prosper

Lots of info here! Just use the google search feature. I have personally dealt with Prosper and have had a good experience. I like the concept.

Read this topic on Prosper.

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

I have often heard them to be reputed. You have to apply for the loan and get listed. They are a community based website where one person helps the other by providing money at lower interest rate. Once your loan application is submitted, people will start reviewing your file and deposit what they can. You start collecting the loan from others in the community. It won't be tough to qualify for a small amount, though.

They just revamped the rules and you have to have a credit score above 440. Other than that, I see a lot of people getting funding on the site. Unfortunately, I am in the under 440 category so I have to wait until it gets better for my financial situation. I like the fact that it is a person to person lending site--not a big financial institution that doesn't care. 8)

icspots - that's a great bit of information - thanks for posting it!

I have a prosper loan the people were helpful and it was hard to get the loan but worth the work.. I have raised my credit score and wiped out a lot of debt, I did join a group and that helped..

I too have a loan with Prosper and am very please with it. I was listed as high risk and requested a $3,000 loan to consolidate three high interest credit cards. I funded in three days. Get into a group, communicate well with the group leader, listen to what others have to say and you should do fine. Their forum is really good with a lot of information, tips, etc.

I wish that I had known about prosper before I got all my payday loans. It would have saved me a LOT of heartache. Unfortunately I just found out about it within the last couple of weeks and I am about to file bankruptcy. Everyone I have personally talked to that used prosper was very happy with it.

My experience with Prosper was not successful, although the members are helpful, respectful and supportive. At the time, I was requesting $7000 to pay off credit card debt. The consistent reason for my rejections was my credit score, but that was prior to the minimum score being announced. I think I will try them again.

I just listed with them yesterday but the minimum score they will accept is not a 520 but that is not your FICO its something else....so far no one has bid on me but its only been a day...I didnt know about the group thing until after I listed so it may not work out for me

I just checked with Prosper. They use only Experian, and the minimum credit score is 520.

Leah...you can retract your listing now or if it doesn't fund, you can relist. Whether or not you fund greatly depends on your credit history, the amount you are asking for and how much detail you provide about your credit history and current financial status. Again...I listed three times before I relisted with a group. I would be happy to check out your listing if you let me know what the listing number is. I am now a lender as well. I have only positive things to say about Prosper.

I found your listing Leah...it looks fine and you have endorsements so that is good. I think you have a pretty good chance. It is still early, so be patient. If you don't fund this time around, join a group and relist. I think you will have luck.

Thank you for the words of encouragement guest!

The minimun score is 520, but it's not your straight experian score. It's a specialized score based on an internet lending model . . . . So just because you have a score under 520 doesn't mean you won't qualify.

can someone who has been through their process provide some good info for others? I am looking to get into that site, and there are a ton of groups. how do you know what group to join? I know that some are obvious, but there are thousands of groups. I am looking for the best way possible to help my family just get a little jump ahead, and get rid of a couple of very high interest rates we currently have. Any thoughts?

Prosper is a great way to go to get out of the payday loan trap, dont be discourged if your credit score is low, as long as you can post a loan request it is okay, I posted several times and finally got my loan, dont give up. Check it out it is worth the try, the process is pretty smooth, and much better then the payday loans, I would rather pay $105.00 to Prosper lenders then the outrageous amt's the payday lenders charge, I know taking out a loan to pay off other loans is a huge no-no, but when those loans could jeopordize your job and you dont have rich family members it is the route to go, it is worth it to try, it has ended alot of sleepless nights for me.

My problem with Prosper was I live in KY and the state cap on the interest was so low that people did not want to lend at that rate when they could get more from other individuals.

I've listed with prosper but we are also HR. The problem is that we live in Florida and there is a State Max. Interest rate of 15.5% and it won't let me go any higher which means most of the lenders are going for the higher rates. We've got a listing right now, but no luck. I fear we'll be in this position forever!

I listed twice, to get help while on my unpaid maternity leave...I got 0 bids both times! It was a colossal waste of my time and energy