Social Activist to Reinvest in Prosper and Promote Ourtopia
| Listing Information | |||
|---|---|---|---|
| Amount: | $2,500.00 | Status: | Loan created |
| Grade: | AA | DTI: | 3% |
| Lender Rate: | 7% | Borrower: | TedErnst |
| Finished | State: | IL | |
| Funded: | 100% | Group: | Ourtopia |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Paid | Origination Date: | 2006-06-27 | EricsCC ROI: | 6% |
| Status History | |
|---|---|
| Jul 12, 2006 | Current |
| Dec 19, 2007 | Payoff in progress |
| Dec 22, 2007 | Paid |
|
Reinvest in Prosper I believe humanity is moving from a hierarchical stage into a networked stage, where peer-to-peer takes over from expert-customer models. EBay obviously made a huge step in that direction and Prosper will take it even futher. To be an efficient marketplace, there must be plenty of borrowers and lenders at all credit levels. I have AA credit and expect to thus borrow from lenders looking for an extremely low-risk opportunity. I will then lend out to riskier classes of borrowers, providing more liquidity in the marketplace. I've also been working with Cellardoor on Ourtopia, his private lenders' forum and the open source wiki-based Q&A (see below). I don't have a lot of money but am exteremely interested in Prosper's sucess. Promote Ourtopia Ourtopia charges no fees. Prosper calls this 100% shared. There actually is no sharing in Prosper. When a group is 50% shared, this means the group leader is taking half of the maximum available fees. Paying fees to some group leaders makes sense because they are actively vetting borrowers and lenders trust what the group leader says. Other groups are providing no value while stealing money from both lenders and borrowers (borrowers pay the fees, above and beyond what lenders were willing to lend at and lenders are not given all the interest borrowers are willing and able to pay). Please avoid those groups and only lend to and borrow through groups that either are 100% shared (value added or not, there are no fees) or that do provide value for their 25% or 50% fees (this is 75% or 50% shared in Prosper-speak). Please do not support 0% or 25% shared groups (100% or 75% fees). About me I borrowed $1000 through Prosper and made the first 2 payments on time before paying off entirely when the 3rd payment was due in order to switch groups for this listing. This loan is bigger because I didn't realize the first time around that the origination fee amounts to 2.5% on a $1000 loan while it's only 1% at $2500 or higher. You'll notice I have no deliquencies in the past 7 years. Open Source Q&A about every listing Go to http://prosperlenders.wikispaces.com/YYYYY to ask questions or give answers about any listing (replace YYYYY with the listing number) including this one. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 3054 | Capitalizing the spread | AA | $1,000 @ 7% | Mar 22, 2006 | Loan created |
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