Prosper

It’s exhausting for borrowers and they are so disorganized. The platform for applying is really easy and great, but they have a problem in their verification department. Prosper cancelled my loan application FOUR TIMES due to their various administration errors by using contact information that I did not provide to them (they used an outdated credit report phone number instead of the numbers I provided on my application.) I’ve called many times and they can not explain what is happening, just keep advising me to reapply. Now that my credit report is reading all of these inquiries, I’m not going to continue. No doubt, they will call and ask me to apply again, as they have before. I’m not willing to work with them until they get their systems figured out. It’s a really wonderful concept though, so I do hope that they figure it out. I tried to e-​mail them this feedback, but their e-​mail function also does not work. «Payoff» is another similar company that I had no issues like this and I’m very happy with my consolidation loan.

$ 500 is a straight initiation fee comes right out; it’s a very straight forward rip off folks no hidden fees here & interest can be higher than any credit cards you’ve had in your life — terrible idea for any credit card debt consolidation as advertised

I cannot speak for the bad reviews here, but my experience was stellar. I applied for a debt consolidation loan back in April of 2015, and I had $ 12,000.00 in three days deposited into my account at 5.99 percent. I have not had to deal with the office at Prosper so I cannot comment on customer service. The loans are based on investment risk that investors (people like you and me) are willing to take. Your application will require someone to back your loan. If no one will back your loan at a lower rate, you may be offered a higher rate. I had my loan funded in minutes at the rate I wanted. Having good credit equals good rates at Prosper, unlike the big banks which offer me prime+ rates of 12 to 24 percent. I will never use a bank again for a line of credit.

I’ve received a few advertisements in the mail regarding Prosper. The advertisements say the traditional «You’re pre-​approved for up to $ 35,000 in 3 days with an APR AS LOW AS 5.99%.» I’m interested purely to help pay off credit card debt with interest rates around 22% while I complete a job transition. I just called to see what kind of loan they would give me and was surprised by the offer. They offered $ 4,000 at a rate of 34%. The advertisement says I’m «pre-​approved for up to $ 35,000.» Doesn’t this mean that Prosper is stating that I could take a loan with them up to and including $ 35,000, not just $ 4,000? I understand that by saying the rate is «Fixed APR as low as 5.99%» may not be that amount but 34% is a huge leap from 5.99%. There is absolutely no advantage to taking this kind of loan. This company ranks up there with «payday loan» companies that feed on the financially depressed. Based on my experience and the others on this Unilocal review I’d say check with your personal bank or credit union for a personal loan. Prosper’s advertisements are false.

Big come on with solicitations but not really there for consumers with the product. Also had
difficulty documenting more than one source of employment which only listed a portion of
my income in the one available line. In this freelance economy, it would seem that Prosper
is only looking at traditional employment lines and ignoring lot’s of potential clients have
multiple revenue streams. I did bring this up and a representative sounded as frustrated as
I did with the situation.
Prosper management, are you listening?

How can they say you are pre approved then ask for all your info then decline you? Isn’t that false advertising? Waste of time! Now I will need to monitor my credit report since they have all my confidential info. I have good credit by the way!

This is a company with a great business plan however their execution leaves a lot to be desired. I applied to be an investor with Prosper. Their application process and the verification department is cumbersome and inattentive Their communication is terrible. The time they take to respond to communication is completely unacceptable. I was considering investing a considerable amount of money in this company as an investor. I will take my business elsewhere based on my experience. For anyone considering investing in loans with this company based on my experience I would strongly consider taking your money to their competitor Lending Club which so far for me has run a very professional organization with good communication. It is obvious the people running Prosper need a lesson in communication skills. I’m amazed based on my experience that anyone would invest their money with this company.

Lots of hoops to jump through on this one…

Beware! Worst customer service ever! I applied for a prosper loan, got a pre-​approval for 15K. First step, they asked me to direct link my bank account, which I did. Then I get an email to send bank account owner verification, which I did. Then I get an email saying they cannot fund my loan and to log into my account to find out why. I log into my account and they already closed it. So I send an email to find out the reason my loan would not fund and I get some generic canned crap saying after reviewing all my info they cannot fund my loan. All my info? They only asked for one piece of info. .. MY BANK INFO. What company asks for bank info if they do not plan on funding the loan. I asked for a detailed reason as to why and I get another email stating «I am not the type of person they want to do business with». What that heck does that mean? No one even bothered to contact me to discuss anything. So now my bank info has been exposed, my good credit is dinged and I didn’t get my loan. Very poor and deceptive process. I would not recommend going with Prosper in a million years.

