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I called them today for a second loan. First time interest rate was 5.65%. Today, my credit is above 750 plus so I called them again. They approved an 18,000 dollar loan within minutes and quoted me an interest rate of 19.5%. They are nothing but loan sharks. Borrowers BEWARE!!!
I've been an investor on the Prosper platform now for about 4 years, and I've got a bit over $25k invested. I never expected stellar results, but wanted to beat generic HYSAs, so it was good enough. I brushed aside the hidden smarmy fees, the high rate of defaults, and petty annoyances like dealing with the tax reporting, for a return of 3-6%, depending on the year.
But. I'm taking all my money out now, because I'm livid about the absolute stupidity of their decision to gimp the investor website. They've removed the overview of account, showing previous years, and summing deposits, defaults, etc. Sure, the information's still there, and there's likely a way to use their API to display it yourself... if you want to spend the time doing it. And, if you have that time? Why not put that effort into something that's gonna make more --- and not hand out free money to people who realize there's no real penalty defaulting.
This may seem like a petty reason to "take my money and leave", but the final straw is the exasperating rocket ship animation when you click on 'classic view', to be told it's been removed but, "Please leave feedback on what you'd like to see in the new interface we're working on!". That's right. They removed a perfectly working interface (ever used internally by Prosper reps, according to the ticket I opened about this!) that wasn't broken, without any replacement. That just makes me incredibly livid.
From what I've gathered, the reasoning behind is they were caught 'fudging' the return numbers, and this way, since they no longer display those numbers, they're no longer liable. It's just --- no. I don't know if the other P2P lenders are this devious or unconcerned about their investors, but Prosper's lost my confidence. And my money.
As an investor, they take 1% off the top. I knew of this as they advertise it. What they don't advertise is that they take about 10% of what you earn in "Service Fees". When your $25 fraction of the loan gets a payment, you might get 0.20 - 0.30 cents in interest for that month, but when they "deposit" it back to you, they charge you $0.02 "Service Fee" FOR EACH AND EVERY NOTE!!! Once I'm paid back, I'm out.
I was curious about lumping my recent credit card debt from a home purchase into one low monthly payment. I completed a few questions to see what my monthly payment would look like. Shortly after, someone called and told me he could only get me 17,000 at 700+ per month for 3 years. I said, No thank you and hung up. That weekend I checked my bank account (as usual for discrepancies/fraud). Prosper had placed $20,500.00 minus transaction fee in my account! I had surgery the following Monday and was not released until yesterday. I called them today to say I never authorized this transaction and they tell me I had 7 days to respond/change my mind and since it has been more they want the week's worth of interest and transaction fee!
I explained my situation and the person helping was extremely helping and is in the process of talking to her supervisors but I can tell they are dragging their feet because I called them at 10:00 am and it has been more than 4 hours and no one has returned my call! On your account-there is a daily interest link that says the interest will increase after 5:00 pm today! I do not care what it takes-I will seek legal counsel and expose these idiots as frauds because I never signed for the loan and only wanted to return the money!!!
I have had two loans with Prosper and I have had no issues. The first time when my credit wasn't all that great and I got an APR of 15.9. I set up auto payments and was able to make additional payments as I could. Before I paid off the first loan I took out a second loan and since my credit has now improved I received an APR of 11.5%. I have since paid off both accounts. There are no prepayment penalties and all the information you need on your loan is available thru their website. I will probably use them again in the future.
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An “extra” payment was taken out of my account this month for no reason. I have tried contacting them 5 times to find out what happened. No one will respond to me. I would not use this company if you expect good customer service.
So I got a $10000 loan from Prosper, 36 months at 35.35% APY. Worst mistake I ever made. Made the 1st payment as agreed on the 8th. Noticed my principal balance was $10027 when my 2nd payment was due the next month on the 8th. Made the 2nd payment. So when I was ready to make my 3rd payment on the 8th of the next month, noticed my principal balance was now $10083. Have been making payments for 3 months and my principal balance is not decreasing. I called customer service and asked for an amortization schedule and they were no help. They could not explain why my principal balance was not decreasing nor would they provide amortization schedule. Beware of this company.
I was constantly receiving offers from them that states that they would lend me $30k. I have great credit score, 100% payment history and they still denied my application. I would highly advice any person that received any to avoid applying for personal loans provided by Prosper. Stay away. I have a doubt that they are just trying to gather secure documents like SSN and address from applicants rather than helping the qualified people in need.
Do not get a loan from this awful organization. They will lie at every turn and will do everything in your power to stop you from paying off your loan. They take every extra payment you make and apply it to interest instead of the principal. After making a payment you will see your loan amount increase instead of decrease. I have never done business with such an unethical organization.
I have had 3 separate phone conversations today trying to move forward with my approved loan. However, when something did not feel right about the information I was being asked to provide, I asked for an explanation but did not get one. The call was transferred to another person who could not give me an explanation either - instead just pushed for my bank information. Instead of giving this, I asked to review the loan documents first. These were promised to be emailed right away. In the 30 minutes I have been waiting for said email, I have had plenty of time to research the number the calls originated from. Not a loan company. Not even an office. The number is registered as a private number of a gentleman who has been deceased since 2015. Seems to have SCAM written all over it!! Wonder if I EVER get that email?
Prosper expert review by Barbara Friedberg
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.
Prosper Company Information
- Company Name:
- Year Founded:
- 221 Main Street, Suite 300
- San Francisco
- Postal Code:
- United States
- (866) 615-6319