Prosper.com experts- A few questions for those who are looking for a loan

Turned my buddy onto this site as he is looking to go with an idea and I may join him, as it looks good on paper. I know a few of you have become close to experts on the site. Maybe you can help answer a few questions.

1) If someone has a really good credit score with FICO does that come into play somewhere for others to see or is your credit worthiness based on the site and how well you have paid back debts there?

2) What pct of people get these loans and how long of a process on average would you say this would be?

3) any other pointers/clues on making the loan process easier would be helpful.

I have a VERY close buddy who has wanted to partner up with me for a few years on something I believe in but I am not overly excitied in starting this up because of the money at the beginning. I fully believe if we attempt this completley legit and cut zero corners this would be very successfull. My problem is I am not going to throw alot of life savings into something espically after buying a home but the numbers him and I have worked out look really promising (even with the loan). We both have 700+ credit scores and understand the value of keeping them intact. Just looking into this as an option and would like to hear from some of you who seem to understand it alot better than me trying to explain it to him as I maybe missing smething.

Thanks for any extra info, it is much appreciatied.

Everyone that applys for a loan has to fill out a credit report just like you do any other loan.

Its just like a bank loan. The only difference is the LENDERS approve the loan and not the banks.

If your credit score is 740 and you ask for a low interest loan, chances are the you will get enough bids to fullfill your loan.

If you have 580 and you are asking for a 8% loan, you wont get any bids.

Therx owes me for all the posts made on this subject. I am a superstar.

1) If someone has a really good credit score with FICO does that come into play somewhere for others to see or is your credit worthiness based on the site and how well you have paid back debts there?

They pull your credit but do not show your exact FICO credit score. They have their own secret scoring system that is based on Experian's Plus score. Most borrowers have no history with Prosper so they do not consider that. If you have really good credit you will get funded easily. Start the interest at a high number like 22% and it will end up getting bid down to about 10%.

2) What pct of people get these loans and how long of a process on average would you say this would be?

depends on credit ratings and DTI. If you take an overall sample only about 5% of all loan requests get funded. For AA borrowers that number would be closer to 80-90%. It does not take long. You can choose to list your loan request for up to 9 days I think. Once you get fully funded and the auction expires it only takes 2-7 days for the money to hit your bank account. They did not request any additional info from me and it only took 2 days. If they request more info it can take up to a week.

3) any other pointers/clues on making the loan process easier would be helpful.

Start your interest rate much higher than you hope to get. That way it gets funded quicker and starts the snowball effect which will eventually lead to the interest rate getting bid down. The 2 days you will get the most bids by far are the first day and the last day of your auction. List your income and expenses to show that you can easily pay back the loan. Answer any questions asked completely and allow them to be posted with your loan request. Be prepared to prove your income with paystubs and tax returns. If you are a 2 income household then explain this on your request, but realize that only your income will effect your DTI ratio.

whalewager said:

Therx owes me for all the posts made on this subject. I am a superstar.

Click to expand...

I'm sure you're doing just fine.

GameBreaker said:

I'm sure you're doing just fine.

Click to expand...

what do you mean by this post? Do you think Whale is getting paid by someone for this?
:think2:

WVU said:

what do you mean by this post? Do you think Whale is getting paid by someone for this?
:think2:

Click to expand...

no. I enjoy giving ww shit, no matter if it makes sense or not. He deserves it.

however, he single-handedly brought what seems to be many, many people to this site. It's interesting to me.

I have borrowed from Prosper (10K) in the past, so I can tell you a little bit about what it was like. All in all, it was pretty painless - they put the money (less a service fee, which was a certain percentage of the loan amount) directly into my bank account. Automatic payments from that account were set up, so you would need to know your payment date, and make sure enough money was in the account. The only "hard thing" was that I changed banks about a year into the loan, and I had to jump thru a few hoops to get the bank account changed - nothing major, really, just had to fill out a form and scan it in with a voided check to email them. All in all, was pretty painless - but I would definately check in with local credit unions first to see if you could get a better rate on a personal loan.

Nice 13 year Necro bump.

Bruins4Life said:

Nice 13 year Necro bump.

Click to expand...

!/