Friday, November 02, 2012

PeerCube Update - Comprehensive Details for Lending Club Loans

Last week, Peter wrote an excellent review of PeerCube on his blog. The number of PeerCube users has greatly increased since his coverage including interest from individual and institutional investors. The major focus of users has been on PeerCube Loan Filter and Peer Filters. Users are becoming more comfortable with sharing and using Peer Filters which have been used almost 250 times. Three users, excluding myself, have shared their filters with the broader community. I also posted half-a-dozen curated peer filters.

Peer Insights functionality continues to be under-utilized. Originally, I saw peer insights features to be natural extension of crowdfunding nature of peer-to-peer lending. But as Peter suggested, quick churning of loans may be preventing users from rating and discussing loans. Any suggestions for increasing traction of peer insights are most welcome.

New Features on PeerCube

In last couple of weeks, I also learnt that I need to frequently update users on changes and improvements made to PeerCube and discuss ways to use PeerCube effectively. I have been quietly rolling out new functionalities and changes almost every week or two on PeerCube. Going forward, I will start writing blog posts to introduce new features and usage.

Peter already introduced Bad Loan Experience (BLE) Risk Index that is now integrated on PeerCube. For past few weeks, I have been discussing on this blog the BLE Index according to various loan parameters (Loan Purpose, Loan Length, Interest Rate, Loan Amount, Credit Grade, Borrower's Location, and FICO Scores). In future posts, I plan to discuss more about the foundation underlying BLE Risk Index and how lenders can use it more effectively during loan selection process.

In this post, I would like to introduce another change on PeerCube that I rolled out this week. Now the loan detail page on PeerCube includes comprehensive details about the loan and borrower. Except for the Q&A, almost all other available information is included on PeerCube loan detail page.

I am not aware of any place online including Lending Club's own loan detail page where as much information about a loan is available as on PeerCube's loan detail page.

Frequently Updated Funding Progress

Upon user's request, PeerCube does not display most 100% funded loans anymore. PeerCube has taken further steps in displaying more up-to-date funding progress. During business hours, funding progress is updated every four hours that results in reducing further the chances that a user will encounter fully funded loans during loan selection using PeerCube.

Expanded Loan Request Summary

The Loan Request Summary is significantly expanded with Initial List Status, Review Status, and various dates such as when Lending Club reviewed the application, pulled the credit report and borrower acceptance of the loan terms. The changes are highlighted below.

Comprehensive Borrower Details

The Borrower Details section now includes lot more information about borrower's employment and items from borrower's credit report. The changes are highlighted below.

Thank You

Overall I am very impressed with the progress PeerCube has made in last two months since introduction. I thank users of PeerCube who continue to engage with me and give suggestions and feedback. I have been enjoying all interactions and they stimulate ideas.

Thank you to all users of PeerCube and thank you for following this blog. I'm looking forward to coming up with many more ideas. Stay tuned...

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  1. Is there anyway to add a screen for Requested Amount/Revolving Debt? As in, screening for people in debt consolidation who are only requesting between 90-110% of their revolving line?

    1. rawraw,

      Thanks for using PeerCube and suggestion for enhancement. Several users have requested similar feature so it is high on my priority list to implement. Once I return from vacation at the end of November, I will start implementing most requested features first.

      Please continue sharing any enhancement that increase PeerCube utility for you.



  2. I agree with Peter that with the quick churn of loans it's unlikely a loan you post a comment on will be seen by another user before it's funded.

    What about a page that utilizes the Reddit model of upvotes for loans that users like. It would be a quick way for a lazy user like myself to scan for a loan that uses a filter I already liked and I could see how many Peer Cube users already funded ('liked') and/or commented on a loan. I love the idea of users discussing loans, but with the volume of loans and their quick funding it seems like it might be best to have a central listing of loans that users have identified as quality loans. Also it would have the added benefit for all of helping that loan fund quicker.

    Just a thought.

    1. BG,

      Thanks for the comment. I will look into implementation of Reddit up vote/downvote model. I was trying to achieve same with rating system on loan detail page. I need to review issues to see what changes can increase participation. I already record all loans for which users view loan detail. Another stat I am thinking of capturing is the loans that show up in different filters used by PeerCube users. I will look into it further once I return from vacation.