Prosper Loans – Review of the Loan Process Modest Money3 Comments

Peer to peer lending has always been around. Parents lend to children. Friends let friends borrow money. With online P2P lending, the practice has entered the mainstream, and has enjoyed higher levels of legitimacy due to stronger government oversight since 2008. For those hoping to acquire a loan through P2P lending sites like Prosper, the process is blessedly simple. We’ll outline the steps you can take, with tips along the way, in our Prosper Loans Review.

Check your Prosper rating. This ties in closely with your Experian credit rating. Only borrowers with scores of 640 or higher can apply, because these are the most likely to predictably repay their loans. Prosper ratings are as follows: AA, A, B, C, D, E, and HR. AA rated borrowers enjoy the lowest rates (advertised at 6.73% at the time of this writing), much lower than they could get through a bank or credit card company. The grades go down with your Experian credit score, all the way to HR (High Risk). These borrowers will get the highest rates offered to Prosper borrowers because they are the least likely to make a dependable return on their loan.

Note: For those with…

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By : Adam | 15 Aug 2014
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