking that credit card companies want people to pay their bills late so they collect all the interest and late fees. I guess I am not wishing for late loans, but trying to find the good out of the bad. Unfortunately, one of my borrowers on a late loan has declared bankruptcy so that will be interesting.
Yikes! The bankruptcy one is a bit scary. I will check out your blog to see what happens with that!
I will also make sure and post what happens with my late loan.
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