@Creditaddict wrote:Received pre-approval in the mail for up to $20k, when I filled it out online it came back just $5200 Max but decided to take it anyway because I know once you do one loan with them, they will expand for future larger ones.
My question is, How much and how long do I have to keep it open to gain the most from it?
It's a 36 month loan, so I was thinking about paying $2701 on the loan right now to bring me under 50% and then let the payments run for 12 months.
Thoughts?
I just got a mailer from Prosper Pre-Approved for up to $40K. Though about it, but I'm sure I'd get somehting much lower and at a higher rate. lol
i don't need it, but if i took out a certain amount it would pay off all my current balances. And I'd still have enough left over to make the payments for one year before it started coming out of my actual pocket. Only thing is the interest and not really needing it.
As for relationship, I think once you paid it down and let it run out. You'd probably get more offers, no guarantee on amounts and rates though. When I borrowed from Marcus, I paid it all back in the first 12. Even got a second Loan with them on the 12 month, and it's already paid down 71% 1.5 years later. Looking to pay off with my Tax refund to save more interest.
Congrats on your approval
Congratulations on your approval!
