Is Prosper a good lender?

[DR527]

Got a $28k loan offer. The terms are for 3 years. At an interest rate of 23.75%. The payments on the loan would be cheaper by $104 a month. Never used or heard of Prosper before. Reviews were not helpful. They were the extremes on both sides. You either get this company is the devil or this company saved my life. I don't need the loan. But it would help free up some cash and simplify some debt. Does anyone have any experience with Prosper or anything I said be aware of?

[Jnbmom]

I don't have experience with Prosper but that interest rate is insanely high just to get as you state you don't need it .

[keekers]

That's a crazy interest rate.

[ptatohed]

That rate is pretty high but rates are high in general.  Especially unsecured loans.  Is that rate lower than the rate(s) that you would pay off with this personal loan?  I wouldn't take the loan only because the minimum monthly on the new loan is less than the minimums on the existing loans.  Yes, that might look like you are saving / freeing up $104 per month but you'll end up paying more in the long run.  Unless your existing loan(s) have rates in the high 20s / low 30s, I don't see this being worth it.    

My only experience with Prosper is as an investor.  So, not apples to apples, I know, but I have no complaints.  

[FicoMike0]

Hey, I don't need a 23.75% loan either! I know my Us b visa is under 20%. That's crazy. Amex says 5.91% to 19.97%, 12-60 months. If your paying higher interest now, shop around some more.  We're all in your side.

[Anonymous]

@DR527 

I use BBB from time to time when looking to get a general idea of a company.

This is Prosper's page

https://www.bbb.org/us/ca/san-francisco/profile/loans/prospercom-1116-118427 

[FlaDude]

I got a $20k loan from Prosper to reduce interest on CC debt a few years ago. My APR was 7.5% with a 3 year term. I applied, was approved, they gave me money quickly, I paid every month, they credited the payments correctly, all was good.

Almost 24% seems high. If you need a loan, don't wait for the offers to come in, use the prequal tools at sites like CK. That's where I found all of my consolidation loans. Many people here also tout Credit Unions, although the one I belong to is very conservative on loans and didn't come close to the 6-7.5% rates I found on CK.

[reluctantgarden]

Prosper is fine, but that rate is a CC one, not for a loan. SoFi or almost any CU will have something decent, in the 12-16% range.