 Search the Knowledgebase |
 Browse by Category |
|
|
|
| View Questions by Category |
|
There are no sub categories
|
Loan Process
|
|
|
(Page 2 of 2)
«« |
Prev |
1 |
2 |
Next |
»»
|
There were 36 questions found in this category:
 What credit information is available to lenders?
Each loan listing has a box on the right called "Credit Information."Anyone can immediately view two sources of information:Credit grade A credit grade is a letter grade that Prosper assigns you based on your Experian ScoreX PLUS™ credit score, for use solely in the Prosper marketplace. Th ...
- What if my listing ends with less than 100% funding?
If your listing runs out of time and is not yet 100% funded, no loan will be created. If you want to try again, you can create a new listing and ask lenders to bid on you again. If you had trouble attracting enough bids the first time, you should check the historical loan rates table, and consid ...
- What if the group leader changes the rewards sharing level?
A group leader may change the rewards sharing level of the group at any time. However, these changes will only affect future loans. If you already have a loan that is active, your original terms will not be affected by any changes the group leader may make. In other words, since the rewards shar ...
- What interest rate should I specify?
When you create a listing, you specify the maximum interest rate that you are willing to pay, and lenders bid the interest rate down, unlike some other auctions where the price is bid up. Prosper displays the current rates being bid in the marketplace, which can serve as a useful guide in determ ...
- What is "listing review"?
Some group leaders will require their borrowers to submit new listings for their review before they are put on the marketplace. If you join a group that requires listing review, when you finish creating your listing, the group leader will have up to 7 days to review your listing and make a decis ...
- What is a bank draft?
When you are confirming your listing, you will have two options for making your monthly payment. The first option is electronic funds transfer, which is free. The second option is bank draft, which will result in an interest rate increase of 1.00%. Rates shown on listing and bid pages assume tha ...
- What is automatic funding?
Automatic funding is an option for borrowers who want their money quickly and would be satisfied by a specified interest rate, rather than a potentially lower interest rate that could result if the listing were subject to continued bidding. In the case of automatic funding, as soon a borrower's ...
- What is the difference between a lender rate and a borrower rate?
In some cases, you will notice that the borrower rate on a listing is higher than the lender rate. This happens when group leaders choose not to share all group leader rewards. In these cases, a portion of the borrower's interest rate goes to group leaders rather than to lenders.
- What kinds of loans are available on Prosper?
Initially, borrowers can request 3-year, fully amortized loans up to $25,000.All loans on Prosper are based on borrowers' credit scores and a group's reputation. There is no collateral necessary to borrow at Prosper.Borrowers can repay the full amount of the loan at any time; there are no early ...
- What should a borrower look for in a group?
Some borrowers will receive an invitation to join a group, while others will need to find a group to join on their own. Take a look in the different group categories and see if there's a group with whom you share a common interest or sense of community. Be sure to check whether this group repays ...
- What should I do if I disagree with my credit grade?
Prosper uses the Experian ScoreX PLUS™ model to calculate credit grades. If you disagree with your credit grade, the first thing to do is to ensure all of the information Experian has in your credit file is correct. A free copy of this information can be obtained once per year from each of ...
- What should I do if there is something missing or wrong in my credit file?
If there is incorrect or missing information in your credit file, only you as the consumer can correct your file. The file you received should contain instructions for doing this.It is Prosper's policy to never change or correct data retrieved from Experian's credit reporting service. If you are ...
- When and how is my credit grade calculated?
When a borrower initiates the process of posting a loan listing on Prosper, we check to see if we already have a credit grade on file for that person and, if it is less than 30 days old, associate that grade with the listing. If we do not have a credit grade on file which is less than 30 days ol ...
- Why does my credit grade not map to my FICO score?
Prosper uses a different scoring model than FICO. Scoring models are algorithms that predict risk for different types of loans. Prosper uses the Experian ScoreX PLUS™ model which is more appropriate for online lending.
- Why should borrowers join a group?
Joining a group can boost your reputation as a borrower and be a gateway to lower interest rates from lenders. Although individual borrowers can and do exist, Prosper thinks lenders will have greater confidence in borrowers who belong to a reputable group. That confidence can translate into lowe ...
- Why would a borrower join a group that doesn't have 100% rewards sharing?
Here's the thing: groups are designed to help secure lower interest rates for borrowers, even after the group leader rewards are factored in. A borrower can get a good rate in either case: if they are in a group that shares 50-100% of their rewards, the rate will be lower because shared rewards ...
(Page 2 of 2)
«« |
Prev |
1 |
2 |
Next |
»»
|
