P2P Lending / NFT Lending Forum

Over the last two days (Jan. 10th & 11th) I've seen a flurry of notes being paid off, over 20 in all.  I usually see one or two a week, but 20 in two days is surprising.  Is just a random coincidence, like flipping 5 heads in a row, or is there something going on?

Only speculation, but I suppose year end causes a lot of people to evaluate their finances and look for other alternatives. Also I know one of my credit cards sent me some 0% interest checks (2% origination fee).....I used mine to invest in Lending Club.....maybe others used theirs to pay off LC loans.


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Maybe people are using end of year bonuses wisely.

I did not see more loans being paid off recently, but I did notice something unusual.

I keep track of my loan in a spreadsheet, in particular I keep track of loans that are "Payoff in Progress." This morning I noticed that I had 3 loans paid off, but they did not match any of the ones I am tracking as "Payoff in Progress." I had to build a list of my paid off loans and compare it to the Prosper data to locate these 3 loans. As far as I can tell there was no advance notice these loans were going to be paid off.

Any particular grades?  I'm wondering if higher grades natually get paid off earlier because of the types of borrowers they are to be in that higher grade in the first place (ie. high FICO, responsible payers, folks that don't like debt in general.

I'm suspecting problems at Prosper.   No payments have been applied to my account for 4 days (1/10/2015 4:32 AM).
Anyone else seeing this?

from: kesslerm on January 14, 2015, 03:09:52 PM

The payments with Transaction Effective Date of 1/1/2015 or 1/2/2015 have a Recorded Date of 1/9/2015 8:13 AM.
The payments with dates of 1/3-1/5 were recorded 1/10/2015 4:32 AM.

The payments with dates of 1/6-1/8 should have posted by now but haven't.  They all still show as processing on the accounts.
This is unusual as I never go that many days without payments.  It's like they changed the 7 day payment hold to a 10+ day hold.

So with no payments coming in, how many days will we have to wait to re-invest?

Staffing problems, or just the 'new' norm?

Concerning.

I've not seen interest posted in my account for the last 4 days as well, thought it was just me but read others are experiencing the same thing.

Yep, had some issues on that front as well...little odd, haven't called them yet but possibly will if nothing by next week.

They did a big back office systems change, so no surprise at problems - that's standard with their updates.

So my previous post that my payments were coming in was premature. Mine are missing now.

I called Prosper. This is a known issue, should be fixed in the next couple of days. They are sorry for the inconvenience.

I asked if there will be any compensation for loss of the use of money and he seemed surprised that someone would expect that.

Alright, lets make it 5 days of no payments now.

Payments came through today.