I Love Prosper!

[CGeorge]

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!

[Anonymous]

Congrats! Did they ask for proof of income?

[CGeorge]

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.

[FlaDude]

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%.

[CGeorge]

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...

[CGeorge]

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...

[FlaDude]

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@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...

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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.