topic Re: Prosper 6K Personal Loan - Approved - DP Inside in Personal Finance

Prosper 6K Personal Loan - Approved - DP Inside

Anonymous — Sun, 20 Jun 2021 04:36:56 GMT

At least I think I am approved? I connected my bank account and all that jazz. It looks like I just have to see if investors are willing to fund my loan. Has anyone else gone through this process pretty painlessly?

And yes, the interest rate is HIGH HIGH. However, I'm hoping to building up a good profile here and possibly see if my local CU will beat their rate after 6 months or so. Anyone had luck with this as well? At least it's not OneMain Financial lol.

Data Points: FICOS are 680-700 across the board. VantageScore (if you're into that) are about 708 across the board. They pulled TU which is 680 FICO8 and 702 VantageScore (CK). My car loan(see signature) is still reporting, but I sold it and it will be reporting as PIF soon. Kinda surprised they gave me both, but I did pay it down from 16K to 8.5K. Util is pretty low across the board, maybe 10%. BK7 about 4.5 years ago.

Was previously denied Prosper about a year ago. What I think helped: Definitely the Auto loan and sitting in the garden(somewhat). Scores were boosted from 650 to the now 700 as well (even though prosper will take you at 640ish).

Re: Prosper 6K Personal Loan - Approved - DP Inside

Jnbmom — Sat, 19 Jun 2021 21:41:50 GMT

@Anonymous

I honestly would pass that is a terrible rate 😞

Why do you need the loan ? You stated you are trying to build a profile , that's a hefty price to pay .

Re: Prosper 6K Personal Loan - Approved - DP Inside

Anonymous — Sat, 19 Jun 2021 21:44:17 GMT

Is it not even worth doing for the 6 months to see if my CU will give me an even better rate? I would totally do something with NFCU, but I had a CC with them a long time ago that defaulted and I settled for less than full balance. So they won't do any loans at all until I pay back all loses they incurred.

I'm just thinking this Prosper deal would be really nice to have later on when scores are even better and I can get a super low interest rate.

Re: Prosper 6K Personal Loan - Approved - DP Inside

Jnbmom — Sat, 19 Jun 2021 21:51:36 GMT

Again why do you need this loan? It seems like you want to get this just to have a loan?

Re: Prosper 6K Personal Loan - Approved - DP Inside

Anonymous — Sat, 19 Jun 2021 22:11:20 GMT

I'm paying off 2K worth of CC debt, 1K for personal stuff, and using the other 3K to buy an older Jeep. No bank I've spoke with will loan for a 1998-1999 vehicle. I'll save quite a bit per month on not being required to carry full coverage. So it's a nice blanket loan to cover several things at once.

Re: Prosper 6K Personal Loan - Approved - DP Inside

tcbofade — Sat, 19 Jun 2021 22:14:03 GMT

Yay you.

As you mentioned, make six payments, then visit a local CU and see if you can qualify for a better rate.

Good luck!

Re: Prosper 6K Personal Loan - Approved - DP Inside

babygirl1256 — Sun, 20 Jun 2021 01:00:16 GMT

Congrats on your loan approval . . . yes, the APR is steep -but- it seems to allow early payoff to reduce the interest.

Re: Prosper 6K Personal Loan - Approved - DP Inside

audioman00 — Sun, 20 Jun 2021 03:54:03 GMT

@Anonymous I would just be careful getting stuck with the loan longer than you hope. A new loan account might prevent you from getting another loan for 12 months. Most lenders will run the DTI calculation factoring in payments on both loans, not factoring in that the new loan will be a replacement for the first. This happened to me last year - I took a loan that was higher than what I wanted to be paying thinking I would refi in 3 or 6 months, but it took 12 months before anyone would give me a refi because of how recent the first loan was. And that was with very high income and scores and low DTI.

So make sure to have an exit strategy if step 2 doesn't pan out as planned.

Re: Prosper 6K Personal Loan - Approved - DP Inside

GatorsFan84 — Sun, 20 Jun 2021 04:12:26 GMT

Have you tried Upgrade? My scores and situation are somewhat similar and I was approved for $17k at a decent rate. Also, it turned into a preapproval for a $5k visa sig from them as well.

Re: Prosper 6K Personal Loan - Approved - DP Inside

LadyJEsq — Mon, 28 Jun 2021 19:57:13 GMT

I concur with @audioman00. Make sure that you have a back-up plan in the event your Plan A doesn't work. A few years ago, my last dog needed emergency surgery and I put the significant cost on my CC. He, unfortunately, didn't survive and I was just left with this huge debt. At that time, I always PIF'd, so I began to look for a CC that I could transfer the balance to. I was on these boards regularly then, so I knew about Barclay and I app'd. I managed to do the balance transfer and pay off the transfer without incurring any fees or interests. Recently, I incurred some investment related debt, and I assumed that when things calmed down with my life and my family, that I would simply repeat what I had done previously. Unfortunately for me, things have changed significantly in the CC world. Barclay no longer does fee free balance transfers and most CUs either offer a period of 0% APR or $0 fee, but not both. So now I have to research my Plan B.

Good luck OP!

Re: Prosper 6K Personal Loan - Approved - DP Inside

increasingmyfico — Mon, 28 Jun 2021 21:18:37 GMT

Don't do that. With your scores you can at the very least get that rate cut in half. Why not just apply with your credit union now? With that rate that loan is no better than OneMain.

Re: Prosper 6K Personal Loan - Approved - DP Inside

Anonymous — Thu, 01 Jul 2021 11:01:57 GMT

You can also try DCU. They have low rates and offer "recreational vehicle" and boat loans they may be willing to loan on the jeep