Comments on: P2P Borrowers Waste Time and Money with Early Payoffs http://www.personalloanportfolio.com/78/p2p-borrowers-waste-time-and-money-with-early-payoffs/ Lending Club and Prosper.com Experience Sat, 20 Feb 2010 21:03:27 -0600 http://wordpress.org/?v=2.9.1 hourly 1 By: Carnival of P2P Lending | rocket finance http://www.personalloanportfolio.com/78/p2p-borrowers-waste-time-and-money-with-early-payoffs/comment-page-1/#comment-431 Carnival of P2P Lending | rocket finance Fri, 18 Apr 2008 20:57:26 +0000 http://www.personalloanportfolio.com/78/p2p-borrowers-waste-time-and-money-with-early-payoffs/#comment-431 [...] Loan Portfolio rants about p2p borrowers who pay back their loan in a month or less. Why did they take out the loan in the first place? While you are reading the article, be sure to [...] [...] Loan Portfolio rants about p2p borrowers who pay back their loan in a month or less. Why did they take out the loan in the first place? While you are reading the article, be sure to [...]

]]> By: PLP http://www.personalloanportfolio.com/78/p2p-borrowers-waste-time-and-money-with-early-payoffs/comment-page-1/#comment-389 PLP Thu, 10 Apr 2008 09:07:10 +0000 http://www.personalloanportfolio.com/78/p2p-borrowers-waste-time-and-money-with-early-payoffs/#comment-389 Thanks DCS for stopping by and commenting. I am glad to hear that you have only had 3 or 4 out of 250 borrowers do this to you. HollowOak, I put you at the top of the new post of <a href="http://www.personalloanportfolio.com/84/more-lending-club-quiet-period-announcement-links/">links related to the Lending Club quiet period announcement.</a> Thanks DCS for stopping by and commenting. I am glad to hear that you have only had 3 or 4 out of 250 borrowers do this to you.

HollowOak, I put you at the top of the new post of links related to the Lending Club quiet period announcement.

]]> By: DCS http://www.personalloanportfolio.com/78/p2p-borrowers-waste-time-and-money-with-early-payoffs/comment-page-1/#comment-382 DCS Wed, 09 Apr 2008 19:18:48 +0000 http://www.personalloanportfolio.com/78/p2p-borrowers-waste-time-and-money-with-early-payoffs/#comment-382 I've been a Prosper lender for more than two years now, and prepayment is just one aspect of the game you've gotta get used to. I know it's annoying, but if you're going to do P2P lending you've got to be constantly on the lookout for new loans to reinvest in anyway, so not much harm done. Hey, it beats borrowers not paying! For what it's worth, I've only had three or four out of about 250 loans prepay within just a couple of months without any warning in their listing description. I’ve been a Prosper lender for more than two years now, and prepayment is just one aspect of the game you’ve gotta get used to. I know it’s annoying, but if you’re going to do P2P lending you’ve got to be constantly on the lookout for new loans to reinvest in anyway, so not much harm done. Hey, it beats borrowers not paying!

For what it’s worth, I’ve only had three or four out of about 250 loans prepay within just a couple of months without any warning in their listing description.

]]> By: Tom http://www.personalloanportfolio.com/78/p2p-borrowers-waste-time-and-money-with-early-payoffs/comment-page-1/#comment-373 Tom Wed, 09 Apr 2008 09:40:05 +0000 http://www.personalloanportfolio.com/78/p2p-borrowers-waste-time-and-money-with-early-payoffs/#comment-373 Very good point. Matt wrote an article about pre-payment risk a few months ago... http://prosperlending.blogspot.com/2007/07/analysis-of-pre-payment-risk-on-prosper.html Very good point.

Matt wrote an article about pre-payment risk a few months ago…

http://prosperlending.blogspot.com/2007/07/analysis-of-pre-payment-risk-on-prosper.html

]]> By: PLP http://www.personalloanportfolio.com/78/p2p-borrowers-waste-time-and-money-with-early-payoffs/comment-page-1/#comment-369 PLP Wed, 09 Apr 2008 02:19:17 +0000 http://www.personalloanportfolio.com/78/p2p-borrowers-waste-time-and-money-with-early-payoffs/#comment-369 These two loans make 2 out of about 50 loans at lending club that I have which have paid off in one month or less. I find it annoying that someone would pay off the loan before even the first payment comes due. It must mean that they really did not need the loan in the first place. If this happened very frequently it could become a drain on you return. I am not asking for a large penalty if it is paid off in less than six months -- maybe just one month of interest -- to cover my ROI for the time it takes me to find another loan. Thanks for stopping by to comment... These two loans make 2 out of about 50 loans at lending club that I have which have paid off in one month or less. I find it annoying that someone would pay off the loan before even the first payment comes due. It must mean that they really did not need the loan in the first place. If this happened very frequently it could become a drain on you return.

I am not asking for a large penalty if it is paid off in less than six months — maybe just one month of interest — to cover my ROI for the time it takes me to find another loan.

Thanks for stopping by to comment…

]]> By: Lending Club Quiet Period: Is a Secondary Loan Market Coming? | Personal Loan Portfolio http://www.personalloanportfolio.com/78/p2p-borrowers-waste-time-and-money-with-early-payoffs/comment-page-1/#comment-366 Lending Club Quiet Period: Is a Secondary Loan Market Coming? | Personal Loan Portfolio Wed, 09 Apr 2008 02:01:42 +0000 http://www.personalloanportfolio.com/78/p2p-borrowers-waste-time-and-money-with-early-payoffs/#comment-366 [...] Personal Loan Portfolio Experience in P2P Lending on Prosper and Lending Club « P2P Borrowers Waste Time and Money with Early Payoffs [...] [...] Personal Loan Portfolio Experience in P2P Lending on Prosper and Lending Club « P2P Borrowers Waste Time and Money with Early Payoffs [...]

]]> By: Daniel http://www.personalloanportfolio.com/78/p2p-borrowers-waste-time-and-money-with-early-payoffs/comment-page-1/#comment-365 Daniel Wed, 09 Apr 2008 01:09:01 +0000 http://www.personalloanportfolio.com/78/p2p-borrowers-waste-time-and-money-with-early-payoffs/#comment-365 I have over 200 loans with LC. So far only 2 people have fully paid (those exact same 2 in fact). While it is disappointing to miss out on that prospective income, I'm not worried that this is a trend that will continue. I have over 200 loans with LC. So far only 2 people have fully paid (those exact same 2 in fact). While it is disappointing to miss out on that prospective income, I’m not worried that this is a trend that will continue.

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