It has been just over one year since I applied for an took a debt consolidation loan from peer-to-peer lender Prosper. One year in, I’m just as happy with Prosper as when I started.

I posted a loan request last November on Prosper to see if the lending network could get me a loan to pay off a high interest credit card balance on which I was paying 19% interest. To my delight, the loan was funded by dozens of different lenders at a 13.5% APR.

The loan term was three years, as are all Prosper loans. Today, my loan is a third paid off!

As a borrower, there’s not much to Prosper once your loan is funded and disbursed. And that’s what I love.

The payments are deducted from my checking account on the first of each month, and I get monthly email statements.

Basically, I don’t have to think about anything, and my loan just gets smaller!

If I were able, I could pay off the loan early at any time with no prepayment penalty.

I also have the option of applying for an additional Prosper loan up to a combined total of $25,000. If I choose, I may end up consolidating the rest of my debts with Prosper down the road.

I’m a huge advocate of alternative lending, and Prosper is just one of many choices out there for alternative loans. But as a satisfied user myself, I strongly recommend them.

If you haven’t already, I encourage you to check out Prosper now.

Related Posts

  1. An Update on My Experience With Prosper
  2. Six Good Uses for a Prosper Loan
  3. How Prosper Saved My Ass
  4. An Introduction to Prosper and Peer-to-Peer Lending
  5. Peer-to-Peer Lending Hits a Roadblock