It has been a while since I updated you on my Prosper experience. The little loan that I took out has been paid back early, as that was my original goal and I wanted to test out the process. I was able to secure a 1k loan at 18% – it was bid down from 20-something. The rate was high as I still have things on my credit report from my bankruptcy.

The interesting thing about taking out the loan was that there were a couple of people who emailed my account to thank me for paying on time. When I started to pay off the amount early, they may not have liked that as it took earnings away from them but sometimes, just getting your money back with no interest is just as good.

Ultimately, I found the experience enjoyable, secure and a possible loan option if the need arose for a future business endeavor or the like. I also understand the risk involved if I become a lender.

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Dawn C. is site owner of Frugalforlife.com and is residing in Colorado with her spouse, Teri, of 11 years. Dawn can be reached at Frugalforlife@gmail.com