Taking A Look At Prosper Loans Complaints

Prosper.com is a personal loans website, that makes getting personal loans easy.  In the website, the borrower and lender would often engage in auction, just like in eBay, to get a loan. Although, the intentions are good, there are still several Prosper loans complaints.

To be a part of Prosper.com, a member just needs to sign up and have an account.  Usually, it would require three days before the funds are transferred to the account which is one of the Prosper loans complaints.  Since you have to wait for three days before the funds are transferred, then you cannot bid on loans immediately.

The loans found in Prosper.com are usually for home remodeling, weddings, or medical bills, which are usual reasons why people make loans. There are also others who make Prosper loans in order to invest in their Prosper accounts. Referred to as loan arbitrage, people make loans so that they would be able to loan it to other people.

When bidding for Prosper loans, borrowers would often submit a maximum rate that they are willing to pay for the loan to the credit bureau check.  This would be the basis of the lenders on deciding on who gets the loan, along with other criteria. Here Prosper loans complaints happen.

Is it too good to be true? Prosper loans complaints would often be on delinquency.  Although Prosper.com has necessary safeguards in order to verify those who borrow money, there are still problems when it comes to payment and sometimes loans end in delinquency.

Prosper.com also receives a D+ rating from BBB or Better Business Bureau, which is a passing grade. However, Prosper loans complaints are taken and taking necessary steps in improving their services and sites.

Some financial experts would say that Prosper.com is more suitable for borrowing small amount of money, since they have lower risks. The intention of the website is definitely great, however, there are always room for improvement in order to make the system better and provide for customer needs.

Patty Bender

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