Prosper

[LS2982]

Not sure where to put this, But is anyone familiar with them??

[Anonymous]

what is it?

[Anonymous]

Prosper is a peer - peer lending site. I have a current loan through them. What are your questions? The process is relatively easy and clearly explained on their site for both borrowing and lending. Rates are more reasonable than a personal loan if your credit score is decent.

I assume this post is going to be moved to General Credit topics since it is not a credit card related post.

[Anonymous]

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@Anonymous wrote:

Prosper is a peer - peer lending site. I have a current loan through them. What are your questions? The process is relatively easy and clearly explained on their site for both borrowing and lending. Rates are more reasonable than a personal loan if your credit score is decent.

I assume this post is going to be moved to General Credit topics since it is not a credit card related post.

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ahhh,, i was looking at 1 of those to refi my boat loan,, the interest rate was about the same (17%),, but pen fed gave me 6%

[Anonymous]

My interest rate is only 8% on my loan. Scores were in the low 700's according to their site. (They generate their own credit score). Loan was for $7.5K @ 36 months. Size of loan and length of term does affect the rate but they provided all the details before I requested it to post for funding.

Interesting note, when I applied at first the general consensus was that they do not report to the bureaus. In November they popped up on 2 reports with activity for August and September. (I took the loan out in June. No updates since the original report. I think they reported to TU and EX but not EQ. I would have to check my 3 in 1 monitoring to be sure. I don't know if they will update again or if I will have to dispute the balance for update or removal.

[Anonymous]

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@Anonymous wrote:

@Anonymous interest rate is only 8% on my loan. Scores were in the low 700's according to their site. (They generate their own credit score). Loan was for $7.5K @ 36 months. Size of loan and length of term does affect the rate but they provided all the details before I requested it to post for funding.

Interesting note, when I applied at first the general consensus was that they do not report to the bureaus. In November they popped up on 2 reports with activity for August and September. (I took the loan out in June. No updates since the original report. I think they reported to TU and EX but not EQ. I would have to check my 3 in 1 monitoring to be sure. I don't know if they will update again or if I will have to dispute the balance for update or removal.

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8% on personal loan is pretty good

[llecs]

I used their competitor, Lending Club. Same concept where other users (not banks) fund your loan, hence P2P lending.

[Anonymous]

I have had three loans with through Prosper.  Never had a problem with them at all.  They reported to all three credit bureaus (from what I remember). 

[hyprble]

I got a loan through Prosper at around 9% during the credit card crunches of 2009.  It saved me from the credit card companies that were jacking up my aprs.  I do like the fact that most of the interest goes to individuals who trust in me to lend me the money, and although the fees can certainly add up, 9% sure beats 27%apr any day!

[fused]

I started lending money at Propser in early 2008. All of the notes have been paid or COed. Its too bad the economy tanked, I really like the whole concept of peer-to-peer lending.