I tried prosper and I got funded within minutes. I sent them my pay stub and taxes to prove I make over 100K. I got a call and email to let me know I will get money in 2 days. Not sure why people are complaining but process went smooth.

I received a solicitation through the mail from Prosper at my current address that stated that I had been pre-​aproved for a loan. It just so happened, that, I had created a profile at
when I was at a previous address, 3+ years ago.
I applied for a loan using my current address. Once I realized that my Prosper profile had an old address, I followed their process for changing my address. That process is to submit a current utility bill that shows the current address. You are also required to sign a form stating that this address is the current address.
As part of the loan application process, they ask for a voided check. I have not used personal checks for several years. My credit union suggested that I use the online direct deposit form. The direct deposit form has a personal check image at the bottom, including routing and account numbers.
Four days after I do an address change and send them the current bank document, I get a call from Prosper. In spite of the documentation that they had been provided, they still wanted to do a 3-​way call to my credit union and to the utility company just to verify my address. Even though I had received solicitation from them at my current address. The check image on the direct deposit form was not sufficient for them. They wanted an actual voided physical check. Even after my credit union verbally verified my address, they still felt the need to call the utility company for address verification. What a waste of time.
Prosper is intitled to require whatever they desire for loans. What irritates me is that if they are going to so nit picky, then it should be clearly stated in the documentation and emails that they send. That way people are at least prepared to jump through hoops just to get a loan. from them. The loan process is antiquated, long and drawn out. By the way, my loan amount was less than 10,000.

I think it’s best to look elsewhere. In theory, this company or organization would be a good idea. But it’s not serving the purpose it purports to do. Its advertising is misleading. I thought this was peer to peer? You won’t get the help you’re looking for here.
I pay my bills, my credit is good. There’s no reason for me to have been denied the small amount I asked for. The information they obtained apparently was partially wrong. One reason given was «length of credit history.» I have 13 – 15 years of excellent credit history. They should actually look at my credit, talk to me, and make the determination. I am as solid an investment as you can make. Let others, the investors, make the decision. Let me provide my information, let them call me.
This is what’s wrong with so many companies today – their inability to connect with customers, and good ones at that. I am willing to meet some lender halfway, honor my commitments – both of us winning. Instead, total company fail, as usual. We need a real company capable of handling this kind of endeavor. This isn’t it.
Let’s see, associations with Google, Capital One… I think we can see where this is headed. I wish I had seen their associations and the San Bernadino mistake before I had applied here. How did he get 28k, and if the company has «standards» they follow, how exactly will it be paid back now? Was that more than 25% of his income? He made more than 112k a year? And he had enough credit history to qualify for that amount? I guess we’ll never know how he got the money. Meanwhile, honest individuals who WILL pay back their loans can’t get more reasonable amounts.
To the «investors,» whomever they may really be… don’t let incompetent people run, or ruin, your company – and your profits.

I finally find this Unilocal page to give it 1-​star. Over the past year I’ve been receiving spam mails from this company every other week. I have requested 9 times to stop spamming but they didn’t comply. I did not know this company before, and obviously the ads are taking effects because now I know this is the company to avoid in case I do need to apply for a loan.

I’ve been a investor with Prosper for several years. The returns are pretty good but I’ve been pretty conservative. The loans that I have had go into default, there are zero notes and you have no idea what’s happening. Compared to my investments at Lending Club, they note everything and have gotten much more aggressive with collections and note everything. I recently decided to take a loan with prosper. Approved at a great rate, fully funded in like 2 hours by a single investor. I submitted my pay stubs and tax documents as required. 4 days later… suddenly my entire prosper account was cancelled. Loan cancelled, investment account suspended. For no reason that I’m aware of. I called customer service, was told that they didn’t have information yet but I would hear back within a couple of days. A week passed, so I decided to call. The rep told me there was a discrepancy but that’s all she could tell me. Really? You have my tax docs, proof of income… all matched up but, nope, she would not tell me anything. I asked for a supervisor. She refused to put one on the phone. I asked for the corporate office. Again, she refused. I demanded for about 5 minutes and finally she gave me the corporate office phone number. I called and asked for the executive office and was transferred to a voicemail for Courtney. It’s been 3 weeks now and zero call back or other communication. This company, once great, has turned into a slimy void worthy of a used car dealership. I’m transferring my funds out and into Lending Club. Screw these people — they are scum. AVOID them.

