prosper.com

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.

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?

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

Stop saying that, I think it is ok if you have bad credit :? smile girl!

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.

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.

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.

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.

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.

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

If you want someone to look over your loan ad before you post it let me know . . . . It's all in how you say things!

Good luck! I've always wondered about Prosper, I've never known anyone who has used them. Please post how it goes, I am very curious.

Fins - I did a loan with them almost 2 years ago . . . . It was very easy!

LOL, I saw that! After I wrote my post I thought well, I know Goudah!! :D

Thanks Goudah..I may take you up on that!

I also have a loan with them it is 3 month old and it did take about 2 months to get funded but It worked for me, I a about to pay it off not that I have my lay off package coming in..
it is a great way to get help..

Thank you...I hope mine doesnt take that long to get cuz I am gonna have this baby anyday now but I guess I will have to wait and see... Thanks Poptarts!

Mine took 5 days to fund . . . . It just depends on the people bidding, how you write up your loan ad, that kind of thing.

Hmm how much do they loan out?

I think you request how much you need and various people donate to your cause and then you pay them back monthly...

hmmm

There is a state min and max to what you can borrow..
And you can go anywhere in between.. BUT the loaners will ask when you are taking asking for the amount.. and what it is for and when you will pay back the higher the amount the worse the credit the longer it CAN take.. also state min and max intrest can play a part. Some states have a 7% max intrest and many loaners are not intrested in loaning money for 3 years at 7%.. so it just depends..

Yeah, there are a whole lot of factors at play . . . . .

I just checked their website and you must have a minimum score of 520 to list a loan. But that isn't your fico score, it's your experian scorex plus score, which is modeled around online lending.

Oh well I dont think I qualify so much for that!

Try! It's not your fico score, so don't think it's the same. You won't know until you try. Trust me, I had crappy credit when I did my loan. Not a single account in good standing. But I was rated at E, not even HR (high risk) so don't think you're out of luck.

whats an E?

They don't show your score to prospective loaners, they give you a grade - A - B - C - D - E - HR, that's what the lenders see.

Well I was able to post a loan request so I guess that is a good sign...now I am just praying that I get some bids! Thanks everyone for your advice and help!

Just so you know . . . . When I posted my loan it seemed like forever before anyone bid on it! But it did happen . . . Your ad looks good to me! They've added a bunch of things since I did mine, the endorsement thingy was never there before . . . .

well all i can do now is hope

I had an excellent experience with Prosper. I was listed as high risk so I read through the forums for advice before listing a loan request. I also joined a group and the group leader was great. I gave him some background info on my debt, confirmed my employment and all that. He encouraged people to fund my loan. I asked for $3000 and was funded in less than 2 days. The next day, Prosper initiated a bank transfer and I had my money the next day.

My only suggestions are to follow what I did. Be realistic, be upfront about your financial history, work with a group and its leader. Don't hide anything because they are pretty sharp and will make sure everything is on the up and up before funding to anyone.

I tried to join a group but it said that people with an active listing cannot join groups....

Is there a certain criteria you need to look into before joining a group? I.E. outstanding loans, number of members, etc??? The one I want to join only has one member.

hdv3902, I was recently funded on Prosper.com and just got my funds transferred today. The whole process took about a month to find the right group and everything. There are forums that you can join there and learn a lot. It is just a suggestion, but stay away from groups that charge group leader fees if you are high-risk borrower and live in a rate-capped state. I live in Wisconsin, so my interest rate capped around 15.55%, which for most HR borrowers isn't enough to grab lenders' attention. Groups can be important if you don't have the greatest credit, and you should look for a good group leader that can vet you, i.e. verify that you do have the mean to repay this loan and that you don't have more credit problems lurking somewhere else that your Prosper sheet doesn't display to lenders. If you have great credit, being in a group doesn't matter. Number of members is not a good indicator...some of the largest groups are large simply because they attract all the newbies...but the group leader may not be well respected or operates in ways that are a little shady to the lending community. Also, look for the number of stars next to a group rating...that indicates how many timely payments that group has made as a whole. I'm not sure about your particular situation, but if your credit is good, I wouldn't even bother joining a group with one member. My GL was very helpful and I got funded in 3 days the second time I re-listed...and it was 10 day listing. So I am paying off my pdls even faster than I thought!! YAY!!!

Ok maybe someone can explain this....when Leah tried to join a group it said you have to be a lender in order to join a group???

Ok maybe someone can explain this....when Leah tried to join a group it said you have to be a lender in order to join a group???

You can't have an active listing. I did the same thing. I just cancelled my listing, joined a great group..5 stars...the group leader sent and endorsement and the 1st $100.00 bid.

I cancelled my listing and joined a group too. I got an excellent rate! Though if I wouldn't have cancelled it wouldn't have taken me so long. I ended up waiting forever to be approved by my group. And because of that time to get the loan I ended up making a really bad decision. Like getting too many payday loans!

So realise that these things can take some time, but in the end it is worth it. Wait it out! I even tried to have my girlfriend get one but her credit wasn't good enough.

I went to the prosper web site and signed up. It immediately asks for my bank info, etc. Is that normal considering I have not even created a listing? This is of complete urgency to me. I have read some blogs on here it appears that Prosper is a reputable company. I have three pdls, some home improvements and debt consolidation (mainly pdls). I am a single mother of my precious two year old son who is in desperate need of help. I do not know how much longer I can mentally handle all of the financial stress. And no - his father is of no help. I love my son and want him to be happy and that is hard when I am about to have a complete nervous breakdown and cannot even see a light at the end of the tunnel. I purchased my home three years before Morgan was born. It is not in what you would say a safe location to raise a family. I had excellent credit and his father ruined that. Thank you for all of your help. Any advice for me will be greatly appreciated.

Prosper uses your bank account to verify your identity. They will use the info to deposit 2 small amounts into your account, which you then have to enter onto the prosper site to confirm that it's your bank account.