That may be too strong a statement, but from what I’ve been readingsome lenders are experiencing extreme frustration. The biggest issue that I see again and again is that cash in your account earns no interest. Typically that’s not disasterous, however, Prosper is really slow in three ways.
- It isn’t quick about transfering money to your account for lending. Typically it seems to take 5 days for me even though it says that it typically takes 2-4 days.
- It seems to take around 5 days for the money to transfer when someone repays the loan.
- They don’t seem to verify borrowers until the very end of the funding process, which can leave your money tied up for 10+ days. Lately a few people noticed that the borrowers aren’t legit meaning that they have to start the process all over again.
Here are just a few of the many posts that back up what I’m saying. Prosper, please listen to the people, and give lenders a competitive interest rate on the funds that they are trying to invest through you.
Thanks for your patience today, my hosting service has had problems and I lost several planned posts due to user error – doh!