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 PeerCubeIn 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 ProgressUpon 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 SummaryThe 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 DetailsThe 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 YouOverall 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...