July 2011 Prosper Lending Update

This will be my final update on my prosper lending activity. Seeing that I have under $400 in outstanding loans and have 100% stopped investing in it I see little value to continue this monthly post.

I will keep the stats short and sweet this time:

Outstanding Loans: 21
Principal Outstanding: $336.06

Cash Available: $30.77

Profit to date: $443.76 (roughly 20% ROI)

Good luck to all of those out there still investing in Prosper loans!

June 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. Things seem to have settled down and payments stream in on schedule.

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: $385.95 (Principal Value)
Cash in Account: $54.11

Total Principal: $440.06

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

April 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 have 1 slightly late, 1 very late loan and 6 more have 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: 1 (< 30 days)
In Collections: 1 (written off)
Current: 25

Closed Loans:

Charged Off: 10
Paid Off: 31

Open Bids: 0

Total currently invested: $502.52 (Principal Value)
Cash in Account: $33.63

Total Principal: $536.15

March 2011 Prosper 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 have 1 very late loan and 3 more have 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: 1 (written off)
Current: 32

Closed Loans:

Charged Off: 10
Paid Off: 25

Open Bids:0

Total currently invested: $591.02 (Principal Value)
Cash in Account: $46.65

Total Principal: $637.67

February 2011 Prosper 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 have 1 late loan and 0 more have paid off completely. I no open bids at this time.

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 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: 1 (written off)
Current: 35

Closed Loans:

Charged Off: 10
Paid Off: 22

Open Bids:0

Total currently invested: $716.35 (Principal Value)
Cash in Account: $7.50 (includes open bids)

Total Principal: $723.85

January 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 have 1 slightly late loan and 0 more have paid off completely. I no open bids at this time.


I have decided to begin reinvesting in Prosper once again. I have drawn down my account and my financial situation has improved. I will add no new money at this point.

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

Here are my stats as of today:

Outstanding Loans:

Late: 1 (< 30 days)
In Collections: 0 (written off)
Current: 35

Closed Loans:

Charged Off: 10
Paid Off: 22

Open Bids:0

Total currently invested: $773.99 (Principal Value)
Cash in Account: $61.52 (includes open bids)

Total Principal: $835.51

December 2010 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 a quiet month with business as usual. I have 2 slightly late loans and 0 more have paid off completely. I three open bids at this time.

I did get a large collection payment from a defaulted loan which I will always welcome!

I am have decided to begin reinvesting in Prosper once again. I have drawn down my account and my financial situation has improved. I will add no new money at this point.

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

Here are my stats as of today:

Outstanding Loans:

Late: 2 (< 30 days)
In Collections: 0 (written off)
Current: 31

Closed Loans:

Charged Off: 10
Paid Off: 22

Open Bids: 3

Total currently invested: $699.39 (Principal Value)
Cash in Account: $122.36 (includes open bids)

Total Principal: $821.75

November 2010 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 a quiet month with business as usual. I have 0 late loans and 2 more have paid off completely. I have no open bids at this time.

I am have decided to begin reinvesting in Prosper once again. I have drawn down my account and my financial situation has improved. I will add no new money at this point.

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: 33

Closed Loans:

Charged Off: 10
Paid Off: 22

Open Bids: 0

Total currently invested: $715.26 (Principal Value)
Cash in Account: $88.94 (includes open bids)

Total Principal: $804.20

October 2010 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 a relatively quiet month with business as usual. I still have 1 very late loan and 2 have paid off completely. I have one open bid at this time on a group member's loan.

I am no longer bidding on prosper loans unless they come from my lending group. I am drawing down my account for now. I "write off" all loans in collections as a loss.

Here are my stats as of today:

Outstanding Loans: 35

Late: 1 (< 30 days)
In Collections: 1 (written off)
Current: 33

Closed Loans:

Charged Off: 9
Paid Off: 20

Open Bids: 1

Total currently invested: $803.36 (Principal Value)
Cash in Account: $80.73 (includes open bids)

Total Principal: $884.09

September 2010 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 a quiet month with business as usually. I still have 2 very late loans and one is currently slightly late. I have no open bids at this time.

I am no longer bidding on prosper loans unless they come from my lending group. I am drawing down my account for now. I "write off" all loans in collections as a loss.

Here are my stats as of today:

Outstanding Loans:

Late: 1 (< 30 days)
In Collections: 2 (written off)
Current: 35

Closed Loans:

Charged Off: 8
Paid Off: 18

Open Bids:0

Total currently invested: $894.92 (Principal Value)
Cash in Account: $25.95 (includes open bids)

Total Principal: $920.87

August 2010 Prosper Lending Update

It is the middle of the month again and it is time for my update on prosper.com lending. I had 1 come currnet and several more charges off to bring my "prosper official" default to 8 loans. I currently have 2 fairly late also. I have 1 open bid on a group member's loan listing.

I am no longer bidding on prosper loans unless they come from my lending group. I am drawing down my account for now. 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: 2 (written off)
Current: 36

Closed Loans:

Charged Off: 8
Paid Off: 18

Open Bids: 1

Total currently invested: $932.13 (Principal Value)
Cash in Account: $106.35 (includes open bids)

Total Principal: $1,038.48

July 2010 Prosper Lending Update

It is the middle of the month again and it is time for my update on prosper.com lending. I had 2 more loans payoff and 1 more has gone late.

I am no longer bidding on prosper loans unless they come from my lending group. I am drawing down my account for now. I "write off" all loans in collections as a loss.

