“Debt consolidation” can sound complicated and downright confusing. But it’s really just about reducing your debt to a single monthly payment and then making a commitment to getting rid of it forever. Here’s an example:
With Prosper.com, it’s simple.
- Apply online, at your convenience and from the comfort of your home or office.
- Pay off your credit cards or other loans with the proceeds of the loan.
- Make your monthly payment on your Prosper.com loan and eliminate your debt forever.
If you’re carrying credit card balances but have been afraid to take the next step, then make today the day.
* Minimum payment requirements vary by card issuer (for another example, see this Federal Reserve Credit Card Calculator explanation). We have used a conservative assumption here, taking the greater of $25 or 2% of the outstanding balance plus finance charges accrued in the period. This example assumes that the loan proceeds, net of a $495 closing fee, are used to pay off the credit cards immediately, rather than a scenario with continued monthly minimum payments.
** If you have a Prosper Rating of B and no previous loans and take out a loan for $10,495 for five years, your interest rate will be 20.85% (23.32% APR), you will have 60 monthly payments, and your scheduled monthly payment will be $283.04. Eligibility for a loan is not assured and requires that a sufficient number of investors commit to invest in your loan. Refer to the Borrower Registration Agreement for all terms and conditions. All loans made by WebBank, an FDIC-insured Utah-chartered Industrial Bank.