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 learn more about Prosper now.