Anyone tried Prosper.com?

fenderhutz · #1 01-05-2008, 06:30 AM

I have to say forget going to the bank to get a loan at this point and dealing with haggling over an interest rate. This was the EASIEST way to get a decent loan.

I have to saw I have had a rocky credit history but for the last 8 years I have been pretty good about it.

I went to Prosper.com and setup an account, verfied my account and set an interest rate I wanted and the amount I needed and waited.

They pull a credit report and rate you based on that report for other "lenders" to offer funding for your loan.

How it works is it's an Ebay style auction where other Prosper users fund your loan and bid the interest rates down. YOUR LOAN IS THROUGH PROSPER not the users but in return the people that funded your loan get interest kick backs. You only deal with prosper and do not have to deal with the "lenders" at all. Once your loan is funded, Prosper is your lender.

I wanted a 15% loan to get rid of some credit cards and got funded at about 13% after it was completed and was bid down.

With the current housing market going downhill around here I did not want to tap the equity in my house and be in the negative for a while.

I did my research and this is legit, I would HIGHLY recommend anyone needing a loan to at least try the service.

I am not affiliated with Prosper but instead of having years of credit card payments going nowhere I will have them paid off in 36 months at a fixed interest rate with a payment less than the cards minimums.

fenderhutz · #2 01-12-2008, 10:14 AM

Got a good loan at a good rate with zero hassles and they just deposited the money in my account.

Wilbyman · #3 01-12-2008, 10:28 AM

I read about this in Newsweek. I think is a really interesting concept and it is cool to hear that somebody has made use of the system. I am sure Prosper.com will get a boom from the lock-down on the traditional lending market.

W

fenderhutz · #4 01-12-2008, 10:46 AM

All I wanted was to get get a couple of my higher 18%+ credit cards to around a 13-14% consolidated loan with a firm payoff date.

They did that with no hassles. It took 7 days for the "auction" to end but that was worth not having to go into a bank and have them scrutinize my credit history and haggle with an interest rate.