A Good Loan at Prosper
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
I wonder if I lent to you. 🙂
Prosper is good for the borrower and lender. Although I’ve had 2 lows go into collections, I’m still ahead in the good ole interest game.
Earlier in the year I transferred several thousand dollars to Prosper in anticipation of making loans. After sleeping on it for a couple of nights, I transferred the money back to my savings account.
It seemed to me that the risks of not getting paid far outweighed the potential rewards. If one is going to get 20+ percent interest, there is certainly some risk involved.
I would be interested if anyone has long term (a year or so) experience and how they have fared.
I’ve been considering applying for a Prosper loan to pay off my credit card debt. Haven’t pulled the trigger on it, though. I just got all my interest rates reduced and I know I can pay off the cards within a couple years. I’d probably get a decent interest rate at Propser and of course I’m free to pay off that loan early, but I’m not convinced it’s worth it.