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@Creditaddict wrote:
I applied at Prosper, but is there any other good ones that might be better or more widely used
Have you read much about Prosper?
@Creditaddict wrote:
I applied at Prosper, but is there any other good ones that might be better or more widely used
The best one was Pertuity Direct. In March of this year I applied for $25k and was instantly approved and then funded within 3 days. They pulled EX but did not report a TL.
Unfortunately, they no longer operate. My loan was sold and the pertuity websites no longer work.
Pertuity Direct had approval authority for the investors. The investors indicated the type of loans and risk they wanted to participate in...and with that information Pertuity made all funding decisions in a single step.
Prosper and Lending Club are auction based systems. Each investor can decide to fund $25 or more to your loan request, which means it can take hundreds or even a thousand investors to see and bid on your loan....so it is a slower process and no guarantee of full funding.
@Anonymous wrote:
I use Prosper.com, and have had no problems with them either with lending or borrowing (I've done both). There's also Lendingclub.com, but if you have a black mark on your record, you won't be able to get a loan through them. Prosper does have more 'riskier' members, but I signed up for the $50 bonus-needs to be used for lending-, and I'm very careful who I lend to.
I was speaking from a borrower's perspective on simplicity, speed and ease of process.
I'm glad to hear you have had success on Prosper!
I had great success borrowing from Prosper. It seems to benefit borrowers more (which makes it unfortunately riskier for lenders). I was able to transfer out my highest APR card and feel great knowing that the loan will be paid off in full in 36 months and my interest rate won't go up. I started with a request around $5000 (although I would've liked more) since I felt that would be easier to fund.
I wish I could've also borrowed through lendingclub, but they require less than 25% debt to credit ratio which disqualifies me (thanks to all the CLDs I got).
@hyprble wrote:I had great success borrowing from Prosper. It seems to benefit borrowers more (which makes it unfortunately riskier for lenders). I was able to transfer out my highest APR card and feel great knowing that the loan will be paid off in full in 36 months and my interest rate won't go up. I started with a request around $5000 (although I would've liked more) since I felt that would be easier to fund.
I wish I could've also borrowed through lendingclub, but they require less than 25% debt to credit ratio which disqualifies me (thanks to all the CLDs I got).
How long did it take to fund your Prosper $5000 loan?
Who does Prosper pull? Do they report to CRA's?