Prosper

[betterdays2011]

I am interested in getting feedback on your experience with Prosper for anyone who has taken out a loan with them?  What was the impact on your FICO score?  I received a preapproval offer from Prosper for a loan a rate that is several percentage points lower than any of my cards.  Thanks in advance for your input.

[Momof5]

I didn't use prosper, I used lending club.  Same results, though.

First, LC is a soft pull for both initial app and final approval.  Final approval is a HP for Prosper.  I got a 10% rate on $35K with LC but Prosper wanted 18%!  Seriously?  uh no!

Anyway,  Got the funds and paid off ALL my CC's.  The LC loan took 2 months to report.  In the meantime my util dropped from over 90% to near 0.  My score jumped from 688 to 738!  Added a few new high limit CCs to the wallet before the LC loan hit.  Loan hit and there was no perceptible drop in FICO!

[Creditaddict]

My partner recently got a much larger loan ($50k) through Sofi at an extremely better rate than I have ever seen him offered through Lending Club and Prosper.

You can get pre-approved with no impact to your credit report so I suggest you check.

Like other poster said, checking lending club too (it's a sp to get pre-approved and see the interest rate so compare)

[Anonymous]

When we checked around, our experience was like CA's. I refi'd my student loans with SoFi and am very happy. I'd try them as well as LC and P. SP to get rates and terms. 

[Momof5]

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@Creditaddict wrote:

My partner recently got a much larger loan ($50k) through Sofi at an extremely better rate than I have ever seen him offered through Lending Club and Prosper.

You can get pre-approved with no impact to your credit report so I suggest you check.

Like other poster said, checking lending club too (it's a sp to get pre-approved and see the interest rate so compare)

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Is Sofi a SP or HP?

[Anonymous]

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@Momof5 wrote:

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@Creditaddict wrote:

My partner recently got a much larger loan ($50k) through Sofi at an extremely better rate than I have ever seen him offered through Lending Club and Prosper.

You can get pre-approved with no impact to your credit report so I suggest you check.

Like other poster said, checking lending club too (it's a sp to get pre-approved and see the interest rate so compare)

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Is Sofi a SP or HP?

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SP to get rates and terms.

[Creditaddict]

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@Anonymous wrote:

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@Momof5 wrote:

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@Creditaddict wrote:

My partner recently got a much larger loan ($50k) through Sofi at an extremely better rate than I have ever seen him offered through Lending Club and Prosper.

You can get pre-approved with no impact to your credit report so I suggest you check.

Like other poster said, checking lending club too (it's a sp to get pre-approved and see the interest rate so compare)

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Is Sofi a SP or HP?

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SP to get rates and terms.

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correct, if you choose an amount, an interest rate and proceed it's a hp on EX

[Momof5]

Went to Sofi to check their rates (see if less than LC) and got turned down with a 719!  Okayyyyy.  So, I guess that it is a YMMV situation.

[betterdays2011]

OP here.  I checked with Prosper (online) and LC and got preapproval rate quotes at higher interest rates than my CCs. I tried Sofi and got a really nice rate for up to 50K.  Thinking on this still and may also visit my CU to see if there is an option there.

[Anonymous]

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@Momof5 wrote:

Went to Sofi to check their rates (see if less than LC) and got turned down with a 719!  Okayyyyy.  So, I guess that it is a YMMV situation.

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I got turned down with a 736. There's a lot more to credit than just a Fico score.