Prosper Lending



When the economy is bad, it can be difficult getting personal loans. Lenders are afraid they will lose money. If an applicant doesn’t have a 750 credit score and thousands in the bank, they won’t get approved. The amount doesn’t even matter, as small personal loans can be just as stringent as larger ones. Fortunately, there is a way that consumers can bypass all these difficulties. Instead of using banks for their personal loans, they can turn to Prosper Lending & Investing.

Prosper uses peer-to-peer lending to grant personal loans. With this novel concept, individuals finance an applicant’s loan. Sometimes these investors are high-end businessmen; other times they are average, everyday folks that want to make a difference in someone’s life. Either way, the results are the same. Consumers of all financial backgrounds can secure personal loans without going through the red tape. If an investor likes their listing, a loan will be granted.

To apply for Prosper’s loans, applicants must go through a verification process. After completing their initial application, borrowers have to send paperwork verifying not only their financial situation, but also their identity. In the meantime, Prosper will conduct its own series of tests. In the beginning stages, their main concerns center on credit scores and criminal histories. If everything checks out, the applicant will then receive a Prosper Rating. This will determine how much interest they will pay.

During the application process, borrowers will also receive a Verification Rating. It indicates how close they are to approval. A Verification Rating of “3” is the most attractive, because it shows that the borrower is serious about their loan. At that level, applicants have sent in the majority of their paperwork. If anything is left, it is more preliminary.

When the application finally does go through, investors can send money almost immediately.
Borrowers with high Prosper Ratings tend to get noticed first, since they have better credit scores. However, people with bad credit will not be completely left out. In fact, some investors prefer working with such applicants. By doing so, they earn more interest over a longer period of time.

In summary, Prosper Lending & Investing offers an interesting alternative for personal loans. Unlike traditional lending, Prosper gives everyone a fair chance at getting the money they need. It also gives lending a human touch, a factor that makes the experience more special for everyone involved.




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