@MYP wrote:I searched the community for information on prosper.com. There are some threads but nothing recent. I am considering a potential request for a loan and would like to know what others have experienced. Is this a good way to obtain a personal loan? Anything to be aware of that may not be spelled out on the website? Lastly, what types of fees are associated with these loans? Any information that anyone can provide is much appreciated.
I think Prosper's site is going to be the best source of information on fees and what not.
As for obtaining a loan, while I only lent on Prosper, it seems as though it was mostly the gold-plated folks who were getting their loans funded. Seemed to be a difficult time convincing lenders that it's risk vs. reward, and instead there seemed to be a mentality of "I have to get paid back by everyone I lend to!"
I and a few others I knew tended to pickup pieces of subprime loans, but many of those never reached completion and funding. I think the economic downturn had a serious effect on prosper, and part of the reason there are so few threads regarding it recently is because many people stopped lending through it.
Anyway if you have solid scores and the rest of the supporting history (have a good story, it helps) then it's probably a workable route; however, if you're not in that category, may be better to look elsewhere. I don't know anyone with recent experience unfortunately. Also the loan doesn't report to all three credit bureaus if you're concerned about such things.
@Revelate wrote:
@MYP wrote:I searched the community for information on prosper.com. There are some threads but nothing recent. I am considering a potential request for a loan and would like to know what others have experienced. Is this a good way to obtain a personal loan? Anything to be aware of that may not be spelled out on the website? Lastly, what types of fees are associated with these loans? Any information that anyone can provide is much appreciated.
I think Prosper's site is going to be the best source of information on fees and what not.
As for obtaining a loan, while I only lent on Prosper, it seems as though it was mostly the gold-plated folks who were getting their loans funded. Seemed to be a difficult time convincing lenders that it's risk vs. reward, and instead there seemed to be a mentality of "I have to get paid back by everyone I lend to!"
I and a few others I knew tended to pickup pieces of subprime loans, but many of those never reached completion and funding. I think the economic downturn had a serious effect on prosper, and part of the reason there are so few threads regarding it recently is because many people stopped lending through it.
Anyway if you have solid scores and the rest of the supporting history (have a good story, it helps) then it's probably a workable route; however, if you're not in that category, may be better to look elsewhere. I don't know anyone with recent experience unfortunately. Also the loan doesn't report to all three credit bureaus if you're concerned about such things.
AFAIK it only reports to EX.
