peer to peer loans

[crapandgarbage]

what are your experiences with these peer to peer loan web sites?

[Anonymous]

Prosper worked well for me.  reports to 2 CRA's I had to rewrite my ad but I found that being truthful and open is best.  I haven't missed a payment either so I only know how easy and fast it was.  Electronic funding.  I still go there once in a while and laugh at the silly ads it's like people with high risk credit asking for loans for $20k at 8%...you really start to think how banks think.

[Anonymous]

I never knew these sites existed, it looks, amazing?

My total debt, minus my school loan, plus my couple collections that I know of that aren't showing on my report is really only 3-4k I think I might snoop around on Prosper and see if I can find any help there.

Thank you C&G for asking this question, and thank you Minnesota for answering it!

[Anonymous]

The nice thing about prosper is that you don't get a hard pull unless you fund your loan.  They make a soft pull, you find out your credit rating on their scale and then make a proposal....if it doesn't ever get fully funded then you never get a hard inq.

bad thing is that if they do a soft pull and then your scores jump you have to wait 30 days for another soft pull to see if you get a better rating.

[Anonymous]

It looks really hopeful.  They go by the EX plus scoring model, so it'll be fun to see what my Plus score is.  Thank God they don't go by EQ since EQ hates me.  Once I get your email I'm going to sign up and see what my credit rating is and go from there. 

I'm excited at the prospect of this working, but can't help but think I might be getting my hopes up because I'm sure my credit rating will be on the bottom of the barrel haha

[Anonymous]

If I remember correctly, Prosper doesn't use FICO score. EX Plus or something like that, it is on their website. Also, I believe someone said they appear as a CFL.

[Anonymous]

I know i've seen people say on here, to stay away from CFL's but I never really caught why... can you tell me in a nutshell? lol

[Anonymous]

I have had a great experience with Prosper. I got a loan for $2100 to pay off an old school debt. I definitely suggest being honest and filling out your profile. Also, I don't know how much of an effect it had, but I got about 6 endorsements from friends. Considering Prosper predicted a very low chance of me getting funded, I did everything I could to increase my chances. (The reason for the low chance is because of my credit grade and because my state has a fairly low maximum interest rate.)

I will warn you... Prosper's scoring system seems to score very harshly if you have any collections. My score itself should have put me in the low B or high C score level, but it gave me a D and the only negative was one collection from almost two years ago.

The process was extremely easy and they do a great job of telling you what to expect each step of the way. I really think it is pretty much the greatest invention ever!

[Anonymous]

It seems that FICO scoring dings you for a CFL. However, it is one of the minor things that hurts, IMO. I say this because under "What's hurting your score" this never even showed up on mine until recently, and I've had CFL for sometime.

Normally, it is the high credit risk borrowers who get CFL. So, the score model stereotypes and says everyone who gets a CFL must be high risk so we are going to ding your score for having one. (kinda joking.....but almost true)

However, having the TL and the good payment history outweighs the bad, I"m sure.

[Anonymous]

Thanks for clearing that up for me I was always curious but never had reason to ask haha