HORRIBLE! I am so sorry that I ever heard of this company. They were recommended by a doctors office for a quick medical loan. Everything started off easy. My loan was funded right away, they verified my credit score was top tier (around 850), they collected all of my personal information (SSN, birthday, address), and now they just needed a W-​2, and a paycheck stub from within the last 30 days. I provide these, and don’t hear anything back. When I check with them a couple of days later, I am told that they need the last 30 days of paycheck stubs, not just «a paycheck stub» as they listed in writing in their email to me. I provide the last 30 days of paycheck stubs. After not hearing back again, I borrow the money from a family member, and complain to the office about recommending these people to anyone else ever again. When the medical office contacts Prosper, a Prosper representative reaches out to me to tell me that because my name matches the name of the business, I now have to provide them proof of direct deposit (which we don’t do). She tells me that she can’t fund the loan because I won’t provide proof of direct deposit.
HOW AM I SUPPOSED TO FEEL OTHER THAN THIS WAS AN ATTEMPT TO GET AS MUCH OF MY PERSONAL INFORMATION AS POSSIBLE? I TOTALLY FEEL LIKE THIS WAS NOTHING OTHER THAN A SCAM TO GATHER INFORMATION TO SELL TO A THIRD PARTY, AND THEY HAD NO INTENTION OF FUNDING ANYTHING!
My advice is that you stay the hell away from this mess unless you enjoy sending enough personal information to make a fraudsters day, just to be given some stupid excuse not to fund your loan.

I’ve been an investor in Prosper loans for more than five years. The business concept is great and my returns have been good given this low interest rate environment. However, I am steadily moving all cash from Prosper to Lending Club as my frustration mounts over poor software quality and lack of good communication.
Prosper just keeps messing up on reporting and accounting. You call up Support and they tell you that there are problems, that the numbers are wrong, or that the developers changed stuff without warning. This is a consistent problem over the last few years and hasn’t gotten better. In contrast, Lending Club has had none of these problems.
Prosper management just doesn’t understand the basic of good customer communication. Rather than transparency when they have problem, the expect the customers to figure out bugs and call Support about them. Support will own up to it but there will be no overall communication from management. If you look at the company’s blog posts, they never mention the horrendous problems they have, they try to hide them.
Today, Prosper changed how charge-​off loans are dealt with. The change was done without telling investors or Support that it was happening. When I call up Support to ask about the posted accounting for a loan, the poor support person couldn’t figure it out.
The bottom lien is that this is a good business concept but Prosper’s execution is quite poor. You wouldn’t want to deal with a brokerage firm or bank that couldn’t keep its accounting straight. Well that’s Prosper.
Lending Club’s software seems rock solid. I haven’t had a support issue in four years. Same business model, much bigger company, better operations.

Prosper is awesome, they give you options. When you choose it they request paperwork after that you get your money. With that other company lending club for a smaller loan it took 6 weeks and then because they didn’t get one document on time they pulled the plug. Prosper took 3 days! Great company.

