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Posted: Wed May 23, 2007 11:38 am Subject: prosper.com

Ok...so financially I am in a huge bind...Getting ready to go on unpaid maternity leave and have been turned down for pretty much every type of assistance in my state(don't even get me started on that because it will just open a whole can of worms) Anyway, I heard about this place called prosper.com where you post your story and then people bid to lend you money...the only thing is...I am not sure it is legit and really dont want to give out personal information because my god if anything else happens to me right now finanically...it will probably make me suicidal. Has anyone used them or heard of them? If so, can anyone give me some info?

Posted: Wed May 23, 2007 11:51 am Subject:

It is 100% legit . . . . . I've actually borrowed from there before. It's kinda like ebay, where people can bid on lending you money at a certain rate. They do run your credit, and give you a grade from A to HR . . . . You then post your story and how much you want to borrow and at what rate. People can bid on lending you however much they want at that rate. Most of the bids will be for $50 to $100 each. Once it reaches the full amount you want to borrow, you accept the loan and it's transferred to your bank account. Each month the payment is automatically taken from your account. If you default, it goes to a collection agency.

Posted: Wed May 23, 2007 11:53 am Subject:

Ok so can you explain this account verification process for me...there is a note that says that if I do not have a positive balance the verification can cause me an NSF...they charge me to verify my account? and also, do they verify it only after I accept the loan?

Posted: Wed May 23, 2007 11:56 am Subject:

I have horrible credit though so it probably wouldnt work for me

Posted: Wed May 23, 2007 11:59 am Subject:

Stop saying that, I think it is ok if you have bad credit Confused

smile girl!

Posted: Wed May 23, 2007 12:11 pm Subject:

With me they deposited $.42, then withdrew $.38 or something along those lines . . . . You then have to go on and enter the amounts that they withdrew and deposited. That's how they verify it's really your account and you have access to it.

I would give it a try anyways. You never know. I have bad credit too and I was still funded. I would really give it a try. If you don't get funded you don't have to pay anything, so it's a no lose situation.

Posted: Wed May 23, 2007 12:12 pm Subject:

They verify before you can even post your loan request if I remember correctly. But you should come out a few cents ahead. I think they add that warning in case you have a bank that posts debit before credits. In that case the debit would cause an nsf.

Posted: Wed May 23, 2007 12:14 pm Subject:

Just make sure in your post you stress how you will pay it back, show your plan, and explain why you got into trouble in the past, and how you've taken steps to ensure that it won't happen again. Bad credit can be explained, and these are regular people lending to you, not banks. They will understand people get into situation they can't control.

Posted: Wed May 23, 2007 12:29 pm Subject:

Read the comments from other members who are dealing with Prosper.

http://www.debtconsolidationcare.com/getting-loan/prosperloan.html

Yes, they are a reputed organization. But I don't know if their qualification criteria are easy enough. It doesn't hurt to give a try. Don't worry about your personal information. It's safe.

Posted: Wed May 23, 2007 1:00 pm Subject:

Anybody can register and post for a loan. It is up to the individual lenders if they want to take a chance with you or not. There are no minimum qualifications or anything like that.

Posted: Wed May 23, 2007 1:26 pm Subject:

Thanks everyone! I am gonna see what can be done...I am hoping this goes through cuz otherwise I don't know how I am gonna keep my home while on Maternity leave...I am very stressed right now