Hello Friends ..
I'm pretty level headed but am SO about to freak out here..
I recently applied for a loan with Prosper after reading lots of positive reviews, some of which are here on MF.
The application process was easy and there was nothing that gave me pause about the process.
On Tuesday, 6/2, I received a "Your Credit Score and The Price You Pay For Credit" email thanking me for considering Prosper, which included the standard document showing who they pulled and my score (TU score dated 5/31). The email ended with a "Thank You, Posper and Web Bank."
EDITED to add: Later that same day (6/2), I received an email entitled "Your Funds Will Be Arriving Soon" with a "Congratulations, your loan has been approved" message.
The loan amount I was offered was fully funded and the money deposited into my bank this past Thursday 6/4. Once received, I paid off a higher interest rate credit card in full, so the money has been spent.
Cut to moments ago (6/7) when I received the email shown below (my comments in parentheses):
"Information about your loan request through Prosper
06/07/2020
Dear XXXX,
Thank you for applying for a WebBank loan through Prosper. Prosper is providing this notification to you on behalf of WebBank, member FDIC. Your recent request for a WebBank loan through Prosper exceeds the amount that you qualify for based on your FICO®08 score and Prosper Score. You were presented with a counteroffer (OFFER NEVER MENTIONED or RECEIVED) for a lower loan amount during the application process that you did not accept and that has now expired.
WebBank uses a credit scoring system that assigns a numerical value to the various items of information considered in evaluating a loan request. These numerical values are based upon the results of analyses of repayment histories of large numbers of consumers. The information you provided resulted in credit scores that were below the minimums needed to post this listing. The reasons you did not score well compared with other applicants are:
- Difference between average non-mortgage balances in the last 3 months to average historical non-mortgage balances is too high relative to income.
- Abnormal pattern of balance activity on non-mortgage trades over the last 24 months (WHAT?)
- Serious delinquency, and public record or collection filed (YES, BK 6 years ago, Require at least 1 year post filing)
- Length of time revolving accounts have been established
In evaluating your application, WebBank also obtained information in a report from TransUnion, a consumer reporting agency, and used it in whole or in part in making your credit decision. TransUnion played no part in the decision and is unable to supply specific reasons why your loan request was not accepted. You have a right under the Fair Credit Reporting Act to know the information contained in your credit file at TransUnion. You also have a right to a free copy of your report from TransUnion, if you request it no later than 60 days after you receive this notice. It can be obtained by contacting TransUnion at
www.TransUnion.com, TransUnion LLC, P.O. Box 1000, Chester, PA 19022, toll-free telephone number (800) 888-4213. In addition, if you find that any information contained in the report you receive is inaccurate or incomplete, you have the right to dispute the matter with the reporting agency, TransUnion.
WebBank also obtained your FICO®08 credit score from TransUnion. Your FICO®08 credit score is a number that reflects the information in your consumer report. Your credit score can change, depending on how the information in your consumer report changes.
Your credit score: 675
Date: 05/24/2020 (SCORE DATE on EMAIL sent me was 5/31)
The FICO®08 credit score ranges from a low of 300 to a high of 850.
Key factors that adversely affected your credit score:
- Serious delinquency, and public record or collection filed
- Length of time revolving accounts have been established
- Lack of recent installment loan information
- Proportion of balances to credit limits is too high on bank revolving or other revolving accounts
Please contact WebBank and Prosper at the address shown below if you have any questions about this letter:
WebBank
c/o Prosper Marketplace, Inc.
221 Main Street, Suite 300San Francisco, CA 94105Notice: The federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to enter into a binding contract); because all or part of the applicant's income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The federal agency that administers compliance with this law concerning WebBank is the Federal Deposit Insurance Corporation, FDIC Consumer Response Center,
1100 Walnut Street, Box #11, Kansas City, Missouri 64106 and concerning Prosper is the Federal Trade Commission, Equal Credit Opportunity, Washington, DC 20580.
Thank you,
Prosper"
My questions/concerns:
Why did they end up sending me the money before making their decision?
Why don't they say what I'm supposed to do now?
What do I do now?
My loan account is still showing as active and awaiting auto withdrawal for my 1st payment on July 3rd. Why is it active still?
Has this happened to anyone here?
Also!
In trying to find info online about emails like this, I came across a site with lots of negative reviews which speak about about payments going 100% to pay interest with the principal amount staying the same or growing (!)
Those who have Prosper loans, can you speak to this?
What is your experience?
Thanks in advance for any help, insights, experiences shared!
Pacem / Raven
