Prosper’s Marketed Total Loans

I’ve added the total loan amount funded for the platforms.  I’m not sure why I didn’t add this earlier. I know the Social Lending Network publishes these charts every month. But something occurred to me while I did this. Prosper.com’s marketed total loans funded is over 250 million. This number includes Prosper 1.0.

Prosper 2.0’s ROI is advertised  on their main page but they also include Prosper 1.0’s loans in the advertised total funded.

By default (no  pun intended) I turn off Prosper 1.0 data on my charts. You can take a look for yourself

http://www.nickelsteamroller.com/chart_combined#total_amount_funded

In reality Prosper 2.0 has not yet reached 100 million in loans under their new platform.

[polldaddy poll=5654608]

Michael

5 thoughts on “Prosper’s Marketed Total Loans

  1. I have a question about L.C. and I thought maybe you might know.

    How can a payment be “18 days late” or “23 days late” but not have to pay a late fee?

    For example, this one: https://www.lendingclub.com/foliofn/loanPerf.action?loan_id=573773&order_id=1187933

    According to http://www.lendingclub.com/public/rates-and-fees.action the Grace Period is 15 days:

    “When a borrower’s payment is late after a 15-day grace period, a Late Payment Fee is assessed on the 16th day to compensate investors for the delay. This fee is prorated and then passed on to the investors. The amount of a Late Payment Fee is the greater of 5.00% of the unpaid installment amount, or $15. This fee may be charged only once per late payment.”

      1. Calling them is usually last on my list of things to do.

        First, it takes them forever to understand what you’re asking. Then they have to check around with the programmers or whatever.

        Sometimes they’ll always come back with a plausible explanation, e.g. typo, rounding error, different databases, etc., but nothing ever seems to get fixed.

        Plus, the last time I called I got a rep who literally didn’t know anything; my “regular” guy was on vacation or something.

  2. Hi Michael,
     
    That’s a great point you bring up that Prosper shows returns from Prosper 2.0, but volume of loans since initial launch. In presenting it this way, we certainly don’t mean to imply that investors’ return average 10.7% for the whole time.  That return is only for post-quiet period loans.  And we do show on our stats page investor returns on both pre-quiet period and post-quiet period notes.  http://www.prosper.com/welcome/marketplace.aspx

    However, we think it’s very important that we show how many loans we have originated in total because it’s the experience of lending for over 5 years and $270,000,000 in loans that has allowed us to improve our underwriting and thus, provide the great returns that investors are consistently seeing today.

    Thus, with Prosper, investors are the beneficiaries of both great returns and the experience necessary to maintain these returns into the future.

    Glenn G. Millar
    Prosper Employee
    Notes Offered by Prospectus http://www.Prosper.com/prospectus

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