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Great experience. Everything was easy and simple. Thank you for welcoming me back to your company.
Easy and quick close! This was by far the simplest process I’ve been through. I was done and closed in less than three weeks.
With $10,000 in credit card debt and just paying your monthly minimum, it would take 28 years to eliminate your debt and you’d spend $12,793 in interest charges.
Or you could take out a $10,000 loan through Prosper, eliminate the debt in just 3 years, and spend only $1,913 in interest — saving yourself $10,880.⁵
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.
4 For example, a three-year $10,000 personal loan would have an interest rate of 9.88% and a 6.99% origination fee for an annual percentage rate (APR) of 14.93% APR. You would receive $9,301 and make 36 scheduled monthly payments of $322.11. A five-year $10,000 personal loan would have an interest rate of 11.64% and a 7.99% origination fee with a 15.36% APR. You would receive $9,201 and make 60 scheduled monthly payments of $220.63. Origination fees vary between 1% and 7.99%. Personal loan APRs through Prosper range from 6.99% to 35.99%, with the lowest rates for the most creditworthy borrowers. Eligibility for personal loans up to $50,000 depends on the information provided by the applicant in the application form. Eligibility for personal loans is not guaranteed, and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions. Refer to Borrower Registration Agreement for details and all terms and conditions. All personal loans made by WebBank.
5 This is compared to a total interest payment of $12,793 on a credit card balance of $10,000, calculated according to Bankrate.com’s Minimum Payment Calculator (https://www.bankrate.com/calculators/managing-debt/minimum-payment-calculator.aspx) that assumes a 16% interest rate and a minimum monthly payment equal to 1% of the outstanding balance plus interest and could take up to 28 years to pay-off. Your actual minimum payment, payoff time and payoff cost for a credit card will depend on account terms and any future account activity.
6 You may receive your funds one business day following your acceptance of the loan offer, completion of all necessary verification steps and final approval. One business day funding is also dependent on your bank’s ability to quickly process the transaction.
7 Loan terms range from two to five years. Whether you are eligible for a specific loan term will depend on a number of factors, including your current credit rating and information you provide in your application.