Prosper

[Momof5]

Oh, I know.  $80K income, years in career field 30, Bach in EE.....a couple older degrogs (lates) and a 719 CS.....

I was just curious.  LC worked for me. 

[Anonymous]

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@Creditaddict wrote:

My partner recently got a much larger loan ($50k) through Sofi at an extremely better rate than I have ever seen him offered through Lending Club and Prosper.

You can get pre-approved with no impact to your credit report so I suggest you check.

Like other poster said, checking lending club too (it's a sp to get pre-approved and see the interest rate so compare)

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I just went through SoFi pre-approval, but I didn't see where it gave me a pre-approval up to a certain amount.  I saw the pre-approval and was shown an interest rate but from there I had to select the amount to borrow, submit documents, and ultimate (if I choose to apply) click submit for presumably the HP and final decision.

I should add in my experience with Prosper, requested $35k and got offered just under $20k at 19%...like Momof5 said..."um, no".  I didn't bother applying to Lending Club as both companies (and at least 1 other that I checked) all refer to WebBank as being involved so I figured the results would be the same regardless of which site I would apply through?!?!??  EDIT: Just for the heck of it went to Lending Club, app'd for $35k got offered $13k at 21.6%APR "um, no....again!"

[Anonymous]

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@Anonymous wrote:

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@Creditaddict wrote:

My partner recently got a much larger loan ($50k) through Sofi at an extremely better rate than I have ever seen him offered through Lending Club and Prosper.

You can get pre-approved with no impact to your credit report so I suggest you check.

Like other poster said, checking lending club too (it's a sp to get pre-approved and see the interest rate so compare)

---

I just went through SoFi pre-approval, but I didn't see where it gave me a pre-approval up to a certain amount.  I saw the pre-approval and was shown an interest rate but from there I had to select the amount to borrow, submit documents, and ultimate (if I choose to apply) click submit for presumably the HP and final decision.

I should add in my experience with Prosper, requested $35k and got offered just under $20k at 19%...like Momof5 said..."um, no".  I didn't bother applying to Lending Club as both companies (and at least 1 other that I checked) all refer to WebBank as being involved so I figured the results would be the same regardless of which site I would apply through?!?!??  EDIT: Just for the heck of it went to Lending Club, app'd for $35k got offered $13k at 21.6%APR "um, no....again!"

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I got radically different results between the two. First time I apped with Prosper, it was a denial. Second time an approval, but at an APR that was 10 points higher than what I got with Lending Club.

[Cotton_Britches]

What is SoFi?

[Anonymous]

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@Cotton_Britches wrote:
What is SoFi?

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Another crowd lender like Prosper and Lending Club.

[Gotagoal]

How long did it take? I did the preapproved thing and selected $14K and they asked for docs, so I sent them. The status of the loan still after a week remains "in progress/ we'll let you know if we have questions"... seems odd. I just read an article that said if my uitl is too high they will deny me but that's why I'm trying to do the loan to pay off cc debt. I hope they approve but am curious what your experience was. I never heard about Prosper until tonight. Thanks for posting.. MyFico has been a world of help to me since 2007.

[Anonymous]

Just decided to check both sites just for the fun of it and to add to the thread.
Prosper: Requested 35k
Countered for $7,401 lol
APR of over 35% LOLOLOLOL

Lending Club: Requested 35k
Countered for $14,175
APR of 21.99%

[TheConductor]

Prosper has given me the best rate for two different  loans over the past little-more-than-a-year. It is definitely wise to shop around as the results can vary significantly from one lender to the next.

To OPs question about credit scores, for me the first loan was a net gain in FICO score. Slight dip from the inquiry, of course, but that was more than offset by the boost from having an installment loan on my report. Prosper doesn't report to EQ, only to TU and EX, so you can infer by the ~20 point deficiency in my EQ score that one year later it is still providing a decent boost to my score.