We blogged last June about how debt consolidation works – and this week we’re turning the spotlight to Leonard C., a Prosper.com borrower who successfully simplified his debt.
Realizing he had “too many payments every month”, Leonard used a $10,000 Prosper Loan to pay off his credit cards. He points to two reasons for turning to Prosper for a personal loan:
- Simplicity. Keeping track of multiple credit cards with outstanding balances is difficult and time consuming. Exchanging them for a single fixed monthly payment helped to reduce financial stress.
- Community. Leonard didn’t have to walk into a bank to get his loan. In his words, Prosper’s peer-to-peer lending community “made [his] decision to borrow much easier”, adding that “lenders know what borrowers are going through”.
We think Leonard’s story is really heartening – and he is just one of thousands of borrowers who have used a Prosper Loan to take their first steps towards tackling their debt.