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Prosper Loans go to 36% Nationwide

RateLadder reported that Prosper is going now covering the whole country – minus Texas and South Dakota – with the ability to fund a loan at a rate of up to 36%. This is great news for those of us who were restricted in some states, which had interest rate ceilings. For instance, in Virginia there was a 12% interest cap. This made it difficult, if not impossible, to fund a sizable loan. There are a bunch of other new items of interest that will impact all members of Prosper – check out this blog post on the Prosper blog – Thanks Prosper!

All you Prosper Gurus out there – I want to try for a Prosper loan. Okay, so I have credit card debt I want to consolidate. I would like to go for $25,000. Should I set the interest rate at 36% and let the market bid it down using the auction? I just checked my credit via Prosper and I am sitting at a “B”. What would a good strategy be?

RateLadder wrote about a $25,000 loan funding at 22% — C Credit — DTI 28%. I am a B Credit with about 20%-25% DTI. What do you think? Can I make it happen for around 20%? I like the idea of letting the market adjust the rate to the most appropriate level.

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This entry was posted on Tuesday, April 15th, 2008 at 10:44 am and is filed under Stock Market. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.





  • http://prosperlending.blogspot.com Tom

    I think you have a solid chance of getting a loan now that rate caps have been eliminated. Especially since you have improved your credit grade from a C to a B.

    If you request a smaller loan you will get a better interest rate. If it is important that you get the full $25K I would set the rate at the max possible and let the market bid it down.

    Right now C grade loans are are going for 19.10% when the dollar amount is above $10K. At $25K the rates are going to be a bit higher than that.

    Let me know when you put your loan request up and I’ll put in $50.

  • http://www.rateladder.com RateLadder

    When you go through the listing process Prosper will suggest a rate that will have teh best chance of funding… Accept Prosper’s suggestion.