The Prosper listing creation process has now been fixed at 7 days. This is intended as a means to simplify the loan generation process. Its also viewed as a way to create more fundable listings.
I'm not sure I agree with that. Some loans are more sure to fund than others, especially in the higher credit ratings of AA and A. I would have allowed those listings to choose 3 days as an option.
I think one of the intents by standardizing at 7 days is to eliminate the desperate borrower syndrome that 'I need money, and I need it fast' which are more than likely to become defaults over time. Prosper stands out among other peer to peer lending sites in that it allows high risk borrowers to create listings, this freedom has certainly been a double edged sword.
- At April 16, 2008 at 6:29 AM Eric said...
I think I disagree with it too. Especially as Prosper starts to emphasize portfolio plans more, the length of a listing doesn't make much of a difference - A good 3 day listing could easily be funded by portfolio plans in one day right now.
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