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wmi794

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Rate given is not as good as on homepage
You suggest on my homepage using Prosper or Lending Club for a consolidation loan and show what I'd think would be the APR (you show 13.8) when I go to either one it is an APR of 28!! Not a good APR. Why would I want to take the loan?? HELP!!!

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The APR shown on their hompages are usually prime rates. You would get the rate of 13.8% if you have a credit score above 750. Auto dealerships do the same thing with "0% APR financing", but you only get that rate with excellent credit and money down. Don't accept the loan unless you are going to actually save money over time.

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The APR that is advertised is for someone with excellent credit.  This is a marketing ploy that all lenders use.  Once you apply, they look at your scores and report and decide which APR they are willing to offer you.  It sucks, but that's the way it works.  Once your credit improves, you'll get better interest.

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