Background: I am a lender on Prosper. I have nearly zero debt, my house is almost paid off, and I pay off my credit cards in full every month. My FICO scores are over 800 (including an 850 from Equifax of all places). I also have a Wells Fargo personal line of credit (PLOC) up to 35K at 7% interest.
Out of curiosity over the weekend, I decided to see what Prosper would offer me for a rate on a small 10K loan....which is less than the maximum I ever had invested with them...
I was STUNNED when Prosper offered me 9.78% as their best rate https://forum.lendacademy.com/Smileys/default/tongue.gif" alt=":P" title="Tongue" class="smiley" />
WTF!?!
How are they offering larger loans to others in the 4-6% range? It just doesn't pass the sniff test!
I was so incredibly insulted by it (combined with the fact that they are now spamming me to complete the loan) -- that I've decided to idle down any further investment in their platform.
I also asked them to remove the "score check" which now shows up as an unfinished loan in the user interface but they are refusing to.
I was willing to stick with them given the lack of liquidity since they are ending their Folio note trading relationship, but FFS, this is the last straw.
Out of curiosity over the weekend, I decided to see what Prosper would offer me for a rate on a small 10K loan....which is less than the maximum I ever had invested with them...
I was STUNNED when Prosper offered me 9.78% as their best rate https://forum.lendacademy.com/Smileys/default/tongue.gif" alt=":P" title="Tongue" class="smiley" />
WTF!?!
How are they offering larger loans to others in the 4-6% range? It just doesn't pass the sniff test!
I was so incredibly insulted by it (combined with the fact that they are now spamming me to complete the loan) -- that I've decided to idle down any further investment in their platform.
I also asked them to remove the "score check" which now shows up as an unfinished loan in the user interface but they are refusing to.
I was willing to stick with them given the lack of liquidity since they are ending their Folio note trading relationship, but FFS, this is the last straw.