Prosper Loans Review
Prosper.com is a peer to peer lending site that has been making headlines recently due to their excellent service.
For people who are looking for alternative loan types, this form of lending is by far the best solution available.
It's not only borrowers who can benefit either; you could make a
significant profit from this website if you have money to lend.
Today, we're going to present you with honest Prosper reviews in the hope of dispelling all the myths and setting the record straight.
Keep in mind, if you have bad credit, you may have a hard time qualifying for this type of loan and might need a different option. However, if your credit is fair to good, this could be a quick way for you to get funds.
While there are a few similar sites on the market at the moment, few of them are experiencing such a high level of transactions.
For that reason, we recommend their website www.prosper.com to anyone who needs to get their money fast and with less headaches.
We currently have them ranked 4th on our list of top companies.
Who is Prosper and How Can They Help You?
After searching for Prosper loans review, we noticed the website isn't
talked about that much online yet. That means you can get fantastic
rates on borrowing at the current time.
Let's take a quick look at how the service works. This is probably the most in-depth review of Prosper you're going to read.
Borrowers select the amount of money they need and post a listing on Prosper.com advertising for a suitable lender (or group of lenders).
Investors or "lenders" then take a look at all the loan listings from borrowers and select one they feel more comfortable with.
There is no obligation to lend any money if the investor is not satisfied with the listing. After both parties have agreed to the terms of the loan, borrowers will make fixed monthly payments.
Lenders receive a portion of that payment until their money has been repaid. Borrowers obviously have to pay interest on any funds they accept, and lenders make some profit off of that.
How much interest will you pay?
The level of this interest depends on a number of factors, including
how much money has changed hands. Let's take a quick look at the
standard levels of interest the site advertises.
While investors can set their interest rate, the site recommends they charge no more than 8.89% at the current time. That helps to keep the loan competitive, and it makes it appealing to lenders.
Borrowers can expect to pay anywhere from 6.73% to 35.36% on any money they might gain.
As the interest rate accounts for the lender's stipulations and
Prosper's commission, it can vary greatly. For that reason, borrowers
should read through all the small print very carefully.
Now you know all the ins and outs, we're going to talk you through our experience of the site. As we said, this is the best of all review of prosper peer-to-peer lending network you can read online at the moment. So, pay close attention!
Ease of use
Opening an account with Prosper.com was very simple. We managed to complete the entire process in a matter of minutes. That was great as lots of similar sites take a long time to allow you on board.
While checks are made on your credit history, they are always done in
a speedy manner when using this service.
Ease of borrowing
We thought it would be wise to try out all the services on the website, and so that's exactly what we did.
After placing an advert for a $4000 loan, we started to receive offers within around ten minutes. That helps to highlight the amount of good lenders who are always ready to offer funding.
Once the deal was agreed, and both parties were happy with the terms,
the money was released to us very quickly.
Ease of lending
As we borrowed from Prosper, we also thought it would be wise to make an investment. We looked through all the different loan listings on the site until we found one that seemed appealing.
After agreeing on terms with the borrower, we released $4000 to them with an interest rate of 10%.
Seven days later, the borrower paid their first monthly installment
as expected, and the money made its way to our account.
Prosper Loans - Our Final Conclusion
From the start to finish, this website offers an excellent service that is both secure and simple. All too often, we see loan sites presenting complicated processes that can take a long time to navigate.
Prosper is a breath of fresh air in that respect.
While it shouldn't be compared to payday loan companies, getting the
money you need is just as simple. It's also perfect for people who need
money for a new business idea as you can borrow up to $35,000 in a
Rating out of 10? Most-definitely 8.5!