Here are my stats as of today:

Outstanding Loans: 42

Late: 1 (< 30 days)
In Collections: 6 (written off)
Current: 35

Closed Loans:

Charged Off: 4
Paid Off: 18

Open Bids: 0

Total currently invested: $1023.15 (Principal Value)
Cash in Account: $35.02 (includes open bids)

Total Principal: $1058.17

June 2010 Prosper Lending Update

It is the middle of the month again and it is time for my update on prosper.com lending. I had 1 more loan payoff and 1 more has gone late.

I am no longer bidding on prosper loans unless they come from my lending group. I am drawing down my account for now. I "write off" all loans in collections as a loss.

Here are my stats as of today:

Outstanding Loans: 44

Late: 1 (< 30 days)
In Collections: 5 (written off)
Current: 38

Closed Loans:

Charged Off: 4
Paid Off: 16

Open Bids: 0

Total currently invested: $1,117.62 (Principal Value)
Cash in Account: $46.28 (includes open bids)

Total Principal: $1,163.90

May 2010 Prosper Lending Update

It is the middle of the month again and it is time for my update on prosper.com lending. I had 1 more loan payoff and 2 have gone slightly late. One filed bankruptcy and I expect to get nothing further from it. I also had 1 more loan officially charged off by prosper that I have already written off.

I am no longer bidding on prosper loans unless they come from my lending group. I am drawing down my account for now. I "write off" all loans in collections as a loss.

Here are my stats as of today:

Outstanding Loans:

Late: 2 (< 30 days)
In Collections: 4 (written off)
Current: 39

Closed Loans:

Charged Off: 4
Paid Off: 15

Open Bids: 0

Total currently invested: $1,236.42 (Principal Value)
Cash in Account: $7.63 (includes open bids)

Total Principal: $1,244.05

April 2010 Prosper Lending Update

It is the middle of the month again and it is time for my update on prosper.com lending. I had 1 more loan payoff and 4 have gone slightly late. One more went to collections 3 days ago so it is written off in my eyes.

I am no longer bidding on prosper loans unless they come from my lending group. I am drawing down my account for now. I "write off" all loans in collections as a loss.

Here are my stats as of today:

Outstanding Loans:

Late: 4 (< 30 days)
In Collections: 3 (written off)
Current: 40

Closed Loans:

Charged Off: 3
Paid Off: 14

Open Bids: 0

Total currently invested: $1,398.46 (Principal Value)
Cash in Account: $73.50 (includes open bids)

Total Principal: $1,471.96

March 2010 Prosper Lending Update

It is the middle of the month again and it is time for my update on prosper.com lending. I had 2 more loans payoff and 3 have recently gone slightly late. I am no longer bidding on prosper loans unless they come from my lending group. I am drawing down my account for now. I "write off" all loans in collections as a loss.

Here are my stats as of today:

Outstanding Loans:

Late: 3 (< 30 days)
In Collections: 2 (written off)
Current: 43

Closed Loans:

Charged Off: 3
Paid Off: 12

Open Bids: 1

Total currently invested: $1,481.13 (Principal Value)
Cash in Account: $96.19 (includes open bids)

Total Principal: $1,577.32

February 2010 Prosper Lending Update

It is the middle of the month again and it is time for my update on prosper.com lending. I had two loans payoff and 3 has recently gone slightly late. I am no longer bidding on prosper loans unless they come from my lending group. I am drawing down my account for now. I "write off" all loans in collections as a loss.

Here are my stats as of today:

Outstanding Loans:

Late: 3 (< 30 days)
In Collections: 2 (written off)
Current: 44

Closed Loans:

Charged Off: 2
Paid Off: 10

Open Bids: 1

Total currently invested: $1516.25 (Principal Value)
Cash in Account: $ 157.13 (includes open bids)

Total Principal: $1673.38

Pulling out of Prosper.com lending

Today I have decided, after much internal debate, to halt my investments and bidding on prosper.com loans. I did a lot of math and back and forth in my head and decided this is the best choice for now. I have a multitude of reasons for doing this:

1. I am in debt. I can use the money I earn from this to pay down my debts. It makes financial and emotional sense for me to do this.
2. Prosper is in money trouble. They are on the edge of bankruptcy so I need to get my money out of there! Chances are they will survive but it is an added risk!
3. I have some bad loans. I am starting to see more defaults in my loans. I understand the recession has something to do with this but losses are losses. I expect more in the future as well.
4. Not enough market data. Prosper is a young company and a new type of investment. It needs to evolve a bit so us lenders can make better decisions. We need more data to see what kind of returns to really expect from it.
5. Time is an issue. I am trying to start my own part time business and have other commitments now too. I am running low on time researching loans to bid on.

That said I do like the idea of Prosper and would consider borrowing through them for future needs that I may have. I will continue my monthly updates as to my performance here on the blog until my last loan is finished. Good luck to all those lenders out there!

January 2010 Prosper Lending Update

It is the middle of the month again and it is time for my update on prosper.com lending. I had one loan payoff and 1 has recently gone slightly late. The number of "good" listings has certainly fallen over the past month due to the holidays. I "write off" all loans in collections as a loss.

Here are my stats as of today:

Outstanding Loans: 53

Late: 1 (< 30 days)
In Collections: 3 (written off)
Current: 49

Closed Loans: 8

Charged Off: 1
Paid Off: 7

Open Bids: 0

Total currently invested: $1613.02 (Principal Value)
Cash in Account: $ 79.80 (includes open bids)

Total Principal: $1692.82

Net Change from last month: $26.06 (1.56%) increase.

Note: I am currently not adding new money to Prosper. I only reinvestment payments I receive each month.