May 2011 Prosper Lending Update

It is the middle of the month again and it is time for my update on prosper.com lending. It has been another quiet month with business as usual. I had one written off by Prosper and 1 more has paid off completely.

I have decided to completely abandon Prosper. They have gone to a fixed rate system and that does not appeal to me at all. My ability to earn extra interest (arbitrage) has been eliminated. I will continue reporting on my experience until I have emptied the account.

I "write off" all loans in collections as a loss.

Here are my stats as of today:

Outstanding Loans:

Late: 0 (< 30 days)
In Collections: 0 (written off)
Current: 25

Closed Loans:

Charged Off: 11
Paid Off: 32

Open Bids: 0

Total currently invested: $424.21 (Principal Value)
Cash in Account: $8.92

Total Principal: $433.13