topic Re: Prosper in General Credit Topics

Prosper

betterdays2011 — Wed, 08 Jul 2015 13:59:48 GMT

I am interested in getting feedback on your experience with Prosper for anyone who has taken out a loan with them? What was the impact on your FICO score? I received a preapproval offer from Prosper for a loan a rate that is several percentage points lower than any of my cards. Thanks in advance for your input.

Re: Prosper

Momof5 — Wed, 08 Jul 2015 14:09:05 GMT

I didn't use prosper, I used lending club. Same results, though.

First, LC is a soft pull for both initial app and final approval. Final approval is a HP for Prosper. I got a 10% rate on $35K with LC but Prosper wanted 18%! Seriously? uh no!

Anyway, Got the funds and paid off ALL my CC's. The LC loan took 2 months to report. In the meantime my util dropped from over 90% to near 0. My score jumped from 688 to 738! Added a few new high limit CCs to the wallet before the LC loan hit. Loan hit and there was no perceptible drop in FICO!

Re: Prosper

Creditaddict — Wed, 08 Jul 2015 14:19:45 GMT

My partner recently got a much larger loan ($50k) through Sofi at an extremely better rate than I have ever seen him offered through Lending Club and Prosper.

You can get pre-approved with no impact to your credit report so I suggest you check.

Like other poster said, checking lending club too (it's a sp to get pre-approved and see the interest rate so compare)

Re: Prosper

Anonymous — Wed, 08 Jul 2015 14:35:44 GMT

When we checked around, our experience was like CA's. I refi'd my student loans with SoFi and am very happy. I'd try them as well as LC and P. SP to get rates and terms.

Re: Prosper

Momof5 — Wed, 08 Jul 2015 14:42:08 GMT

@Creditaddict wrote:
My partner recently got a much larger loan ($50k) through Sofi at an extremely better rate than I have ever seen him offered through Lending Club and Prosper.
You can get pre-approved with no impact to your credit report so I suggest you check.
Like other poster said, checking lending club too (it's a sp to get pre-approved and see the interest rate so compare)

Is Sofi a SP or HP?

Re: Prosper

Anonymous — Wed, 08 Jul 2015 14:42:32 GMT

@Momof5 wrote:
@Creditaddict wrote:
My partner recently got a much larger loan ($50k) through Sofi at an extremely better rate than I have ever seen him offered through Lending Club and Prosper.
You can get pre-approved with no impact to your credit report so I suggest you check.
Like other poster said, checking lending club too (it's a sp to get pre-approved and see the interest rate so compare)

Is Sofi a SP or HP?

SP to get rates and terms.

Re: Prosper

Creditaddict — Wed, 08 Jul 2015 14:43:52 GMT

@Anonymous wrote:
@Momof5 wrote:
@Creditaddict wrote:
My partner recently got a much larger loan ($50k) through Sofi at an extremely better rate than I have ever seen him offered through Lending Club and Prosper.
You can get pre-approved with no impact to your credit report so I suggest you check.
Like other poster said, checking lending club too (it's a sp to get pre-approved and see the interest rate so compare)

Is Sofi a SP or HP?
SP to get rates and terms.

correct, if you choose an amount, an interest rate and proceed it's a hp on EX

Re: Prosper

Momof5 — Wed, 08 Jul 2015 14:55:42 GMT

Went to Sofi to check their rates (see if less than LC) and got turned down with a 719! Okayyyyy. So, I guess that it is a YMMV situation.

Re: Prosper

betterdays2011 — Wed, 08 Jul 2015 15:58:45 GMT

OP here. I checked with Prosper (online) and LC and got preapproval rate quotes at higher interest rates than my CCs. I tried Sofi and got a really nice rate for up to 50K. Thinking on this still and may also visit my CU to see if there is an option there.

Re: Prosper

Anonymous — Wed, 08 Jul 2015 21:10:35 GMT

@Momof5 wrote:
Went to Sofi to check their rates (see if less than LC) and got turned down with a 719! Okayyyyy. So, I guess that it is a YMMV situation.

I got turned down with a 736. There's a lot more to credit than just a Fico score.

Re: Prosper

Momof5 — Thu, 09 Jul 2015 17:34:23 GMT

Oh, I know. $80K income, years in career field 30, Bach in EE.....a couple older degrogs (lates) and a 719 CS.....

