I Paid Off My Prosper Loan!

I paid off my Prosper loan! It’s definitely been a month of celebrations. Getting married, starting to work for myself and now, paying off debt! About two and a half years ago, I wrote about applying for and getting a personal loan from peer-to-peer lender Prosper. I used that $11,500 loan at 13.50% to pay off a credit card balance at 18%. This week, I paid off the remaining balance in full.

I took out the Prosper loan for a couple reasons: to save on interest, to commit to a fixed monthly payment and three year repayment term (as Prosper requires), and to try peer-to-peer lending back when it was a really radical idea.

Obviously, now that one more debt is gone, I’m quite happy. Once the loan was funded by Prosper investors, my payments were automatically deducted from my bank account every month until this month when I decided to make the last couple of payments early.

You can read more about Prosper, Prosper and how peer-to-peer lending works, or a review of LendingClub, another popular peer-to-peer lending network.

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• Can Prosper Do Better Than My Credit Cards?