any input/advise/horror stories or luck w/ a Prosper Loan?

[Anonymous]

Hello, I have recently posted for a loan on prosper to try to lump my collection accounts, current credit cards, etc into one easy monthly payment.  I don't really trust the credit counseling or debt management websites and after reviewing my income/budget I'm really hoping for a loan to clear up the baddies and maintain a good line of credit to boost my scores back up. My credit grade on the site is HR and I was wondering if anyone had anything to offer as far as their experiences with this website.  I appreciate ANYTHING you can tell me!

Thanks! 

[llecs]

I think fused (a moderator) has some experience in this.

[Donks3369]

s1dive,

I got a loan from Prosper about 4 months ago.  I consolidated some high interest credit card debt and the payments actually helped me.  By being on a set payment schedule and only one payment it has worked out great for me.  I have even paid ahead a month just to make sure that if something happens I don't get a credit mark.  Anyway, the only downside it that they report to TU and EXP only, no Equifax.  I contacted them regarding this and they just said they don't do it.  Also with the loan you can make extra principle payments and there is no prepayment penalty.  Hope this helps.

[Anonymous]

definitely appreciated!  Thanks!

[cobra19]

s1 .......I am a lender on Prosper. My experience has been good, but I now only bid on AA, A, or B lenders. I've had two borrowers default on their loans.

GOod luck - by all means try it.

[Samantha_Storm]

I applied for a loan at Prosper 4 times, it wasn't a large loan any of the times, and I signed on to be a lender.   I won't apply there again and have talked to several others that feel the same way.  The only way to get a loan, have an AA, A or B credit rating or have family and friends bid on your loan.  Friends and family bidding defeats the purpose of applying, why not go to them if thats how you want to get money?  I feel Prosper is only for people with great credit and no real need for loans. Thats my experience, just thought it might give you both sides of the story.

[fishbjc]

doesn't it report as a finance account? 

[Anonymous]

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fishbjc wrote:
doesn't it report as a finance account? 

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Yes- it is treated as a CFL.

[valley_man0505]

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@cobra19 wrote:

s1 .......I am a lender on Prosper. My experience has been good, but I now only bid on AA, A, or B lenders. I've had two borrowers default on their loans.

GOod luck - by all means try it.

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cobra--what do lenders see for each applicant?  I am not very familiar with Prosper.  I have a lot of baddies that are all about 5 years old and a bunch of recent medical collections (the med collections are causing a big ding in my score).  My credit has been clean for the past 3 years, however.  Do lenders see anything beyond your rating, such as an explanation of why your credit is where it is?  If they are "capable" of seeing an explanation, do any of them really even pay attention to it. Can you find out your rating without a hard pull?

I really want to pay my baddies off so I don't have to worry about them all coming after me at once and dinging me with judgements.  I can afford a pretty high monthly payment, but offering monthly payments to the CA's never makes them happy. 

I will be anxiously awaiting some additional user comments about Prosper--maybe this could be a big help for me.

[treski]

bump