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Is Prosper safe for Borrowers?

Prosper is a safe marketplace to borrow money from people just like yourself. Loans are originated by Prosper and your payments are pulled directly from your bank account by Prosper. Here are some of the points which make Prosper a safe place to borrow money from other people:

  • Prosper has over 100 million dollars in loans and over 500,000 members
  • Prosper is licensed in every state it operates in
  • Prosper verifies your credit, bank account and homeownership
  • A Prosper loan can increase your credit score
  • Prosper has an identity theft guarantee
  • Loans are all given a credit grade, AA, A, B thru E and HR (high risk) depending on your credit and other factors
  • Loans are reported to credit bureaus
  • If you fail to make the required payments, your case is sent to a collection agency
  • Detailed information about your credit history in your listing cannot personally identify you
  • All identifying information about you is kept private, Prosper uses a screen name similar to that of Ebay
  • If Prosper should go out of business, your loans and credit score is safe, the loan will continue being serviced via a third party
  • You can pay off your loan at any time without penalty
  • All loans must be reviewed before you are approved to ensure the listing is accurate
  • There is a large community of lenders and borrowers out there willing to help
  • You can re-list your loan if it does not fund the first time
  • Prosper is regulated by privacy and fairness Governent acts
  • Interest rates will not change thru the term of the loan

Now, there is no guarantee your loan will fund, you need to provide as much information as you can and make sure the interest rate you are offering is competitive. You can learn more about getting a Prosper loan here and you can join Prosper here.


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