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A Prosper.com spotlight: How Leonard paid down his credit cards for good

by Prosper on 08/1/12


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:

  1. 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.
  2. 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.


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4 Responses


Kim | August 16th, 2012 at 11:49 am

Congratulations….that is awesome!


Vlad | August 21st, 2012 at 9:49 am

just found out – evertime you borrow money you have to pay “closing cost”… So not for all cases with “debt consolidation” Prosper is the best answer…

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