One of Your Notes Is Paid In Full (A Final Prosper Update)
I got an email with the following subject line earlier this week: “One of your notes is paid in full”.
Wow, that was a whole year early. I hope this means that somewhere out there the borrower is now completely debt free.
To recap, two years ago I signed up as a lender with Prosper. I lent the minimum amount of $50.00 (my share of a larger loan) to see what would happen. The borrower wanted the money for debt consolidation and had a B credit grade. They borrowed $10,000 @ 13.25%, which presumably was a lower interest rate than they had been paying on their original debts.
According to Prosper, my yield was 12.25% which I assume takes their fees into account. (Although I also received a $25 sign up bonus, so that helped considerably.)
I’m happy to have gotten my loan repaid. It looks like it’ll be the last one I do though, because “at this time lenders in Arizona are not able to bid or transfer money to Prosper”.