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I Love Prosper!

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Regular Contributor

I Love Prosper!

Prosper is just awesome...! I borrowed from then about a year ago. I took out a three-year loan, but paid it back in about six months. The interest rate was awesome. Well, late last night, I "listed" for another loan - and it was approved this morning. There just couldn't be anything easier!

Message 1 of 7
6 REPLIES 6
Frequent Contributor

Re: I Love Prosper!

Congrats! Did they ask for proof of income?

Message 2 of 7
Regular Contributor

Re: I Love Prosper!

They did not ask that proof of income. Perhaps it was because I had had a previous loan with them? But, no, I just entered in the numbers. The process simple, and strealined.

Message 3 of 7
Frequent Contributor

Re: I Love Prosper!

If you don't mind sharing, what were the interest % and origination fees? I got a loan from them last year for $20k. Interest at 7.14%, origination fee was 3% for an APR of about 9%.

Current Score: Mar 2019: EX FICO8 779, TU FICO8 800, EQ FICO 780, TU Vantage 773, EQ Vantage 786
AoOA: closed: 35 years, open: 24 years; AAoA: 11.8 years; Inquiries: 2019: 2, 2018: 3; No BK ever, 1 30 day late in 2013
Amex Gold, Amex Green, Amex Blue, Amex ED, Amex Delta Gold, Amex Hilton Surpass, BoA Platinum Plus, Chase Slate, Chase Amazon, Chase CSP, Sync Lowes, Sync JC Penney - total CL 129k
Loans: Prosper (20k/3yrs 7.14%), Lending Club (10k/3yrs 5.89%), Chase car loan (35k/6yrs 0.9%)
Message 4 of 7
Regular Contributor

Re: I Love Prosper!

Interest = 6.86% with Origination Fee of 5% and Term of Loan = 60 months. Very low payments, and I will actually have it paid of years early...

Message 5 of 7
Regular Contributor

Re: I Love Prosper!

And it seems like my Origination Fee percentage was higher for this loan than my previous loan. Perhaps they wrote this loan with a higher Origination Fee - because I paid off my first loan so fast? They didn't earn much interest off of me. So perhaps they are making up for that with this loan - in the Origination Fee. I just don't know. But I do know that I love the process...

Message 6 of 7
Frequent Contributor

Re: I Love Prosper!


@CGeorge wrote:

And it seems like my Origination Fee percentage was higher for this loan than my previous loan. Perhaps they wrote this loan with a higher Origination Fee - because I paid off my first loan so fast? They didn't earn much interest off of me. So perhaps they are making up for that with this loan - in the Origination Fee. I just don't know. But I do know that I love the process...


I don't know whether they factor prior loan payoff time into determining the fee. The difference could be because of the term, 5 years vs. 3 for your first one. It would be interesting to hear from others that have had more than one Prosper loan. When I login to my Prosper account it says I'm eligible to borrow another $27k, but I'm not going to hit the "Apply Now" button to see what the terms are. At this point I don't expect to need any more loans, once the ones I have are paid off my debt should be 90% gone so I don't want to trigger a possible HP for nothing.

 

I agree that the Prosper process was quick and easy, but that was the case for Marcus and Lending Club too.

Current Score: Mar 2019: EX FICO8 779, TU FICO8 800, EQ FICO 780, TU Vantage 773, EQ Vantage 786
AoOA: closed: 35 years, open: 24 years; AAoA: 11.8 years; Inquiries: 2019: 2, 2018: 3; No BK ever, 1 30 day late in 2013
Amex Gold, Amex Green, Amex Blue, Amex ED, Amex Delta Gold, Amex Hilton Surpass, BoA Platinum Plus, Chase Slate, Chase Amazon, Chase CSP, Sync Lowes, Sync JC Penney - total CL 129k
Loans: Prosper (20k/3yrs 7.14%), Lending Club (10k/3yrs 5.89%), Chase car loan (35k/6yrs 0.9%)
Message 7 of 7
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