Funds were available within 5 business days of my application. I no longer invest through Prosper for these reasons: 1. Individuals helped finance the loan. I have always made every payment on time and always paid the loan off early. I first invested in Prosper back in 2007 with high hopes and a personal commitment to helping out good people who needed loans. Compare real offers from multiple lenders. Several investors typically make up one loan. Disclaimer: Crediful does its best to maintain accurate and updated information. Can You Build Credit With a Prepaid Credit Card? However, make sure that it's available to investors in your state before you sign up. But who cares? Thanks for this, I didn’t realize how much company I had in losing money with Prosper. Sample sizes of 100 – 200 are absolutely NOT small for evaluating default rates in this context. I would definitely recommend them to anyone looking for a quick and easy loan.© Copyright 2020, All Rights Reserved | Investor Junkie is a financial publisher that does not offer any personal financial advice or advocate the purchase or sale of any security or investment for any specific individual. Learn about several different types of investment vehicles and read about a variety of companies, along with reviews. However, if you choose a product and continue your application at a lending partners' website, they will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit. You would receive $9,500 and make 60 scheduled monthly payments of $204.64. You can get an approval decision in as little as two minutes so that your decision-making process isn’t hindered by a long loan application. APRs vary greatly, anywhere from 5.99% to 36%. Prosper’s website is abysmal….I’ve been an investor for 3+ years and when they changed to this beta version things have been unstable ever since. Here are a few factors to take into account before you make up your mind. All communication was done through email. I have written about Prosper on my blog but will add this review as well.I have only loaned money through the platform and have never borrowed money with them. It's simple: we will never steer you in the wrong direction just because a company offers to pay us. Both peer-to-peer lending sites allow access to historical lending data. Prosper ranks 129 of 861 in Loans and Mortgages category. Since Prosper is a marketplace platform, getting a loan isn’t as straightforward as working with a typical lender. Copyright 2020 SuperMoney, LLC. Loan amounts are available up to $300,000. I did not have to actually talk to anyone. All of this makes me much more confident in trying out Prosper this time around. Investor Junkie has advertising relationships with some of the offers listed on this website. Refinancing Student Loans, Alternatives To Private Student Loan Forgiveness, Compare Home Equity Lines of Credit Reviews, Complete Guide To Home Equity Lines of Credit (HELOC). With my own formula, I’ve found that “high risk” has been more than offset by a 200+ note portfolio and higher interest rates. How do I know I can trust these reviews about Prosper? I also have an outstanding $12,000 Prosper loan at 6.6%. Rates currently range from 5.99 percent to 36 percent. I'm reviewing their service only from that point forward. Which States Are Open to Prosper Investors. Once you submit the form, it somehow looks at your credit "picture" without actually pulling a credit report, and therefore not leaving an inquiry on your credit report. This doesn't mean Prosper is a bad investment. The guarantee is something that Prosper would likely never provide to lenders. Snacks and drinks in the break room, Micromanaged What Are Different Types of Credit Cards? Excellent friendly staff. Founded in 2006, it had a few shaky years before working out the kinks. and more. When it’s time to start making payments, you have several options available. I received call back and notifications. In the interests of accuracy……………….. Anecdotal evidence to the contrary non withstanding, Prosper has actually outperformed Lending Club in each & every year since 2009. investor Junkie can provide us the annual breakdowns or one can easily look it up on Eligibility is not guaranteed and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions. I’ve stopped caring if Jim in Montana stiffs me for $17. Before choosing any financial product, read all information, including terms and conditions from the financial service provider. Since they bare no risk when a borrower stops paying, they have little to gain by aggressively going after a borrower in default. COVID-19 pay cuts (currently 15% and no 401k match).