topic Re: Prosper.com - need more recent information in General Credit Topics

Prosper.com - need more recent information

Anonymous — Wed, 19 Sep 2012 02:01:36 GMT

I searched the community for information on prosper.com. There are some threads but nothing recent. I am considering a potential request for a loan and would like to know what others have experienced. Is this a good way to obtain a personal loan? Anything to be aware of that may not be spelled out on the website? Lastly, what types of fees are associated with these loans? Any information that anyone can provide is much appreciated.

Re: Prosper.com - need more recent information

Revelate — Wed, 19 Sep 2012 18:54:04 GMT

@Anonymous wrote:
I searched the community for information on prosper.com. There are some threads but nothing recent. I am considering a potential request for a loan and would like to know what others have experienced. Is this a good way to obtain a personal loan? Anything to be aware of that may not be spelled out on the website? Lastly, what types of fees are associated with these loans? Any information that anyone can provide is much appreciated.

I think Prosper's site is going to be the best source of information on fees and what not.

As for obtaining a loan, while I only lent on Prosper, it seems as though it was mostly the gold-plated folks who were getting their loans funded. Seemed to be a difficult time convincing lenders that it's risk vs. reward, and instead there seemed to be a mentality of "I have to get paid back by everyone I lend to!"

I and a few others I knew tended to pickup pieces of subprime loans, but many of those never reached completion and funding. I think the economic downturn had a serious effect on prosper, and part of the reason there are so few threads regarding it recently is because many people stopped lending through it.

Anyway if you have solid scores and the rest of the supporting history (have a good story, it helps) then it's probably a workable route; however, if you're not in that category, may be better to look elsewhere. I don't know anyone with recent experience unfortunately. Also the loan doesn't report to all three credit bureaus if you're concerned about such things.

Re: Prosper.com - need more recent information

Anonymous — Wed, 19 Sep 2012 23:35:35 GMT

I got a small loan through them a few weeks ago. They will run an Experian Scorex Plus score, which is different than FICO. My Scorex score was quite a bit higher than my FICO but I have heard many people say theirs was quite a bit lower. You have to have at least "Good" credit. If it's your first loan through them your interest rate will be high. As for fees, out of my $3000 loan they kept $148. You will be asked to provide banking information as the payments are directly debited each month, but you also have the option of making any additional payments whenever you like. You will also have to verify your address with a utility bill or entering the code from a card they will send to your mailing address. Then you have to wait to see if your loan gets funded by the investors. All in all, I found it an easy experience. From the time I applied to the time it was funded and the money as deposited into my bank account was 8 days.

Re: Prosper.com - need more recent information

1768geme — Fri, 28 Sep 2012 21:43:32 GMT

you have nothing to lose by trying they only hit you with a hard pull if you get funded i have two loans with them . never a problem

Re: Prosper.com - need more recent information

LS2982 — Sat, 29 Sep 2012 22:43:36 GMT

@Revelate wrote:
@Anonymous wrote:
I searched the community for information on prosper.com. There are some threads but nothing recent. I am considering a potential request for a loan and would like to know what others have experienced. Is this a good way to obtain a personal loan? Anything to be aware of that may not be spelled out on the website? Lastly, what types of fees are associated with these loans? Any information that anyone can provide is much appreciated.
I think Prosper's site is going to be the best source of information on fees and what not.

As for obtaining a loan, while I only lent on Prosper, it seems as though it was mostly the gold-plated folks who were getting their loans funded. Seemed to be a difficult time convincing lenders that it's risk vs. reward, and instead there seemed to be a mentality of "I have to get paid back by everyone I lend to!"

I and a few others I knew tended to pickup pieces of subprime loans, but many of those never reached completion and funding. I think the economic downturn had a serious effect on prosper, and part of the reason there are so few threads regarding it recently is because many people stopped lending through it.

Anyway if you have solid scores and the rest of the supporting history (have a good story, it helps) then it's probably a workable route; however, if you're not in that category, may be better to look elsewhere. I don't know anyone with recent experience unfortunately. Also the loan doesn't report to all three credit bureaus if you're concerned about such things.

AFAIK it only reports to EX.