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My Success as a Prosper Borrower

by Me vs Debt on 01/11/08

I’m a responsible, hard-working college graduate trying to get out of debt. I’ve diligently paid the credit card companies minimum payments (or more) every month for the last 5 years. In return they slapped me with higher rates as soon as my balances grew. When I inquired about the 230% increase in my APR, I was ignored and treated with disrespect. Prosper lenders gave me an opportunity to redeem myself. They looked beyond my credit score and saw my potential to be a responsible borrower. Not only did I cut my highest interest rate debt in half, but I gained leverage with the rest of my creditors. After a couple months of $0 balances, my high interest credit card companies reduced my standard APRs. All of the sudden they had great balance transfer deals to bring to the table. This is more progress in 6 months than I was able to make in the past 3 years with phone calls and letters.

I’m almost 6 months into my Prosper Loan and I’ve been able to reduce my total finance charges from over $300 per month to under $100. This has freed up funds to “snowball” into my next highest rate balance. I expect to be completely out of debt by the end of 2008. None of this would have been possible without the help of Prosper Lenders!

Interested in hearing more? I post details about my experience with Prosper on my blog at http://mevsdebt.blogspot.com regularly. Stop by and check it out!


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2 Responses


Amanda | January 11th, 2008 at 10:05 am

Thanks for sharing my story. I look forward to making future contributions :)


Mrs. Micah | January 11th, 2008 at 11:14 am

If we hadn’t been able to pay off the credit card in one fell swoop, I would have definitely looked into something like Prosper. The rates would have likely been much better!


posted in Borrowers,Personal Finance Education 2 comments »

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Notice: Blogs and other materials posted on or linked from this page that use the name "Prosper" generally use that name to refer to Prosper Marketplace, Inc. if published before January 31, 2013 and to refer to Prosper Funding LLC if published on or after February 1, 2013.