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In an effort to consolidate/refinance credit card debt and a small signature loan, I looked into Lending Club, Sofi, and Prosper. Sofi offered the lowest rate but there seemed to be a lot of complaints about the process taking weeks and weeks. Prosper had the next lowest rate so I went with it. The loan funded quickly and I am now in the second full day of the verification process. I uploaded all my documents (voided check, W-2, and pay stub) yesterday. The problem is when I filled out the initial application for preapproval and it asked for income, I included contract income which of course cannot be verified until I get 1099s at the end of the year. I sent an email to the company but haven't gotten a response so I called. My income from my employer is probably fine ($106k) but now I am worried that it appears I falsified a loan document. The person I spoke to said no worries, Prosper may cancell the funding and then he told me I should just reapply and the process will probably be even faster but I am worried about doing that. When does Prosper do the HP? Will they do a second one? Has anyone had any experience with this? If they are going to unfund the loan, I wish they would do so soon so I can figure out my next steps. Thanks.
OP here. I called Prosper this afternoon and talked to customer service. They told me that Prosper would cancel my loan and then I should reapply (no HP) with just the income from my job. They said it would take 3-5 business days but they would try to expedite my request. It took about 10 minutes and I did reapply. The issue now is that my DTI has gone from 33% to (gulp) 41%. No one has funded me yet but all this did happen after 5 p.m. east coast time on Friday in July. Fingers crossed. It did ask for documentation but when I went to upload them again, the documents are all there. Fingers crossed.