Prosper started in 2005 and is America's first peer-to-peer lending marketplace. The San Francisco-based company has over 2 million members and over $6 billion in funded loans. Because Prosper is not a bank, people invest in each other. Borrowers can list loan requests from $2,000 to $35,000. An individual can invest as little as $25 with each they select. The company is currently run by CEO Aaron Vermut.
Customers can enjoy loans from Prosper that help with debt consolidation, home improvements, baby and adoption, small businesses, special occasions, and auto and vehicles. However, customers with a low could potentially have a very high
Prosper provides loans that can help with a variety of circumstances, one being debt consolidation. Signing up is quick, easy, and consists of the following steps:
The loan will originate and be deposited into one's bank account once an investor commits funds for the loan From there, monthly payments are fixed and automatically deducted from one's bank account. Because interest rates for Prosper's loans are fixed, a 's will never change after the is processed (even if one misses a payment). Prosper only handles unsecured debt and does not require collateral.
A can get their fast if they submit the application and all required documents quickly. It is possible to get 100 percent funded within 24 hours.
A with Prosper. with high interest rates can consolidate all of their loans into one
The is not a big bank and is known for providing affordable rates. One can check their rate online, a feature that does not affect one's credit score. Dozens of investors work collaboratively to fund posted loans.
On average, borrowers get a rate 5 percent better than their credit card, leading to thousands of saved dollars. A can choose between a fixed three-year and a fixed five-year , with no hidden fees or prepayment penalties.
Loans range from $2,000 to $35,000. Prosper's electronic payment system is easy to use and lets the manage their entire consolidation directly.
Prosper offers a convenient mobile app for both IOS and Android. The app makes it convenient to get a loan for debt consolidation, and allows customers the following features:
The company uses a loan to help people through debt consolidation and does not actually provide debt consolidation services, or a debt consolidation program.
It is important to be aware of a few Prosper fees. Borrowers have to pay a $15 fee for a failed payment due to insufficient funds, or a closed or changed account. Interest rates for consolidation loans at Prosper Debt Consolidation are around 2.41 to 5 percent.
For monthly payments that are 15 or more days late, borrowers must pay 5 percent of the unpaid installment amount or $15 dollars-depending on which is greater. Prosper does not retain the fees, and they are passed on to lenders.
One of Prosper's most frustrating aspects is getting approved. It is difficult to do so, since requirements are strict. The company prefers people with high-paying jobs, and credit scores must be at least 640 to be considered. Even with a good credit score and salaried position, eligibility is not guaranteed since investors must still choose to commit funds to one's account.
The company does not seem to hold any debt consolidation organization accreditations, like ISO, FCAA, or NFCC.