Hello SCP,
Wow! Prosper has finally come out of its quiet period after a six month hiatus. Currently, not all of us can jump back into investing straight away, but I hope and believe that will change in the upcoming months. Several of us tried other P2P lending sites with success, but most of us agree that Prosper is the leader in the field.
Take note of some of the pioneering programs Prosper has created. The "Open Market" notes are from existing loans that we can invest in without limit. The direct P2P lending still has a $25,000 maximum, but purchasing in the open market does not. A "Trading Platform" is in the works where we can sell our existing notes to other lenders so we can immediately cash out of loans if we want the funds. In order to reduce defaults, new borrowers must have a minimum score of 640. Prosper created their own score based on a 1-10 ranking with 10 being the highest based on their own data. Yet another tool to use to make educated decisions.
It is too early to know what other changes will come about and how these existing ones will result, but Prosper seems to be doing all it can to remain transparent and protect its lenders.
Yesterday, we officially became a year old. I wanted to thank Longfellow20011 and Nonenone for becoming our first members the day I founded this group. SInce then we have grown to 241 members and have members from almost every state. Here are several milestones in our growth...
We have loaned over $1,340,803 in over 22,372 loans (Averaging $5,563/93 per member).
We reached our 5 Star status back in Oct. 08 and retained it on 4/30/09 (we get evaluated every 6 months). Thank you to those group members for your 100% on time payments!
Gaelicman was our first member to have loaned over $75K and Kindred_Spirit was our first over $100K.
A special thank you to Go4reward for establishing our forum and its moderation.
Please welcome our newest members found & nuclearmoose as we move forward into our second year. I hope it brings more success to each and everyone of you then last year.
- Jason
