topic Re: Recieving Prosper Loan...How Long? in General Credit Topics

Recieving Prosper Loan...How Long?

doedoe — Thu, 01 May 2008 16:03:14 GMT

I was checking out the site Prosper and decided to put up a listing.

My credit grade was a C and I got fully funded for 12,000.00 @ 8.8%.

It started at 35% and got bid down to 8.8%.

Has anyone else here recieved a loan from them?

How long does it take to recieve the funds?

How does it report on your CR's?

Re: Recieving Prosper Loan...How Long?

Anonymous — Thu, 01 May 2008 17:01:18 GMT

What are your scores any baddies..

Re: Recieving Prosper Loan...How Long?

doedoe — Thu, 01 May 2008 17:32:48 GMT

They pulled EX which is my highest score 673.

1 Delinquency from 2001 for $500

I just recieved an email from Prosper saying my loan was approved and the funds will be transfered to my bank account in 2-4 days.

Still wondering how it reports.

Re: Recieving Prosper Loan...How Long?

fused — Thu, 01 May 2008 20:54:16 GMT

doedoe wrote:

They pulled EX which is my highest score 673.

1 Delinquency from 2001 for $500

I just recieved an email from Prosper saying my loan was approved and the funds will be transfered to my bank account in 2-4 days.

Still wondering how it reports.

Propser will report the loan as an installment to EX and TU only...no word on when they will report to EQ.

Re: Recieving Prosper Loan...How Long?

Anonymous — Thu, 01 May 2008 21:34:46 GMT

That is my understanding however I am only lender so I have never seen it. I believe if you default (charged-off) they report to all 3. Prosper reports the loan as an installment loan 36 months. They report monthly your balance and monthly payment just as any other loan does.

Re: Recieving Prosper Loan...How Long?

fused — Thu, 01 May 2008 22:11:28 GMT

CreditMizer wrote:
That is my understanding however I am only lender so I have never seen it. I believe if you default (charged-off) they report to all 3. Prosper reports the loan as an installment loan 36 months. They report monthly your balance and monthly payment just as any other loan does.

I'm a lender too, but I have been told by the HQ people in Cali that Propser reports only to EX and TU, rather the loan is in good or bad standing.

Re: Recieving Prosper Loan...How Long?

Anonymous — Thu, 01 May 2008 23:35:35 GMT

Thanks for the confirmation. I wonder why not all 3?

Re: Recieving Prosper Loan...How Long?

fused — Fri, 02 May 2008 00:09:58 GMT

CreditMizer wrote:
Thanks for the confirmation. I wonder why not all 3?

I have always wondered this too...Prosper gave no explanation either.

Re: Recieving Prosper Loan...How Long?

fused — Fri, 02 May 2008 01:39:45 GMT

doedoe wrote:

I was checking out the site Prosper and decided to put up a listing.

My credit grade was a C and I got fully funded for 12,000.00 @ 8.8%.

It started at 35% and got bid down to 8.8%.

Has anyone else here recieved a loan from them?

How long does it take to recieve the funds?

How does it report on your CR's?

You got a phenomenal deal for 12K @ 8.80% with a C credit rating. Most borrowers with your credit grade and loan size will have an interest rate well over 17%. Congrats to you!!!!