community
The Prosper Diaries
Landing a loan on Prosper isn't always easy. Here's how one business owner navigated the process.
- First attempt After signing up for a free Prosper membership and undergoing a free credit check, Erica Lyn Townshend, inventor of the Strock, posted a loan request for $25,000 at 12.5 percent interest.
- Try, try again Townshend's listing drew some bids, but not enough to fully fund the loan. Her second request, for $9,900, was more reasonable, but the proposed 11 percent interest rate was too low.
- Score! A third request, for $9,500 at 13 percent interest, attracted 77 bidders, and the loan was fully funded. The money appeared in Townshend's bank account two days later.
- Paying it back Townshend will make 36 monthly payments of $320 to pay off the loan. Prosper handles collections. In return, borrowers pay 1 percent of the loan amount up front and lenders pay an annual fee of half a percent.
Sign-up for our Innovation Newsletter
ADVERTISEMENT
FROM OUR PARTNERS
Select Services
- Forced to pay more?
- Salesforce costs up to 65% more than Microsoft Dynamics CRM. Compare.
- Collaborate in the cloud with Office, Exchange, SharePoint and Lync videoconferencing.
- Begin your free trial at Microsoft.com/office365
- Get on the same page
- Show and tell by sharing your screen instantly at join.me. Free.
- Shred No-Handed!
- Hands Free Shredding From Swingline Lets You Do More Productive Things!
- Winning new customers?
- SMB experts share their secrets at PersonallyPB.com/smb
- Turn Fans into Customers
- Social Campaigns from Constant Contact. Sign up now - it's free!
