December 20th, 2009
It appears WikiLoan has changed their homepage once again. From SwapaDebt.com to the opening of WikiLoan.com and now another change in their image. What amazes me is that they still lack lenders. Currently with the 7 listings, there isn’t a dime going to the borrowers. I wrote about WikiLoan.com in September about what they are lacking and what they need to change.
Still no lenders on WikiLoan! Can you blame them?
How about changing your platform WikiLoan? You can change your image multiple times but your lending platform isn’t working. Read the article above about why there platform is not working. Good Luck WikiLoan.com!!
August 31st, 2009
Ok… after a great summer with lots of fishing and camping, I am finally updating status of prosper to live. I know I’m clearly behind on their reopening but I have kept my eye on their progress the past few months. After watching a commercial today on CNBC promoting their newly reopenend site, I decided its time to update this site.
Personally, I’ve always felt prosper was an investors haven. Their rates are considerably higher than the competition leading to better returns. However, if you’re a borrower, look out! I’ve invested with prosper with great success and have tried their borrowing side. Borrowing was a disaster. First of all their credit scoring is a mystery. The past two reports prosper pulled gave me a D score and an AA score with no change on my experian credit report. The AA Score allowed me to borrow at a great 5.89% which is slightly higher than my credit union. However, with the D score I received the first attempt, I was looking at a rate of 19.99% which I would not even attempt a test run with.
The site is once again friendly and easy to use for both investors and borrowers. My suggestion with the re-release of prosper to borrowers is to keep trying a new credit pull each month (THEY DO NOT MAKE HARD HITS ON YOUR CREDIT REPORT. THIS WILL NOT AFFECT YOUR CREDIT SCORE). If you are shocked by a low credit rating, don’t attempt to receive a loan with a high interest rate. Peer lending is a fun new innovation, but be smart and don’t get stuck with an interst rate higher than your local banks. Try again next month and see if your credit rating jumps like mine did from D- AA. I can’t explain the difference but can tell you the difference between 19.99 to 5.89 was considerable.
Welcome back prosper!
October 15th, 2008
LendingClub.com announced yesterday that they have reopened the investing portion of their website. This is great news especially for those who have existing loans or investments using their service. In late 2007 LendingClub.com froze the investing portion of their site, and did not accept any new registrations. I’ll be posting a review on their service hopefully within a week or two.
“We are delighted to share with you the good news that we have completed our SEC registration and reopened the site to lenders this morning. You can now login to your account and invest by clicking here. What does this registration mean for you? Under the new program, you will now invest in notes that correspond to portions of loans made to borrower members. The notes have stated interest rates ranging from 6.69 percent to 18.63 percent, after a 1 percent service charge is applied. By partnering with Foliofn Investments, Inc., a registered broker dealer, Lending Club becomes the first social lending network where you have the option of a Trading Platform to put your notes up for sale in the event you need liquidity before the 36-month term of a note. Any new note (issued after October 12, 2008) can be traded on the Trading Platform. You can also buy notes from other lenders.
The Lending Club community has continued to show responsible borrowing behavior over the last 18 months and our collection process has proved very efficient, as demonstrated by the fact that since May 2007 the default rate has remained lower than 2 percent. Please also take the time to review the statistics page to monitor the general evolution of the loan portfolio. ” LendingClub.com