I was just curious. LC worked for me.

Re: Prosper

Anonymous — Tue, 11 Aug 2015 08:44:02 GMT

@Creditaddict wrote:
My partner recently got a much larger loan ($50k) through Sofi at an extremely better rate than I have ever seen him offered through Lending Club and Prosper.
You can get pre-approved with no impact to your credit report so I suggest you check.
Like other poster said, checking lending club too (it's a sp to get pre-approved and see the interest rate so compare)

I just went through SoFi pre-approval, but I didn't see where it gave me a pre-approval up to a certain amount. I saw the pre-approval and was shown an interest rate but from there I had to select the amount to borrow, submit documents, and ultimate (if I choose to apply) click submit for presumably the HP and final decision.

I should add in my experience with Prosper, requested $35k and got offered just under $20k at 19%...like Momof5 said..."um, no". I didn't bother applying to Lending Club as both companies (and at least 1 other that I checked) all refer to WebBank as being involved so I figured the results would be the same regardless of which site I would apply through?!?!?? EDIT: Just for the heck of it went to Lending Club, app'd for $35k got offered $13k at 21.6%APR "um, no....again!"

Re: Prosper

Anonymous — Tue, 11 Aug 2015 16:41:32 GMT

@Anonymous wrote:
@Creditaddict wrote:
My partner recently got a much larger loan ($50k) through Sofi at an extremely better rate than I have ever seen him offered through Lending Club and Prosper.
You can get pre-approved with no impact to your credit report so I suggest you check.
Like other poster said, checking lending club too (it's a sp to get pre-approved and see the interest rate so compare)

I just went through SoFi pre-approval, but I didn't see where it gave me a pre-approval up to a certain amount. I saw the pre-approval and was shown an interest rate but from there I had to select the amount to borrow, submit documents, and ultimate (if I choose to apply) click submit for presumably the HP and final decision.

I should add in my experience with Prosper, requested $35k and got offered just under $20k at 19%...like Momof5 said..."um, no". I didn't bother applying to Lending Club as both companies (and at least 1 other that I checked) all refer to WebBank as being involved so I figured the results would be the same regardless of which site I would apply through?!?!?? EDIT: Just for the heck of it went to Lending Club, app'd for $35k got offered $13k at 21.6%APR "um, no....again!"

I got radically different results between the two. First time I apped with Prosper, it was a denial. Second time an approval, but at an APR that was 10 points higher than what I got with Lending Club.

Re: Prosper

Cotton_Britches — Tue, 11 Aug 2015 22:43:50 GMT

What is SoFi?

Re: Prosper

Anonymous — Tue, 11 Aug 2015 23:20:47 GMT

@Cotton_Britches wrote:
What is SoFi?

Another crowd lender like Prosper and Lending Club.

Re: Prosper

Gotagoal — Sat, 22 Aug 2015 02:41:38 GMT

How long did it take? I did the preapproved thing and selected $14K and they asked for docs, so I sent them. The status of the loan still after a week remains "in progress/ we'll let you know if we have questions"... seems odd. I just read an article that said if my uitl is too high they will deny me but that's why I'm trying to do the loan to pay off cc debt. I hope they approve but am curious what your experience was. I never heard about Prosper until tonight. Thanks for posting.. MyFico has been a world of help to me since 2007.

Re: Prosper

Anonymous — Sat, 22 Aug 2015 09:40:27 GMT

Just decided to check both sites just for the fun of it and to add to the thread.
Prosper: Requested 35k
Countered for $7,401 lol
APR of over 35% LOLOLOLOL

Lending Club: Requested 35k
Countered for $14,175
APR of 21.99%

Re: Prosper

TheConductor — Sat, 22 Aug 2015 13:09:43 GMT

Prosper has given me the best rate for two different loans over the past little-more-than-a-year. It is definitely wise to shop around as the results can vary significantly from one lender to the next.

To OPs question about credit scores, for me the first loan was a net gain in FICO score. Slight dip from the inquiry, of course, but that was more than offset by the boost from having an installment loan on my report. Prosper doesn't report to EQ, only to TU and EX, so you can infer by the ~20 point deficiency in my EQ score that one year later it is still providing a decent boost to my score.