Prosper.com

[dpage]

Hello all!

I wanted to know if anyone has had any experience using Propser.com. Any insight would be appreciated.

[llecs]

I applied with them on one occassion. They'll pull your EX and use a FAKO called ScoreX Plus (not the same as the PLUS found on many EX products). Based on your credit they'll assign an APR and loan amount, at which point you can continue and publish your loan request or move on. Lending Club is a competitor and they'll pull your TU98 FICO (same as on here) and you'll have the flexibility of choosing your own loan amount.

[dpage]

Thanks for the insight. Did you receive a loan through lending Club? How long did it take for you to get the funds?

[llecs]

I'm a borrower and also a lender on LC. IIRC, they give you 14 days to get your loan funded or to at least hit 60%. You may want to check that though. I asked for a $14k consolidated loan just over a year ago and it got fully funded within a few days. I was 100% open and super thorough with the answers the lenders asked abd proactive in faxing back my paystubs and other info.

[HoldingOntoHope]

I borrowed through Prosper this past June. They did assign a grade and an interest rate and they also do have loan limits for first time borrowers (which I am). They did not force me to take a loan at the limit but allowed me to set the amount I requested up to that point. With FICO scores in the upper 600's at the time of the application I received an A? grade (I would have to log in to remember their system).  My credit was not completely clean but I had no judgments and a couple of paid collections. Also a brand new mortgage reporting. Anyway I was offered a loan at their best 1st time interest rate (Just about 6.5% at time of application for 36 month loan. Interest is varied based on length of loan and credit grade.

I requested $7.5K and wrote a short description of my purpose. They posted it along with summarized details of my credit report. Individuals could not see who my creditors were but did get an installment / revolving amount due, length of history, summary of negative info, and a stated income range. They had at that time disabled the ability of funders to send questions or requests for any other info to me.

I don't remember what their specific length of time was to leave the funding open (7-10 days seems right) but you could choose to fund at 80% or better and this option is displayed on the request. Funding started a little slow but in the last 72 hours larger sums came in and my loan was fully funded. I signed and faxed some paperwork and the funds were in my bank a few days later. They auto-draft the loan repayments.

All in all a pretty painless experience and I would recommend them. The interest rate offered was better than any unsecured personal loan I could find. And yes I checked credit unions. I am a member of NFCU and USAA. Also they do not report the tradeline to the credit bureau so there is no impact to DTI (hidden loan). This does mean you don't get credit for a good account but I'm OK with that.

The initial what can I get from you was done with a soft pull. Once the loan was actually funded and before it was issued was a hard pull on EX. If you have any other questions I will do my best to answer but their Q & A on their website is pretty comprehensive.