But Fred almost always says things well, so no surprise there. Quote from: kenL on November 12, 2009, 02:04:25 pm -well said fred! I also recommend that you consider avoidance of those who routinely do not live up to the terms of their contracts. I strongly recommend to you that in your business, you live up to the terms of your contracts, for all the reasons stated above. In other words, if one side violates the agreed terms over and over, the other side could argue that he shouldn't have to live up to his side of the deal either. It diminishes the sanctity of the contract. If continued then somewhere down the line it will get them into trouble. Makes people believe they cannot be trusted. When Prosper has violated the terms of our contract with them, that has been wrong. There is a distinction between what is right or wrong and what I or Ira or anyone else would want to sue over. Loan sizes: Both lenders have similar loan sizes: Upstarts loans range from 1,000 to 50,000, while Prosper has slightly a slightly higher minimum loan size, from 2,000 to 50,000 Interest rates/Fees: Upstarts interest rates range from 7.8 to 35.99, comparable to Prospers rates of 8.99 to 35.99. I would absolutely join many other suits for things they have and have not done, but not this one. And I still would not join a suit for this particular change. Your only solution for a remedy if you truly believe this is not benefiting you is to sue, and that would be unlikely to be resolved before they go belly up. Quote from: wftrust on November 12, 2009, 01:16:51 pm -But doesn't change the fact we are only talking in this thread about what they have specifically done, and will continue to do it appears as well. Sometimes there is no shortcut and you just have to do the darn work! When will they realize this? Lending Club seems to have much more homogeneous interest rates. New Yorkers, in particular, have the lowest median Debt to Income Ratio. But the not reporting to collection agencies bit is just another example of how prosper is willing to try anything to cut back on their own work load. The states that Prosper loans to the most are also the ones with the lowest Debt to Income Ratios. They should also extend the program to borrowers who are more than 1 month late and they should be active in doing so (instead of just waiting for a call), of course they need to be more active in all their collection duties. I've seen several of my LC loans go back to current after being on a "payment plan" for a few months. They must have got the idea from LC, because LC has been doing it for long time and I've been happy with how its worked there. IIRC Prosper verifies about 20% of loans by their own admittance. You know a good time to get a good address would be before they got a loan maybe? It's clear from the "new agency test" loans that Prosper doesn't even know how to contact late borrowers. Collections – Hardship Arrangement are Benefiting Lenders
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