Prosper Loan Complaints: Are They Legit?
P??r??ospe?????r is a peer-to-peer lending company. They offer personal loans at very low rates. What is specific about these loans is that they are not secure. That means that if you don’t have the money to pay them you will not need to give your car or house. Every loan is funded by many people from the USA. So, Prosper is actually just a marketplace that connects people that have money to lend with people who need the money to loan. But this is not a perfect marketplace, there are many people who don’t get their loans and a lot of problems are rising. If we become aware of these problems we can solve them and then there will be no more prosper loan complaints.
Is Prosper Loans Safe?
One of the main questions that are asked is: Are P?rosper ??l??oans safe? A lot of people worry about is Prosper loans a safe and is prosper loans legit because not a lot of people have heard of them. There are many positive sides to Prosper and you can read about them on the internet. And statistically speaking Prosper loans are safe and legit because there are a lot more satisfied borrowers than there are prosper loan complaints. A big plus to all of this is that Prosper has an A+ from the Better Business Bureau. They also have many security features like encryption and underwriting that will make your money and information safe. Prosper checks every applicant for their credit score and will not allow you to borrow money if you have a credit score that is less than 640. Their interest rates are 14 % and less which is a lot better when you consider the 20 % credit banks offer.
Some Applicants are Denied their Loan
A lot of people had complaints about how they did not make the cut for the loan. Prospect has strict rules about this. But it is not a bad thing. It just means they are thinking of you and your safety because not just anybody can get a loan. It makes sense when you take in consideration that there are no debt collections in view of property and such. They take in consideration your job and your salary and your credit score has to be over 640. If you got denied by Prosper for a loan you can try different companies. There is the Lending Club also. Or you can try to get a higher credit ratio, take better care of your bills and apply for a loan in a few months again. Anyway do not make a big thing out of it, it just means that Prosper is a good and legit company that takes good care of the people who borrow and lend money. They do this by not giving everybody the approval for a loan.
Interest Rates are Too High
Many borrowers have this type of common prosper loan complaints. When borrowing money have in mind the interest rate you will have to pay, is it 14 % or less. It depends on the amount of money you borrow and the credit score you have. To solve this problem you can improve your credit score for example. Then apply for as much as you need, do not go for the highest borrow of $35,000. Because if you take a bigger loan the more interest pay you will have. Carefully think about do you want a 5 year or a 3 year loan. If you can afford to pay off the 3 year loan take it because it will lower your interest rate. If you have recently applied for a credit somewhere that means that your credit score fell down. To ensure better interest rates wait some time before you apply for a loan at Prosper.
Expensive Loan Payments
There have been some complaints about high loan payments. Well if you take a high loan than you get to pay a higher loan payment. That makes sense. To ensure that this does not happen to you, make sure that you borrow only the amount that you need. Do not get greedy and borrow more just because you can. You can make a budget for the loan payments. Think about it carefully. The more money that you borrow the more your loan payments will be. So take the amount of money you need and you will have no problem paying it off through your monthly payments. If you need $5,000 do not take $15,000 just because you can, because you will end up paying more interest rates. This is not about Prosper this is about you and the way you plan. So be careful and plan for the 3 year loan payment because it has a lower interest rate.