Don’t walk away from Prosper: RUN!
They gave me a relatively smooth registration/​application/​approval experience but have been a total nightmare since.
A bit of background: I damaged my credit score a few years ago when I had a medical emergency. I currently have debt related to this and a poor credit rating to go along with it. I utilized Prosper to cover the remaining ~$ 7500 I have due on my credit cards related to this. I was able to access an interest rate about 7% lower than my credit card and viewed it as another opportunity to work on repairing my rating.
About 8 months into my repayment (every payment made on time, all paying the minimum due plus a little extra), there was an error on the Prosper side that determined my loan closed/​pain in full.
I notified them of this error immediately, but they could not find the issue and did not chase it down. I confirmed that I believe this was in error and was willing and prepared to comply with anything that needed to be done to resolve.
About a month later, I got an email advising that someone else’s payment had been erroneously applied to my loan and would be reopened. Once reopened, however, the loan was marked as delinquent (since I had not been able to make a payment against a closed loan) and I was promptly charged a late fee, had the inaccurate delinquency reported to credit reporting agencies, and multiple phone calls each day began.
I responded that I was still happy to help resolve, but that the late fees, negative credit remarks, and collection phone calls were inappropriate and unfair given the circumstances. They advised that if I made a payment by the next day (May 8), they would remove the late fee and reverse negative remarks with reporting agencies. I thought the timeline (asking for payment within 24 hours of suddenly reopening a loan that I’d been told for weeks was closed) was a little abrupt, but I’d set the money aside so wasn’t a problem to do. Also, thought it was extremely inappropriate that they essentially threatened to stick to doing the wrong thing if I didn’t pay up. I made the payment and asked for copies of communication with the reporting bureaus stating that any negative claims were made in error, there were no delinquencies, and that the matter be fully resolved, as is my legal right as a consumer.
Today is June 1. I made my payment on May 8^th as requested. I’ve now been promised more than once that the notifications had been made to reporting agencies, only to be later told that they’d just been done that same day. They refuse to provide me any documentation, respond to my emails, or provide me with the $ 50 gift card/​credit they promised early on in the process for my inconvenience.
Their behavior regarding this situation has been hideous and, according to counsel I’ve sought, illegal. I have filed complaints with the FTC and AG to try to resolve– and am hoping that I can share here my story to prevent other honest folks from encountering the same dishonest experience.

Caveat Emptor.
As a borrower with a 775+ FICO score and also as someone who borrowed in the past (several years ago), I tried Prosper out as an option for lining up a loan to get a better rate on some debts I was looking to knock out in the next couple years.
I applied, got a REALLY good rate, put the loan up and in under 24 hours, it was ‘funded’.
Then came the part where Prosper gets one star and wherein they also lost my business.
They required 6 different documents to verify that I was who I was and that I was good for the money. Fair enough, right? They requested a pay stub from my current employer, an address verification, last pay stub from my previous employer, a W2 from my previous employer, and the signed offer letter from my current employer with salary on it.
Alas, I did not keep the W2 from last year’s tax return because the IRS has this cool thing where you can request a prior W2 and they will send it to you. So I did that and I sent it, since that’s an official document from a government agency and I figure that would be sufficient. Nope! Better yet, I cannot access that W2 anymore because I work for a different company and the previous employer’s HR department requires just less than an act of Congress to receive information even if you are the previous employee in question.
The address verification finally stumbled into my mailbox a full MONTH AND A HALF after they said that they sent it.
The signed offer letter «did not state annual salary» because it stated Bi-​Weekly salary, which is the same as the last three offer letters that I’ve seen. Not sure what I was supposed to do about that… Quit my job and ask for a new offer letter?
This is the best one, though. I sent in my last pay stub, and they rejected it. Their justification? «The pay stub did not state salary» For those of us with ‘jobs’ the salary or pre-​tax income for the pay period is the FIRST LINE ON THE PAY STUB. Right next to the word «salary» on mine, actually. After this inability to comprehend the English language and how to read ‘numbers’ on a payslip, I curtly informed them exactly what they could do with their loan and decided that I would rather reconcile my finances the ‘hard way’.

This company is a complete scam. They offer sumptuous rates with your prequalified credit check and hook you with a substandard market rate. I was offered a rate of 6.5% for a loan of 13,000. After a 30 second process on their website I was offered a loan amount of 4,000 with a 30% interest rate. Yeah, you read that right. My credit isn’t horrible, I have a 640 – 660 depending on the bureau. They aren’t concerned with getting people lower rates to pay off credit cards, they’re interested in fattening the pockets of their independent investors that pool their resources to fund your loan. Benevolent, me thinks not. Pioneering? Maybe if this outfit is funding a cure for Ebola through my pocketbook. Save your self and look to friends and family to score a real deal and leave these guys to loan shark matters.