New hear 
Hi all!!!
I have been lurking for a while. Now I have lots of questions, but for now I need to work on paying immediate debt. I want to know about the prosper site, how it works and such. Anything I can get from people who have or had used them. I want real life people reviews and info, not their site stuff, ya know. So please post away and give me some info
For example, Is it HP or SP? What is the time frame for funds start to finish (assuming I get them everything they need quickly)
Thanks!!!.
I have had a loan with them for about two years now so I will offer what I can. The initial review with them was done on a soft pull at which time they told me how much I could apply for and what the interest rate would be. Their credit tiers and interest rates are posted on the website but I don't remember what scoring model they used. I know it was not a Classic FICO score.
The documentation process took about a week if I remember correctly. It involved faxing documents as they requested them and their collecting whatever information they needed. They also did a hard pull at this time on the credit report I believe. (It may have been when I signed my loan docs?) Then my loan went live for funding. There was a selection you could make that would allow your loan to generate for less than the full amount and I selected that. (I think it was at 75% or 80%0. They allowed I believe it was three weeks for the loan to fund.
Initial interest in the loan was scarce when it was new and I got a little concerned but about four days out it started to pick up rapidly and soon hit the funding threshold and was fully funded about two days before expiration. I completed the loan documents and the money was in my bank account in about three days. The repayment process is auto-draft and I can make additional payments if I like or track my loan on-line. All in all it was a fairly painless process considering it was peer - peer and not a lending institution.
The loan did not show on my credit reports for almost 6 months and then they started reporting to 2 bureaus. They have not updated on a monthly basis and every 4 - 6 months I go in and poke them with a "Balance is wrong" dispute on one of the bureaus and they update both fairly quickly. I have had no problems in which I needed to contact their CS but I consider that a plus. I would use them again and probably will when I pay this one off next year.
Starting Score: 500's