The company founded back in 2006 became the most reliable peer-to-peer lending platform. Whether you are looking for personal loan or are in need of debt consolidation, Prosper is the right choice for you. Consumers of savewithprosper.com can avail loan upto $35,000. Let us know more about Savewithprosper.
savewithprosper.com – Why Should I consider Prosper Offer?
Here you can burrow credit from larger group of lenders. Prosper serves as loan underwriter in the money transaction. It keeps safe the interest of both parties. Some money in form of commission is charged to the both parties i.e. the lender and the burrower.
Whether you are under debt or want the money for home renovation, Prosper serves all. Consider healthcare management, new home, going on vacation, paying taxes and starting new business qualified for Prosper Loan.
No indemnity, no collateral is required to verify you as a potential client. All you need is your monthly income and a healthy credit status. The better the credit, lesser fee you need to pay. The minimum score of 640 is accepted by Prosper.
Fees Involved in Savewithprosper Offer:
There is an origination fee required to be paid by the burrower. Additional fee is needed to be paid if you miss installments. A closing fee is charged out of your loan amount. It ranges from 0.50% to 4.95%, from good credit to bad credit. It must be kept in mind that due to closing fee, you won’t get exact amount you applied for. No prepayment penalty is involved in contract with Prosper.
Annual Percentage Rate ranges from 5.99 to 35.99 percent. This includes both fee and interest expense. You are bound to repay the amount with interest in the settled period (3 to 5 years).
How Prosper Works?
Prosper evaluate your credit history at Experian. Your credit history will affect your loan amount to be paid. Better the credit, lesser the installment. The average approved credit score with Prosper is 700. Debt-to-income-ratio is checked crucially to determine your financial capability to repay loan.
In order to present a good credit score, your account must be free of any record of bankruptcy and inquisitive inquiries.
In order to get approved a loan from save with Prosper, following steps need to be met to deliver a successful result.
- Come up with Loan Listing
Provide all the basic information. Prosper will then scrutinize your credit rate, personal provisions and loan repay capability. You will be then assigned a credit tier, ranging from AA to HR.
- Create Funding Listing
You request to get your desired loan. Add description in your loan application. It is your voice in front of the investigators to get your loan approved.
- Verification Procedure
After completing all requirements, your application will go through a screening process of 14 days. Bank listing will remain active for 14 weeks or prior to the Advance financing.
- Loan Status
The application can get denied if the Prosper finds it to unable to serve you. You can follow up with Prosper to understand the reasons for denial. In other scenario, your funds will get deposited into your bank account and you can use them as per desire. It requires 1-3 business days for depositing fund.
Why My Application is Rejected?
The application can get denied due to multiple reasons. It is not time to get heart broken. You should obtain as many reasons as possible which are the cause of your application rejection. This will help you to correct the mistakes and make any amendments. If you apply in future for funds, they should not get rejected due to same reasons.
One reasons of rejection is credit-based decision or any information contained in your credit report which casts a negative impact on your application status. Prosper credit determination process works with propriety algorithm which is based on criteria provided by the Trans Union.
The other reason may be the inefficacy to meet the eligibility requirements. We have chosen two reasons as an example.
- The applicant must not be less than 18 years of age.
- But applicant can’t apply for a loan request within 120 days of previous application rejection.
Some Quick Tips for Working With Prosper
- Your Loan details are always available on your Prosper account. Sign in to your account. From the drop down menu in the site header, select “Borrowing”. You will be directed to a new window where your loan details will be present.
- The status of the application can also be viewed using Prosper account. Go to the “Account overview Page” which will let you know many things. It includes missing documents to complete verification, your application verification status, and funds committed by the investors.
- You are unable to edit the loan amount as soon as you consent to loan agreement. If you are in dire need to edit the present amount, then you will have to file a new or updated loan application. Your present application or original loan request can get discarded.
- You are open to change the due date of your loan submission. Contact 866-615-6319 to discuss your problem.
- You are not allowed to change the amount of loan during your repayment time.
- There are a number of options available to repay the amount. You can pay by phone, by check, or use online transaction. Auto Pay is more recommended. In this method, the amount is automatically deducted from your bank account on scheduled date.