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Prosper Verification Issue

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betterdays2011
Contributor

Prosper Verification Issue

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.

 

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1 REPLY 1
betterdays2011
Contributor

Re: Prosper Verification Issue

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. 

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