Friday, April 11, 2008

Interesting Way To Get Prosper Money Back

This Prosper lender had found a creative way to liquidate all the loans he's holding: take out a loan against them.

Purpose of loan:
This loan will be used to pay off my current Prosper Lending Account. I no longer have the time to manage this, and would like to use my lending funds towards something else at this time.

Cash balance: $26.78
Value of loans: + $14,959.08
Payments in transit: $155.16
Winning bids: $394.33
Winning bids pending review: $300.00
Total account value: = $15,835.34

My financial situation:
I am a good candidate for this loan because I have the means to pay for this loan regardless of my portfolio, and have never missed a payment, or ever been late. I have an 830 FICO and pride myself on my perfect credit.

I worked for the world's largest investment bank, and recently moved to a startup because I have the means and free time. Prosper was fun for the past year, but being on the trading desk on Wall Street, enjoy a little more excitement out of my investments.

Presumably, he'll pay off his Prosper loan using the funds from his lending as they roll in. He does seem adept at picking loans with a LendingStats ROI of >10%, so it's not unreasonable.


j9359 said...

Seems like a reasonable proposition except for the problem that Prosper won't take money directly from a lenders account to make loan payments.
Might be a useful enhancement but I doubt that Prosper will bother.

DebtKid said...

Ha! That's quite the clever way to create a secondary market!

Mike said...

@j9359: Prosper did create the ability for users to manually pay their loan from their Prosper lender account.

Steveington said...

Wow, that's a pretty funny loan listing. I wish I would have seen this one sooner and I would have invested some money in it. Seems like a pretty safe bet. :)

hooke said...

I have never been able to have Prosper pay me back my money i sent them two years ago and never invested.
any help i will appreciate. i have written many letters.