Any Prosper.com Borrowers in Da House?

March 7, 2007 3:13 PM

I'd welcome hearing of Mefites who have had experiences with the Prosper website as a borrower. (Or, if no one can help me on that, recommendations for Chicago or national credit unions accessible to most anyone.)

My searches seem to indicate that lendors are pleased with their return for the most part, but I've found little feedback from borrowers about their experiences on the site. Although I very much welcome experiences or feedback on the site of any sort, my concerns are primarily with regard to security of the institution (it feels a bit Web 2.0 experimental, and I'm concerned what would happen if the whole thing went 'poof!'). I am also wondering if I would be able to find a loan for my intended amount — I do not own a car or a house that I could offer as collateral, but would ideally like to move a debt from three credit cards that is not precisely ... small. (I'd rather not name the amount unless I really have to.)

Over the last month, I've cut a lot of fat from my monthly expenses, but my last step is to see if I can find a less interest-heavy home for my credit card debt. (I also find myself resenting the zero-tolerance policies with one of my lendors wherein a payment made online one day late result in a rate hike and a late fee.)

Alternatively, can anyone share good experiences with, or recommend, credit unions that would be accessible to anyone or that would be available to an average Chicagoan?

posted by WCityMike to work & money (6 comments total)

Try the Prosper forums, which has a Borrowers section.
posted by superfem at 5:32 PM on March 7, 2007

I hope you get more comments on this, as I'm interested as well. But for different reasons.
posted by SlyBevel at 6:22 PM on March 7, 2007

I know nothing about Prosper except a friend of mine just recently got a job there and loves it so far!

Here are two bits of press that I passed onto her that may be interesting reads for you guys:
Prosper: Investing on YOUR Terms
and
More Real-Life Prosper Experience
posted by lannanh at 11:04 PM on March 7, 2007

Don't have any experience with Prosper (other than knowing about it and having heard good things on the radio) but as for credit unions...

there's the Credit Union National Organization's Credit Union Locator - just type in your zip code and go. they'll tell you what their requirements for memberships are - you can usually find one that just has a geographical limitation... (i wanna say that's called their catchment area?)

also, check with your HR department (if you have one) since most many companies have some sort of deal with a credit union for their employees
posted by yggdrasil at 11:37 AM on March 8, 2007

I'm disappointed that no one seems to have had experience with them. If it is a privacy thing, my e-mail is in my profile.

Thank you to those who responded and provided the links.
posted by WCityMike at 11:13 AM on March 9, 2007

The same site I posted above just answered your question: What’s It Like to BORROW Money with Prosper?
posted by lannanh at 4:52 PM on March 19, 2007