Prosper is an online peer-to-peer lending personal loan service, the platform connects credit borrowers with investors who will then choose to fund their personal loans. In this article, we shall be showing you everything you need to know before borrowing, how to solve prosperous loan denied problems, and many more! Keep reading to extend your knowledge.
Having a substantial debt with a high Income is really a good option, to begin with, please note that the average for Prosper borrowers is about $89,000, and mind you, prosper loans can be used for any purpose, however, most prosperous clients use prosper loans for debt consolidation.
Prosper Loan Denied – Why Is Your Prosper loan denied?
Usually, Prosper considers a number of things before it approves loan requests from customers, a number of times when clients prosper loan denied happens, the issue is usually from the client’s end and we are going to examine some of these problems. What are the factors considered when denying a client application?
Prosper approves loans based on your creditworthiness and your co-borrower as well as the information included in your application. In the case of “prosper loan denied”, kindly refer to your Adverse Action Notice sent through email, and to your Message Inbox.
Upon approval, the loan amount gets to your bank account in a maximum of 3 Working days. For repayment, there is a monthly repayment schedule that stretches over three to five years.
Generally, Prosper loans are sorted after by clients with good and excellent credit scores. please note that the minimum credit score for Prosper loans is 640, with an average of 710.
Therefore, If you have poor credit, you probably shouldn’t look the way of Prosper as your best option because it would mean a high-interest rate.
Borrower’s Prosper loan Requirements
The amounts for Prosper loan generally range from $2,000 to $40,000. Also, a minimum credit score of 640 is required as mentioned earlier with a minimum credit history of two years. Meanwhile Prosper’s average is 11 years, the maximum debt-to-income ratio is 50% without a mortgage.
The requirements for Prosper generally get high marks, not for everyone though. Let’s take a look at some pros and cons of prosper.
- Low-Interest Rates.
- Versatility: This is seen in both its low ($2,000) and high loan amounts ($40,000) available.
- Speed: quick funding, and placed directly into your account.
- Consolidation: it is used to consolidate high-interest loans
- Consumer Friendly: it comes with an easy-to-use process.
The Cons Include:
- Origination Fee: It is higher than competitors.
- There is no break on Interest:
- No Flexibility: the terms of your loan can not be adjusted compared to other loans.
- High Standards: High credit score is required to be approved and to get a favorable interest rate.
Is Your Prosper loan denied? Here’s an Alternatives To Prosper
There are a significant number of options that you can maximize If you are turned down by Prosper or if you only qualify for a high-interest loan. These options are listed below:
- Debt Management Plan/Credit Counseling: This is a good option in the case of Prosper loan denial. Working with a nonprofit credit counseling agency will help you lower your debt payments. Debt management plan counselors will work with creditors on your behalf to reduce your monthly payment. Note that this service is mainly for consumers with unsecured debts such as credit cards, medical bills, and student loans.
- SoFi: SoFi is really a good option for new credit borrowers. It has an APR that is manageable; 5% to 15%, no origination fee. However, there’s a higher threshold for credit scores of 660 minimum. The loan amounts are $5,000 to $100,000 with repayment plans ranging from 3 to 7 years.
- Discover: Discover is another alternative that doesn’t charge an origination fee. APRs here ranges from 6.99% to 24.99% with loan amounts of $2,500 to $35,000. Discover has a repayment plan that ranges from 3 to 7 years, and most of the time, money can be available as soon as the next day.
- Lending Club: This is U.S’s largest online lender for personal loans, with over $35.9-billion in loans since the company was founded in 2007. in Lending Club, Investors and not the company makes final decisions on whether to lend the money. The company has an APR ranging from 5.99% to 35.89% and the repayment plans range from three to five years.
Prosper Loan Denied FAQ
To borrow on Prosper, What are the minimum criteria required?
Basically, the applicant has to be at least 18 years of age and must be a U.S. resident in a state where prosper loans marketplace are available. A U.S. bank account is also required plus a Social Security number. Subsequently, when a borrower submits a loan application, Prosper first obtains a credit report from TransUnion to evaluate whether the applicant meets the underwriting criteria Prosper has established in conjunction with WebBank.
What does Pre-Approval Mean?
Pre-approval simply you’ve fulfilled the initial eligibility criteria for an extension of credit, which only requires a little bit of information and a soft credit. Pre-approvals help to checks if you’re eligible but it doesn’t affect your credit.
Where can I Locate my Application Status?
Your application status can be checked by You anytime by first having access to your account that is, logging into your Prosper account and viewing your Account Overview page. The overview page will list among other things, documents that are required to complete the verification as well as the percentage of funds committed by investors.
- www.earnest.com – How to Apply For Earnest Student Loan | Reviews…
- www.capitalone.com – Capital One Personal Loan
- King Abdulaziz University Scholarships 2022-2023 Fully Funded – How to Apply…
- Islamic University Madinah Scholarship 2022 – How to Apply Now
- Find a Friend on Facebook – Facebook Look for a Friend