Prosper Loans Review
Getting a loan from the big banks is getting harder and harder. Since the housing crisis, lending standards have gone up and become more stringent. Fortunately, peer to peer lending has come to take its place. Prosper is one such site and prosper loan reviews have so far been fantastic. The site arranges for low-cost online peer lending in rapid time and has thousands of satisfied lenders and borrowers.
The company is located in San Francisco, California in the booming heart of Silicon Valley. Prosper loan reviews are generally positive but have some different points of view. It has been accredited by the Better Business Bureau since 2012. In total there are over 150 complaints in that time. The primary issue is that the company sends mass emails with pre-approvals to individuals yet when they log onto the site they find that they are instantly denied. There are also occasionally complaints about harassing phone calls when the borrower does not have the funds to repay the loans.
Prosper offers primarily consumer loans ranging from $2,000 to $35,000. Although they can be used for business purposes, generally they are for personal items such as vacation, wedding, home repairs etc. The length of time varies but is generally from a few months to 5 years. The rate starts as low as 6% and goes up to the teens. Investors similarly have a chance to invest along the same time frame. If they bundle their loan in a portfolio they can receive 9% rates of return. Prosper takes a small spread in between the lending rate and return rate.
Prosper loans is a large, online, growing site that helps consumers get access to low-interest loans. As the big banks tighten requirements to issue loans, a new avenue is needed to help regular people get loans. Prosper stepped in to fill that roll. The company matches up investors with lenders who can access loans as low as 6% online.
The company is located on Market Street in San Fracisco, California which is the hub of innovation in the US. It has generally positive reviews online from sites such as Yelp, TrustAdvisor and the Better Business Bureau. Reviewers are satisfied that the loans they received are based on the terms they agreed to. Also, they are happy that the process for receiving and paying off loans is so simple. Consumers were a little agitated that Prosper send mass emails promising pre-approvals and then denies loans to certain people. However, the company still has been accredited by the Better Business Bureau since 2012.
The prosper loan requirements are fairly straightforward and easy to understand. The applicant must be a US citizen or permanent resident. They must also have a credit score and a permanent residence. The credit score is the most important feature as approval, denial and the loan interest rate is determined based on this score. Lastly, the applicant must have a minimum credit history which differs based on the size of the loan.
Recently I found out about a online lending site called Prosper. It is supposed to provide loans to people quickly at low interest rates. Since I never heard about this kind of service before, I decided to investigate what is Prosper Loans. That way I could decide whether or not to try the system.
Prosper loans matches individual lenders with borrowers that want to get access for funds from everything such as a new business, a wedding, a vacation, a trip or home repairs. Loans range from about $2,000 to $35,000 and can be accessed very quickly. Borrowers with good credit ratings can get loans as low as 6% annually for several years while investors can used a bundle of loans to achieve a 9% rate of return. The company has already originated over $6 billion in loans and is one of the leaders in the industry.
Reviews have been fairly good for Prosper and it has been accredited from the Better Business Bureau since 2012. Good reviews on sites like Yelp, Trust Adviser and BBB are that the loan’s terms are exactly what people are expecting, both on the borrowing side and investing side. Negative reviews include harassing phone calls when borrowers do not pay as expected. People are also upset that they receive mass emails from the company claiming pre-approval and then get denied. Overall, the company continues to grow and produce a number of low-interest, rapid loans to consumers of all types.