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is prosper legit???

New Contributor

is prosper legit???

I tried to get a personal loan for 10k at my college credit union and was denied about 3 months ago. I need to buy a used car... any advice about prosper?

Message Edited by jj15 on 08-04-2008 03:28 PM
01/05/08 EQ 598 TU 612 Experian 599
01/25/08 EQ 605 TU 620 Experian 599
08/04/08 EQ 658 TU??? Experian 635
Message 1 of 21
20 REPLIES
Moderator Emeritus

Re: is prosper legit???

Yes, Prosper is legit. You might have a dificult time getting a 10K loan with your scores. They don't pull FICO scores instead they use a FAKO called Exeprian Scorex Plus.
Message 2 of 21
New Contributor

Re: is prosper legit???

Well, with my scores, what's my best bet?
01/05/08 EQ 598 TU 612 Experian 599
01/25/08 EQ 605 TU 620 Experian 599
08/04/08 EQ 658 TU??? Experian 635
Message 3 of 21
Established Member

Re: is prosper legit???

I recently got a loan from prosper for a car. My loan was for 3800 @ 19% ( I could of waited for it to bid down but I needed the car ASAP). My grade on their scale was a C and my ficos are all in the low 600's. Oh yeah I'm driving a newer vehicle than I had before and paid it in full. My prosper payment are approx $140 a month.
Message 4 of 21
Established Contributor

Re: is prosper legit???

You can try to see what your odds are on their website...I have a high interest loan through there and am forever thankful, of course now all I want to do is pay it off much sooner but seriously - it was the turning point in my life I needed.
 
I now just bought a home and got my first CC increase - like two weeks after I closed on my house - I logged on 5 times because I couldn't believe it - but I never wanted to ask for an increase because I didn't want people pulling my credit - thanks to everyone on this board, patience & persistence prevailed!!
 
Good luck!
Message 5 of 21
Moderator Emeritus

Re: is prosper legit???



jj15 wrote:
Well, with my scores, what's my best bet?

I will fess up, I am a lender at Prosper, so here is my advice.

Depending on how well you grade-out with Experian's Scorex Plus model (Prosper does not pull FICOs), you might be able to get a loan with Prosper. I recommend you be VERY forthcoming if you list over their. Explain all of your bad stuff, give a very clear and concise breakdown of your after tax monthly income and expenses, answer all questions lenders ask of you PUBLICLY (no PMing), explain exactly how the money will be used and post a pic of yourself or a pet. Prove to the lenders you are capable and willing to repay the loan. If you grade-out at D or better, a 5K loan is certainly possible, worse than D, do not list for more than 2.5K. Also, expect to pay a high APR if your loan funds. Look into joining a group that will help you with your listing. They might require verfication of certain things, but they can also help you with endorments and funding your listing.

Message 6 of 21
Regular Contributor

Re: is prosper legit???



fused wrote:


jj15 wrote:
Well, with my scores, what's my best bet?

I will fess up, I am a lender at Prosper, so here is my advice.

Depending on how well you grade-out with Experian's Scorex Plus model (Prosper does not pull FICOs), you might be able to get a loan with Prosper. I recommend you be VERY forthcoming if you list over their. Explain all of your bad stuff, give a very clear and concise breakdown of your after tax monthly income and expenses, answer all questions lenders ask of you PUBLICLY (no PMing), explain exactly how the money will be used and post a pic of yourself or a pet. Prove to the lenders you are capable and willing to repay the loan. If you grade-out at D or better, a 5K loan is certainly possible, worse than D, do not list for more than 2.5K. Also, expect to pay a high APR if your loan funds. Look into joining a group that will help you with your listing. They might require verfication of certain things, but they can also help you with endorments and funding your listing.



 I am also a lender over at prosper. So to your answer... YES it is legit.
Message 7 of 21
Moderator Emeritus

Re: is prosper legit???

I've never been to Prosper, but couldn't you get lower rates at a bank or CU for the same type of loan? Also, what happen if a borrower defaults? Are you out $$$?
Message 8 of 21
Regular Contributor

Re: is prosper legit???


fused wrote:







jj15 wrote:
Well, with my scores, what's my best bet?




I will fess up, I am a lender at Prosper, so here is my advice.


Depending on how well you grade-out with Experian's Scorex Plus model (Prosper does not pull FICOs), you might be able to get a loan with Prosper. I recommend you be VERY forthcoming if you list over their. Explain all of your bad stuff, give a very clear and concise breakdown of your after tax monthly income and expenses, answer all questions lenders ask of you PUBLICLY (no PMing), explain exactly how the money will be used and post a pic of yourself or a pet. Prove to the lenders you are capable and willing to repay the loan. If you grade-out at D or better, a 5K loan is certainly possible, worse than D, do not list for more than 2.5K. Also, expect to pay a high APR if your loan funds. Look into joining a group that will help you with your listing. They might require verfication of certain things, but they can also help you with endorments and funding your listing.







So do you get a rating before after you ask for loan. I'm asking because I'm interested in asking for a loan and I'm trying to figure out my chances of actually getting it.

Also, is the experian scorex model the same as the fako I see with CreditSecure?

One more question, does the loan report as just an installment loan or a CFL?
As of Jan 2009: EX - 659 EQ - 666 TU - 681

As of 2/13/09: EX - 648 (My last EX Fico)
Message 9 of 21
Frequent Contributor

Re: is prosper legit???



llecs wrote:
I've never been to Prosper, but couldn't you get lower rates at a bank or CU for the same type of loan? Also, what happen if a borrower defaults? Are you out $$$?





I've bid on about 20 separate loans, and 7 of them turned out bad. One is in bankruptcy, 5 are in collections and 1 has been late 30 days a lot but still pays sporadically. In a nutshell, yes, you are out $$$.

Annoying thing is that my first 9 months or so were great, not a single late payment. But once the floodgates opened, I got hit hard. And some of the loans that went bad were even A-rated.
Message 10 of 21