Friends O' Mine: It's not too late to provide an endorsement, if you were planning to do so. Just, y'know, faster would be better.
So anyway... hopefully I'll get enough bids to get the loan on those terms. If not, then I guess I'll knock my interest rate up a couple notches, join a group and re-list. For now, I'm just going to pray really hard that there are enough people willing to take a chance on me to fund the loan as is.
2 comments:
Hi Jean,
I popped over to your Prosper account and noticed that the interest rate was at 16.5 per cent. Have you tried to get a loan at your local bank to pay off the credit cards? I'm sure you could get a much better interest rate. It's worth a try.
When I was 18, I loaned money from the local bank to pay for car repairs. Of course, they had my car as collateral if I defaulted.
I've borrowed money from small banks several times through my life. Especially if you bank with them, and they see regular deposits, your chances are increased of getting a good loan.
I've found that small, independent hometown banks are often willing to work with people, and they would charge far less interest than Prosper, I would think.
Consider it. It would save a lot of money.
Yeah. We kind of assume that with our low credit scores we won't be able to get a bank loan, at least not without someone to co-sign, which is why we're going this route. The rate I'm requesting is actually lower than the rate they typically give for my credit grade, so I might end up having to re-list at a higher rate. But the thing about Prosper is that lenders bid on your loan, and the lowest offered rates win. So my starting rate could end up getting bid down.
The sad thing is that 16.5 is way less interest than I'm currently paying on my credit cards.
If I can't get a Prosper loan at a rate that will significantly lower my monthly payments, then I'll probably just keep chipping away at the credit cards via the snowball method, give it another year for my credit score to improve, and then maybe try for a bank loan. But first we'll see how this goes.
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