What credit bureau does prosper use?
The credit bureau that Prosper uses as a credit checking agency is TransUnion, which is one of the best credit checking companies in America, and they see you’re FICO SCORE for eligibility.
Prosper loan eligibility requirements
The first rule is that you should be a citizen of the USA and should be at least 18 years old. You should have a secured job where you have worked for more than 2 years. You should at least have a Fico score of 640 or above, which will help you with the interest rates also. The better the credit score, the less the interest rate. The customer should have had less than 5 credit inquiries in the last 6 months. The company should have the assurance that the customer can take care of both normal and installation expenses, so they will need your salary receipt. And they want your debt-to-income ratio to be greater than 50%.
Approval for joint loans
The customer can also apply for joint loans with two people where he/she might have a co-borrower and the primary buyer must go through the first set of rules explained above, except for the debt-to-income ratio, which will be recalculated by taking both the primary and secondary into account. The secondary should also go through some criteria, like
It should have a credit score of at least 600. At least one open trade on the credit reportAnd have not filed for bankruptcy within the last 12 months
Can someone take two loans from Prosper at one time?
The customer may apply for a second loan if his/her first loan is:
The customer’s first loan should be current. The total pay-off of both the loans should not exceed $40,000. The customer should have the first loan for more than 6 months. Furthermore, the customer should also not have any outstanding charge offs on the loan through their marketplace. Through our marketplace, the customer should not be delinquent for more than 15 days on any loan.
What the mortgage interest rates are for Prosper loans?
The prosper credit union offers loans up to $40,000, with interest rates based on the length of the loan and your credit score. If someone has a loan of $10,000 for three years or five years, their interest rates will be in the range of 8–36%, but you can be on the lower side of that if you have a good credit score. The minimum credit score that they approve is 640 fico or more. A credit score of 700+ can keep you in the range of 8–15% of the interest. They also provide their customers with a 0% interest policy, but only for those who have a credit score of 760 or more.
Prosper credit union’s pros and cons:
Pros:
The company offers a very low-interest rate if you have a credit score of 640 or more, and it is considered a fair credit score for qualification. This feature allows you to have a co-borrower, so if your credit score is low, you can take a friend or family member to take the loan with you, who has a good credit score, so the average makes you eligible for the loan. Quick funding is available. As soon as you are accepted for the loan and you decide on your repayment plan, on the next business day, your money will be transferred to your bank account.
Cons:
Limited repayment terms: Prosper only offers loans for 3 and 5 years, which does not provide many options. If a customer wants a loan for a shorter or longer time period than this, he/she will need to go to another lender. The APR is high: the APR for a good credit score is 35%. They charge fees of 2. 4-5% of your total loan, so if you have a loan of $10,000, you will only get $9600. They also charge late fees of $15 or 5% of the total loan amount, whichever is the highest.
Conclusion
So having a good credit score helps you in many ways, like low insurance premiums and so on. Therefore, keep a good score because big companies also prefer people who have good ethics and will never miss an installation so that the company is in burden.
How much time can a prosper loan take to get approved?
It takes 1-10 business days for the loan to get approved.
Does prosper do a hard credit check?
No prosper does a soft credit check which does not affect your credit score.
