Consumer Complaints and Reviews
I went online to apply for a loan & was emailed/contacted by Prosper stating that I was approved for $5000. I was instructed that in order to receive the funds, I would need to pay PPI (Payment Protection Insurance). This would protect me & them in case I was not able to pay the loan's monthly payments. I was instructed that this amount needed to be paid & could not be taken out of the loan. I did not know any better, but did voice my concern, that I felt uncomfortable paying the amount, I was told by the rep that if the amount was not transferred into my account within 45 minutes, I could cancel the transaction of the PPI.
Well after a complete runaround, the loan was never transferred into my account & I was not able to cancel the payment of the PPI. I was told that they could send the amount to Western Union but I would have to pay the fee, which was over $400 & again that amount could not be taken from loan amount. I explained to them that I did not have it & was not going to allow any more payments to them. I accused them of fraud & the rep hung up on me.
After a week & half & numerous phone calls & emails I was promised the refund of the PPI, but of course I got the complete runaround. They are a complete scam & once they have your info & routing & banking info they will fraudulently log into your online banking & basically steal your identity. They are unethical, immoral, criminals, not legit, & are somehow allowed to continue taking advantage of people in need. Please be aware of PROSPER LOAN SERVICES at email@example.com, Ray **, who is the head loan rep at **, Sean ** & Hugo **... Please be on the lookout & do not fall to their scam... IT WILL RUIN YOUR LIFE & they will sit & laugh at you while they give you a runaround!!!
I have paid over $5k to get the top coaching in the world according to Prosper. Let em tell you, I am now successful thanks to ME doing my homework and building my business from the ground floor up. But, I hoped that I would get value for money, when all I got was a guy asking me the most basic questions ever. To be honest this is what made me want to be the best in my niche. Thanks to the great training I have received since then I am thankfully able to help others. No thanks to Prosper who took my money and didn't help me change my life. DON'T SPEND YOUR MONEY with them, go to the coaching bodies like the ICF and find reputable coaches and you will find what you are looking for in your area. Hope this helps! All the best.
Barbara FriedbergPersonal Finance Contributing Editor
Barbara Friedberg, MBA, MS is a former investment portfolio manager with decades of financial experience. Friedberg taught Finance and Investments at several universities. Her work has been featured in U.S. News & World Report, Investopedia, Yahoo!Finance and many more publications.
Prosper is the country's first peer-to-peer lending marketplace. The company has provided more than $2,000,000,000 in loans. Loan interest rates range from 5.99% for the most credit worthy borrowers to 36.00% APR for consumers with lower credit ratings. Borrowers can obtain loans from $2,000 up to $35,000.
- Financial and social rewards: As a peer-to-peer lending site, Prosper allows individuals and groups to lend money to their peers. Lenders reap both social and financial benefits from lending as well as greater returns than they would receive from a bank. This encourages people to fund loan requests. Borrowers understand that their loan is funded by other peers, not a traditional banking institution.
- Easy rate retrieval: Customers quickly find out their loan interest rate by providing basic information online. Those borrowers with higher credit scores typically receive lower interest rates.
- Simple funding process: Customers quickly find out their loan interest rate by providing basic information online. Those borrowers with higher credit scores typically receive lower interest rates.
- No collateral required: Borrowers from Prosper don’t need collateral in order to qualify for a loan. Their funding is based on credit history as well as a few additional criteria.
- Reputation: Prosper is Americas first peer-to-peer lending company and has a reputation for being a trustworthy and dependable personal loan company.
- Best for People looking to refinance debt, individuals starting a business, consumers facing financial hardship and those looking to finance a major life event.
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Prosper Company Profile
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- 221 Main Street, Suite 300
- San Francisco
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- United States