Prosper is my "Go To" for a loan. We are able to present this information to you free of charge because some of the companies featured on our site compensate us. Funds were available within 5 business days of my application. It's a great way to get money without all the intrusive stuff you have to go through with a bank or standard loan company. 8 Questions You Should Absolutely Ask An Interviewer, "Great company but be careful if you are a conservative", "Work here if you need a paycheck and you are not paid hourly", "Good company geared for success in difficult times", "The only reason why I stayed was the people. Prosper treats people this way during a pandemic and what's shaping up as the worst depression this country has ever seen. This can help inform their own decision on how much to contribute. I tried to open a Prosper Investor account so I could learn more about P2P lending as a concept overall for some research i’m doing at my job. It’s a beautiful thing! A few days @the most you should have the loan you applied for. And I said, how often do you turn away potential new investors?” I decided not to move forward, seemed to risky. When a borrower pays, it takes a long time for you to get your money. How Much Should Your 401(k) Contribution Be? I made a call and in the end I was able to get help from Prosper , I am greatly appreciative to the staff for there help. Because the identity of the borrower is concealed and these are unsecured loans it makes it near impossible for the lender to do any of their own due diligence. I worked at Prosper.com full-time for more than 5 years, The benefits such as the insurance and the free snacks and drinks. When applying for a loan, borrowers get a rating of AA, A to E, or HR (otherwise known as “high risk”). Prosper site is working fine now. Interest rates are Comparatively high and the Origination Fee is another burden. There’s also a $15 insufficient funds fee in the event that your payment is returned. Personal Loan Vs. Line Of Credit: Which Is Better? All products are presented without warranty. Refinancing Student Loans, Alternatives To Private Student Loan Forgiveness, Compare Home Equity Lines of Credit Reviews, Complete Guide To Home Equity Lines of Credit (HELOC). For short-term financial needs, you may find more flexibility with a credit card. I quit because I was lied to and back stabbed by the hr team. Glassdoor has 210 Prosper.com reviews submitted anonymously by Prosper.com employees. Investor Junkie has advertising relationships with some of the offers listed on this website. You are treated with the utmost respect makes you feel like one of their family members. The possibility of this kind of loan arbitrage on Prosper is an added benefit. You can also incur a late fee for any payments made after the due date. Heather Skyler writes about business, finance, family life and more. If you want some insight into how bad the old underwriting model was, I suggest reading a post on Bad Money Advice. Save my name, email, and website in this browser for the next time I comment. Home Equity Loan vs. Line of Credit: Which Should You Choose? It only took about 1/2 of a day and I received the communication from Prosper that my loan had been funded. When one of your borrowers defaults, they charge you to collect. I can’t find any press about it. How Prepaid Debit Cards Can Help You Budget, How Auto Insurance Works? They had added all the deferred payments up and had it as all due at the end of August! How to Find a Money Transfer Service Near Me? If you are looking for a loan, but are a subprime borrower, you will no longer qualify with Prosper.