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Pending prosper

Valued Contributor

Pending prosper

I want to refinance a lending club loan that I took out last year , had several preapprovals
Discover offered me a 5 yr term at 16% wth NYU, sofi @ 12% , NYU, prosper on their site 11% but when you went through Lending Tree 7.3! Just downloaded all my documents so not sure it will go through, will post when i know
Message 1 of 7
Established Contributor

Re: Pending prosper

Good luck! In my experience Prosper has a origination fee so the actual interest rate is lower than the APR, but they take the fee from proceeds before disbursing the rest. I think mine was 3%, so $600 off the top on a 20k loan.

Scores: March 21 FICO 8: EX 810, TU 808, EQ 813
AoOA: closed: 36 years, open: 25 years; AAoA: 11.8 years
Amex Gold, Amex Green, Amex Blue, Amex ED, Amex Delta Gold, Amex Hilton Surpass, BoA Platinum Plus, Chase Freedom Unlimited, Chase Amazon, Chase CSP, Chase United Explorer, Citi AA Plat, Sync Lowes, Sync JC Penney - total CL 145k
Loans: Chase car loan (35k/6yrs 0.9%)
Message 2 of 7
Valued Contributor


Applied on 2-21 and was approved, but now still in the verification phase. Wondering if this will be a hard pull for nothnig

Message 3 of 7
New Contributor

Re: prosper

Did they asked for any documents?

Message 4 of 7
Valued Contributor

Re: prosper

No, but I could not find my bank, so had to upload docs

Message 5 of 7
Established Member

Re: prosper

What kind of docs are they requesting?  I'm looking at a personal loan thru them as I was turned down by USAA for too many inquiries (I have to dispute that) and other things that a loan consolidation would take care of.

Message 6 of 7
Not applicable

Re: prosper

Keep in mind that these peer to peer loan companies show up on your credit report as a consumer finance account... They are a credit score ding for the 10 years that they report. I got a loan from Best Egg and got the CFA reason code on my auto and mortgage scores. It’s the second most damaging factor in my TU auto score. 





If you cant finance through a bank and you have no other options, it’s worth the points, but if you have other means to pay or can get a higher APR from a bank or credit union, you might consider doing so to avoid the damage that a CFA does to your score. 

Message 7 of 7
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