This company is not yet accredited. See reviews below to learn more or submit your own review.
Prosper Loans is an online peer-to-peer lender marketplace that offers fast loans funded by individuals and investors. Prosper handles all loan servicing on behalf of borrowers and investors. Loans range from $2,000 to $40,000, and terms range from three to five years with a fixed interest rate. You can check your rate online instantly. The company does not charge a prepayment penalty if you pay off the loan early.
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During Covid19 I received a call from Prosper with some offers they were offering their customers. I accepted one of the settlement offers which is $443 a month. I have not missed a payment. Well every month they report to the credit bureau that I am past due. They are showing on my credit 90-119 past due when I have not missed a payment. So they offer you help on your left hand and screwing you on your right hand. I have 6 more payments to go. I will never get a loan or do business with Prosper. Just don't make since in a Pandemic. Why are they doing that to people - when everyone is just trying to survive.
Here is what happened with loans I have made. I can NOT help but to believe loaners who has LOST money borrow money to get the money they lost back. IF everyone one I loaned money to repaid the loans, there would be more than $10,000 in my account at the bottom. I have indented losses to show what has happened in my account. I am drawing out the money I have left in the account and making no more loans to any more thieves !! The borrowers KNOW everyday folks are loaning them money with NO regards to how they hurt the loaners!! I am tired of being taken advantage of. I am sure anyone who keeps a record of their gains/losses could show the exact same results I have shown here.
BUYER BE WARE !!!Gain/loss Added Gains
Had the worst experience with the amount of misleading information required to apply for a loan. My current credit score across the board is 800 plus and I was told that some info wasn't showing on my report and that they would have to pull another Hard inquiry for the same loan but would have to wait 30 days so that they could pull another credit report and have not one but 2 Hard pulls on my report which is a blank move. Excuse my language. If a company runs a report on the same person within 30 days it's considered 1 pull. Doesn't matter if it's 1 pull or 5 pulls only 1 counts on your credit report. Now anything after 30 days is an additional pull and not only hurts your scores but stays on your report for 2 YEARS. I work too hard for good credit to let this company try to ruin it. This company gets ZERO STARS in my book.
Prosper is the worst online lender I’ve ever dealt with. Very inconsistent with interest rates and approval odds. Process is slow. Very risky. Would not recommend. There are much better platforms in this industry and prosper.
I invested in an IRA through Prosper. When I request a distribution it takes them weeks to send my money. This happens every time. Today is Feb. 27, 2020. I requested a distribution on Jan. 20 and I'm still waiting. When I contact them, either through email or a phone call, all I get is a lame "We're sorry, your money will be disbursed soon." It's not acceptable to make investors wait weeks to get their own money back.
$2000 invested over 13 years yields $360, a little over 1%/yr. In 2007, I heard about Prosper and thought it was a great concept. A way to help out people that were looking for loans and making some money while doing it. I sent $2,000 over and carefully selected which loans to invest in based on credit rating and the person's story. I would monitor my account on a monthly basis to see how things were going. Quite a few of the loans ended up defaulting, but since I had very little invested in each loan ($15-25), I wasn't too concerned, thinking it would all even out in the end.
At some point, they released an automated bidder which would pick loan based on the criteria you select. I thought it was a great idea and signed up for the new feature. What I didn't realize is that this new feature would cause me to "set it and forget it" and I eventually stopped paying attention. Well, 11 years passed with the automated bidder doing its thing while some loans failed and other chugged along until they were fully paid. I honestly forgot to log in and check my balance for a number of years.
When I finally did some financial housekeeping and decided to take stock of my assets, I logged in to Prosper expecting to see that a small nest egg had built up. Surely after a decade of lending money out at 10-20% my money would have easily doubled (at 8%, it takes 9 years to double your money). Instead, I saw that the total value of my account had increased by a few hundred dollars. Well, this was really a waste for me, but not for Prosper, whose service fees for every micro-transaction have essentially swallowed up any gains I could have been realizing.
That's not the end of the story though. It was in 2018 that I realized how much I was being ripped off and turned off any automated investing. Taking my money out of Prosper has been an arduous process, as I have to wait for all my outstanding loans before I can retrieve my full principal (this was obvious from the start). In 1029 I took about half of my principal back, and have been checking the site periodically to transfer out any money that has become available. It will take until 2023 before I'm fully divested. Luckily, it was only a small investment and it looks like I didn't actually "lose" money. But buyer beware if you're planning on using this service to generate some income. It will take many years and in the end, the biggest winner will end up being Prosper.
On a final note, please be aware that if you do your own taxes, Prosper will be the investment that causes you the most grief. The tax forms that you receive are full of all these charge-offs and defaults that are fairly confusing to deal with. I would have been much better served putting that money into an index fund or a bond or even a high yield online saving account. Even if it didn't earn significantly more than 1% a year, I wouldn't have had all the headaches retrieving my money and dealing with taxes.
Credit Is not bad. Seems like my interest rate and what they charge interest wise is all over the place from month to month. Worst mistake ever getting a loan through them. What they charge in interest is half of my monthly payment. DON'T GET A LOAN FROM THEM! WORST MISTAKE EVER!
I have applied for personal loan on 01/01 from Prosper after receiving Pre-approval from them. After submitting my loan application, they run a hard inquiry which affected my credit score significantly. Further, I received email from them to provide my paystubs, W2 for verification. I received an email on 01/02 that your file is being reviewed and within an hour received another email stating my account is suspended. They did not provide me any reason as to why my loan application was declined.
I contacted customer representative to find the reason why my application got cancelled/declined, but all they did was to read me a script, which was 'Unfortunately, we cannot provide you that information. Unfortunately, I am not authorized to share that information'. It is a whole scam which is run in collaboration with Credit Karma and other credit reporting companies. If you need personal loans, please do not use these online lenders. They are fake, useless and all they do is hurt your credit score!!!
Mails me multiple "pre Approved" offers for up to 40k. Then says they will give your number out to whomever but cannot explain what that means exactly, why they would give it out. My credit score is Excellent, checked it after I called them. 751. I own multiple properties, no mortgages, good income. Said I do not qualify for any offer despite they said I was pre approved AND I have excellent credit, no loans out, and good income. Just collecting personal information. May have been a fake Prosper company. WILL NEVER use them nor suggest anyone do the same.
THIS WAS MY EXPERIENCE WITH PROSPER. DON'T TRY THEM; YOU WILL END UP PAYING MUCH MORE THAN JUST MONEY. Do not ever, and I mean EVER approach me with your pre-approved offers or anything at all. If I get another email or mail propaganda from you I will start a case against you for harassment.
You pre-approved the personal loan, I sent all the documents and then you have the audacity to tell me that the loan was cancelled because I don't have a long enough history with the bank PenFed. Well, news flash, of course I don't! The only reason I used Penfed was because your website pop-up a message saying that I will get $100 if I use PenFed instead. I have 23 years of history with UW Credit Union and I would have use UW if it wasn't for YOUR OWN suggestion to use another.
I'm furious. You hit my credit, damaged my credit score and then all you have to say in return is "We can't do anything about it for 60 days". Really??? Do not contact me in 60 days! Do not contact me period. I'm disgusted by your organization and what you did to my credit because of a mistake YOU DID. I'm contacting the BBB too and whatever organization have governance of organizations like yours.
Prosper Company Information
- Company Name:
- Year Founded:
- 221 Main Street, Suite 300
- San Francisco
- Postal Code:
- United States
- (866) 615-6319
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