My Telephone Call with Prosper

As far as I can tell, the buzz going around is that Prosper calls to verify borrowers AFTER their loan has closed. That can sometimes tie up a borrower’s funds a few days or even weeks. But maybe a shift is occuring.

A woman from Prosper called me today to verify my telephone number and to verify that I posted a listing on Prosper. She basically told me that they will not be asking for my paystubs and my loan will be funded to my bank account on Tuesday.

I took the opportunity to ask her about the income at Prosper since one of the things I was battling with was the fact that I listed household income. I was concerned that lenders that already bid on my loan may be upset once they found out what I calculate my total household debt to income ratio to be. This month it’s 45% but Prosper doesn’t include mortgage debt so that reduces our ratio to 34%. Even though I give out a lot of information about myself on my blog, I don’t want to feel like I tricked people into bidding on my loan by doing something wrong (hense the reason why I thought of relisting).

What she said is that Prosper is set up to do individual income but they accept household income. A borrower must then provide paystubs for themselves as well as their spouse if their information is chosen to be verified. I mentioned that the debt to income ratio would then be incorrect and she agreed with me. I think this is an area that Prosper needs to fine-tune.

After that call and receiving a few emails, I have smile on my face again. It disappeared for a little bit, but it’s back.

Posted by Tricia on June 16, 2006 at 1:17 AM in Prosper Borrowing | 3 Comments »
You can leave a response or trackback from your site.

Newer Posts Older Posts

kassy responded:
Posted: June 16th, 2006 at 4:58 pm
I’m glad you’re getting your smile back, it can be a pain getting used to doing something new. I switched banks recently and getting used to how the new bank works vs my old one was pretty frustrating, at one point I almost switched back. Anyway, I’m following your Prosper experiences with interest because I’m thinking of encouraging my bf to use it to pay off his credit card.
Tricia responded:
Posted: June 17th, 2006 at 4:06 pm
Thanks Kassy. While I don’t mind trying new things – it sure is hard to do. Especially trying Prosper because it is so new.

I think though it has the potential to help out a lot of people. I will still be following it to watch how Propser evolves.
Blogging Away Debt » Blog Archive » A Note to Prosper Borrowers - Be Careful responded:
Posted: July 18th, 2006 at 1:12 am
[...] Previous My Telephone Call with Prosper Next: $3,500 at 10.69% with Less Than 5 Hours Left to Go [...]