Income Stream

P2P lending status - July (2008)

Over the past several weeks I have been increasing the number of Prosper loans that I have by about 1 per week. My current loan activity includes -

• Number of Loans - 45
• Average Interest Rate - 16.79%
• Daily Interest Accrual - $.95

At the current daily interest accrual rate of $.95, I am bringing in around $28.50 in interest per month. My long range goal is to fund 1 new loan per month just from interest accumulated. In order to reach that goal, I need to increase my daily interest accrual rate to around ~$1.66 per day which translates into 28 more loans. At my current pace, I anticipate hitting this goal sometime in March/April

While I am progressing on my long range goals for my Prosper income stream, I want to point out some recent concerns that I now have with 3 loans. The following loans are now in collections and are all over 1 month late.

Origination Date	Title	Credit Grade	Lender Rate	Debt To Income	Loan Status	Loan Value
5/06/2008	OK, let me try again! No Jail this time!	D	18.69%	32%	Collections	$53.13
3/17/2008	paying off credit cards and high interest loans	C	21.25%	27%	Collections	$48.62
2/20/2008	Pay off and close high interest Credit Cards!!	C	21.72%	24%	Collections	$48.99

The first loan in the list is my biggest concern. This loan was funded back in May (2008) and not one payment has been made yet. The other 2 loans in question have had at least some payments made on the loan. The 1st loan, actually has a loan value of $53.13 which is $3.13 more than the original $50.00 loan amount as no payments have been made to date. I will continue to monitor these 3 loans very closely and will see if the collection agency can recoup any funds from them.

© 2008 Passive Family Income.