Comments on: Prosper Loan Update

By: Gabriel

Gabriel — Fri, 13 May 2011 08:08:24 +0000

Hey, congrats on getting your prosper loan paid off. I just heard about the site from a coworker while trying to put together some money to buy a house. My first loan is currently 99.5% funded with 3 days to go, and I’m excited to see how it goes. I read the comment, and it’s totally bogus. Having a medical condition doesn’t mean that these people trying to loan money are going to feel better when you default on a loan for another medical mishap. Rich helping the rich is hardly accurate. And as for helping people who truly need to get out of debt, that’s not on lenders. They are doing risk management, something everyone should be doing.

By: rebecca

rebecca — Sun, 24 Jan 2010 23:17:46 +0000

I recently applied for a prosper loan but was turned down. It is obvious that they are not here to help people that truly need the help to get out of debt. i know my credit is not great but we are financially able to pay the loan back, but because of things that happened in the past from being off work for medical reasons in 2005 and falling behind on loans and medical bills and not haveing medical insurance for some time we are not able to get a loan.my husband and i make a combined income just under$6000.00 a month and need to consilidate our bills so we can move forward.We cannot keep up with everything that is out there and move forward without a conslidation loan and that is the reason we turned to Prosper and we were turned down we didnt even receive a phone call or contacted so we could give them information on our past. As far as I’m concerned it’s rich helping rich and screw the rest.

By: little_earth

little_earth — Tue, 09 Oct 2007 22:37:48 +0000

I got trusted by people for a prosper loan, only I’ve let them down. Turns out I wasn’t the first to have crashed my groups rating, just the 8th or so….

I feel bad about it, but I emailed my group leader and emailed anyone who’s sent me anything about it explaining why. I hope to get it paid off as soon as I can, and hope to beable to lend on it someday…

So it is a good tool, but use it wisely. Any extra debt you take on, especially to relieve other debt, just means you are in debt longer, even if the interest rate is a little lower. Just getting it paid off, aggresively, is the best way to do it. I’m glad for the service though, it is certainly a better option than paydayloans or cashcall, or any of the other types of loan sharks….

By: Raymond

Raymond — Tue, 09 Oct 2007 20:11:06 +0000

This is sooo interesting. Usually personal finance bloggers are on the lending end of Prosper. This is one of the few I’ve seen on the borrower end. Interesting!

By: Chris

Chris — Mon, 08 Oct 2007 20:43:45 +0000

Maria, I had someone on my blog selling this. Thankfully Tricia removed the links. It’s one of these new schemes where you open up a home equity line of credit and deposit your paychecks into it. The idea is to use any money you would normally have in the bank to lower your average daily balance on the loan, thus saving interest. You’ll often see it advertised as a vehicle to pay all your debts and your home in so many years. When you break it down though, it doesn’t save you much, and you pay fees to whatever company sets it up for you. Unless you spend significantly less than you deposit anyway, the thing doesn’t work. They have a good sales pitch, but when pressed for real numbers and facts, it falls apart. There were some news articles about this a while back.

After seeing all the sleazy websites that push this product, I think its mostly a barely-legal scam.

By: Maria

Maria — Mon, 08 Oct 2007 18:16:05 +0000

Mr. Herman,

Care to explain why you “DON’T recommend using a checking or savings account”? You can’t just post something like that and not explain why. What do you use as savings vehicles?

By: Chris

Chris — Mon, 08 Oct 2007 16:49:39 +0000

Yeah, don’t save money, open a home equity line of credit! Thanks, Steve!

By: Steve Herman

Steve Herman — Mon, 08 Oct 2007 15:34:11 +0000

Great job on paying down your c.c. debt! I see you have $1,000 in savings...I DON'T recommend using a checking or savings account.
visit my site at:
and my blog at:
sincerely,
Steve Herman

By: Mike

Mike — Mon, 08 Oct 2007 14:44:01 +0000

I’m always glad to find borrowers who had a good experience on Prosper. Well done!

By: spotsearch

spotsearch — Sun, 07 Oct 2007 20:23:55 +0000

Hi Tricia,

Congratulations on paying off your prosper loan! You’re making excellent progress to becoming debt free next year. As my first prosper loanee, you’ve helped make the prosper experience a very positive and interesting one.