I went through the initial application process to get my rate for a loan.  The application itself is very easy.  But the rate that I was offered on a loan at the lower end of their range was higher than my credit card rates, despite the fact that I have slightly above average credit and decent income.  Thanks for wasting my time, but I think I'll just pay down my credit cards myself and save myself some money.

I applied for and received a Prosper.com loan, although the APR was no lower than my cheapest credit card APR. It did help me consolidate a few open credit cards, so I took the loan. My credit score was 780, so I didn't expect there to be problems anyway. They didn't ask for too much paperwork and it was a relatively fast process to get the loan approved. This was back in May 2012 though, so I don't know how things have changed since. Most of my experience regarding the loan has been fine, except for 2 issues.

Payment Problem

I usually paid extra for each monthly payment by going to their website and setting up a manual payment. The webpage says if you set up a manual payment upto 3 days ahead of the automatic payment, the automatic payment won't be executed. I logged on 11 days before my payment date for one of the monthly cycles. I had been doing that same process for the previous 8 months. But this time, I got a message saying a payment 'has already been scheduled'. I assumed it was a software glitch, so kept trying every day for 5 days, but kept getting the same message. So, I called customer service. The agent said yes, there was a problem with the billing system. So I asked to be credited the interest for the 5 days that I couldn't make the payment. The response from the CS agent astonished me - she said I could have called to make a payment any day (mind you, I was overseas at the time). If that really was their solution to their software problem, why didn't they send out an email or at least a notice on the payment webpage saying there was a problem and to call Customer Service to make a payment instead!?

I complained formally, but never got the interest credited.

Credit Reporting

It has now been 3 months since I paid back my loan, but my credit report only has an update from 4 months ago. By law, they are required to report the status of my credit every quarter, but it's been more than a quarter and they haven't reported anything to the bureaus. This certainly affects my credit score, so I emailed them asking for the reason for the delay and when I can expect to see an update. That was a month ago, but I have received no response whatsoever. I do intend to dispute the report with the 3 bureaus now.

We got out loan funded in less than an hour which is quicker than most. After 3 days of repeatedly giving them the same requested docs over and over the said we didn't have proper documentation and we were denied?!?! What I have them exactly what they ask for several times!!  And there's no one to talk to no customer service!! They have Basicly no communication with you and once you think your done and ready to finish they ask for something else. Now some history about us so you understand how much this place is crap. We have perfect credit with no late pays or anything!! We wanted the loan for ivf to have a baby and was accepted on the spot. This place makes me very uneasy that they asked such personal info then it all fell apart at the end with no real reason. We should have gone to the bank but google led us to this piece of crap scam. 

I was looking for a reasonable way to consolidate my credit card debt and saw I was "possibly" eligible for a loan for 20,000 @ 7.99%. My offer from them was 4,000 @ 27.99. Way higher than any of my cards...why would I do that?

I have fairly good credit (717), but after going through the whole application process, submitting a number of documents, and having my loan fully funded by investors, I was ultimately turned down just because I couldn't produce a utility bill in my name. I live with roommates and we pay together, a normal arrangement in cities. Nowhere was this requirement stated, which meant I wasted a ton of time for nothing. Customer service was also very inflexible and not understanding. Bad experience overall.

 Account has been paid in full for a couple of months.  Reporting this to the

credit bureau is slow.

All three of my scores are over 700 and I was denied.  The email said because my scores were too low!  What??!!   Something's wrong with their calculations.  

Credit Karma had a pre-approved proposed rate of 9.9% for the balance I inputted.  However, once transfering to Prosper, I was offered 17.89% instead.  Not thrilled.

Was sent a letter stating I was pre approved for a Propser loan.  I had to have significant dental work done last year and the rate at Axxxxx Dxxxxx for financing is high, so I thought I could use this loan to pay that off and have a lower rate.

This is nothing more than a BAIT AND SWiTCH scam.  Filled in the blanks and when I hit the "get my rate" button, i got the "no" screen instead even though my FICO score is in the good range and they seem to accept scores from Fair/640 and up.   What they did offer me was a loan through their "partner lenders" at exorbitant interest rates.  

No thanks.  

Dont trust this company they will ask for all your personal information over and over then keep sending emails stating that they can read your paperwork. This company needs  to be investigated  because they are requesting a lot of your personal info knowing they are not going to give you the loan, makes you think what are they doing with your information. I will also be reporting this company to the BBB.  Do your self a favor do not deal with this company under no circumstances!!!!