Heybim sharing my experience just in case anyone had questions about a personal loan with Prosper. So here we go. 5/27/18 I applied for a debt consolidation personal loan with Prosper. My credit score at that time was EQ624/TU658/EX661. The amount I applied for was $8500 for 60 months(5yr) w/ my monthly payment being $272. (Now let me warn you. Yes the interest rate is high and if approved there is a fee of 1-6% of the loan amount which is deducted from the loan amount. So I would suggest asking for a slight higher amount than you actually need.) I was approved today 5/29/18 for my loan and after the fee will be receiving $8075 direct deposit into my bank account. They advised the fund will be in my account in 1-4 days and that my auto draft payments with start 6/30/18. The also let me know they used the TU score of 663 from 5/2/18. However, my FICO8 was not 663 at that time. After some digging they used my FICO9 TU score. So with the exception of the high interest rate I chose this loan because you dont have to have great credit to get approved just a score of 640+ is good and there is no penalty for paying the loan off early like some others. Now I will be able to pay off all my cards and only have one payment a month instead of a calendar full do pymt due dates. I can also get a fence installed so my Husky can run free and enjoy the out doors 😁😁🐺🐺. I'm pleased to answer any questions I can about this process. Hope this helps someone.
All they requested is my bank account info to deposit the loan and auto draft payments. I also applied for a 7K loan with Lending Club on the same day and the wanted my bank info, but the also wanted to verify my employment by having me respond to an email sent to my work account. I will update once I hear back from them. Apparently their process can take up to 7 days.
