[jonnyc]

Hello everyone. I've been reading all over the net about trying to borrow using Prosper and would like some help.

I have read many users who have complained about being pre approved and being told their funds are on the way, only to be declined at the last minute. What gives on this and who makes the decision to pull out of the loan ?

Being declined because of not having a utility bill in your name ?

Repeatedly being asked for the same documents and important personal information, only to be turned down ?

Telling you you can get a loan at a certain %, then you apply and the rate is much higher ?

I am asking because I would hate to apply for $5000 only to have my time wasted, my credit report pulled and then be denied.

Thanks for all your help in advance.

John

[Randawl]

Simon from LendingMemo wrote a nice article on the borrower's perspective of the loan application process. He applied on his own and documented it from start to finish. Have a look there for some clarity on the borrowing process.

http://www.lendingmemo.com/prosper-p...l-loan-review/

[imported_Peter]

Jonnyc,

You can go through the initial process at Prosper without having them do a hard pull on your credit. This will give you an idea of the interest rate you could expect. If you are denied at this stage there is no damage done.

Before you do that, though, you should pull your own credit report to make sure it looks good. Any problems there will lead to a rejection as they do verification.

Best of luck and let us know what you decide to do.