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Epic Contributor
Creditaddict
Posts: 21,553
Registered: ‎10-23-2007
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Social Lending... My options?

I applied at Prosper, but is there any other good ones that might be better or more widely used
Fico Scores: EQ- 653 Cap1., TU 696 Walmart, EX 695 Chase (11-05-14)
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Frequent Contributor
DickC
Posts: 260
Registered: ‎05-21-2009
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Re: Social Lending... My options?


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?
Epic Contributor
Creditaddict
Posts: 21,553
Registered: ‎10-23-2007
0

Re: Social Lending... My options?

No
Fico Scores: EQ- 653 Cap1., TU 696 Walmart, EX 695 Chase (11-05-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
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Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
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Re: Social Lending... My options?

[ Edited ]

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.

 

 

 

Message Edited by txjohn on 11-24-2009 10:35 AM

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09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Established Member
cin2024
Posts: 10
Registered: ‎04-21-2007
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Re: Social Lending... My options?

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.
Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
0

Re: Social Lending... My options?


cin2024 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! 

 

:smileyhappy:

 

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
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09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Regular Contributor
hyprble
Posts: 168
Registered: ‎11-05-2008
0

Re: Social Lending... My options?

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).


Starting Score: 557 (2005)
Current Score: 803
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Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
0

Re: Social Lending... My options?

[ Edited ]

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?

 

 

Message Edited by txjohn on 11-24-2009 03:20 PM

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549

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