I love the idea behind Prosper but didn’t think a Prosper loan could help me with my credit card debt until I gave up trying to get my last credit card to lower my ridiculous 19% APR. So I’m seeing if I can get a loan for the $11,500 balance of that card (the last of my bad debt!) for 16% or less.
It seems a handful of borrowers in my credit range (B) have gotten loans for $10k or more funded below 18%, though I realize the numbers are small. I thought my listing would look better because Prosper initially calculated my debt-to-income at 20% but the listing displays 30%. I assume it includes the new loan when calculating your DTI. Since this loan is for debt consolidation, however, my DTI will return to about 20% once the consolidation is complete.
Update: I ended up getting this loan with Prosper at about 11 percent—a good seven percent lower than my credit card. And the loan is now paid off! I cannot recommend peer-to-peer and Prosper enough! Check out Prosper if you need a personal loan to consolidate credit card debt or for any other reason.