Prosper Lending Review
Transcript of Prosper Lending Review
Who Are They?!!According to their company website,
“Prosper is America’s first peer-to-peer lending marketplace.” The company is set up to allow people to invest in one another with borrowers listing loan requests up to $35,000 and individual lenders investing in each loan listing they choose. Lenders will consider a list of qualifications of each borrower to decide whether or not they choose to invest. Prosper has a role in servicing the loan between the two parties. !!!
What Services Do They Offer?!Personal loans arrangements ranging from $2,000 to $35,000. They set up the mee;ng place for borrowers and lenders to meet each other and make arrangements. Our review on BestDebtCompanys.com refers mostly to the loan consolida;on services.
How Does It Work?!It starts with borrowers choosing a loan amount that they hope to receive as well as a purpose for the loan and a loan lis;ng. Investors then review the loan lis;ngs and choose those that meet their par;cular criteria for funding. Once an agreement has been met, the borrowers make the fixed monthly payments and the investors receive their por;on through their Prosper account.
The website has a lot of informa;on on debt in regards to loans; how to consolidate high interest rate loans and save, how to plan for an auto loan without going too far in debt, etc.
How Do They Rate With The BBB?!Prosper has been a BeJer Business Bureau accredited business since late 2012. They meet all the requirements to be listed in good standing and hold an A+ ra;ng with the BBB. They have received numerous complaints within the last few years, but most of those complaints have since been resolved.
What Do Their Services Cost?!
Fees and rates will range depending on a number of factors such as: • The Loan Term • The Economic Environment • The Compe;;ve Environment Generally interest rates will range between 6.73 and 35.36%
Prosper provides trade notes, quick inves;ng ;ps, marketplace performance data and more on their website as a resource.
Prosper Lending hosts a blog on their website with topics such as “What Are My Op;ons for Fixing My Debt?”, “Baby and Adop;on Loans”, etc. They also showcase lots of insigh\ul infographics and success stories of those who were able to get loans their services where they’d had trouble doing so anywhere else.
What Makes This Company Stand Out?!
Instead of seeking the approval of standard lending services, borrowers can appeal to individual lenders who may be just regular people looking for a good investment opportunity and a way to help someone else at the same ;me.
Do They Maintain A Social Media Presence?!
Prosper has a very strong social media presence. They are par;cularly popular on Facebook where over 26,000 people “Like” the page and follow the daily comments. 12,000 people also follow them on TwiJer.
What Does BDC Think of This Company?!
Their current score is a 6.8 out of 10 for their unique approach to solving debt issues and finding financial freedom through loans and inves;ng opportuni;es. They do have some strict guidelines for being approved, such as a credit score of at least 640 which many people struggling with debt might not be able to currently provide.
Potential Negatives!The company’s main focus isn’t about helping others consolidate their debts. Their focus is on loans and inves;ng which can be a great tool for growing wealth and geang funds when needed, but for those who have already struggled with paying for loans in the past, they may want to look for a service that will help guide them through the debt consolida;on process.
Learn More!Learn more about Prosper and other similar companies on the BDC website by following the link below: hJp://bestdebtcompanys.com/company/prosper-‐review/