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Old May 21st, 2007, 09:57 PM   #1
Spence1986
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Default Prosper? Anyone heard of it?

I was talking to a loan specialist about getting a loan on my paid off house and she told me sence im so young and have a high debt to income ratio this would be a good idea for me.. From what i see on the website you just borrow from other people.
Heres the website if you want to look. Prosper

Anyone hear anything Bad or Good about this?


Thanks In Advance
Russ

Last edited by Spence1986; May 21st, 2007 at 10:17 PM.
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Old May 21st, 2007, 10:05 PM   #2
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pm chris rogers on here.
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Old May 21st, 2007, 10:17 PM   #3
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Whats he gunna do? I need to borrow money not lend it to someone...
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Old May 21st, 2007, 11:07 PM   #4
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He's a mortgage broker, they tend to know things about loans, or would you rather take advice from a ditch digger.
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Old May 21st, 2007, 11:08 PM   #5
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Well first off you say loan on a paid off house yet you have a high loan to income ratio , that makes no sense . In short the bank dont like you .

If the bank dont want to loan you money you are going to be on the high end of prospers interest rate . If you didnt look at them you may want to borrow on a credit card V's prospers rates
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Old May 21st, 2007, 11:09 PM   #6
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Quote:
Originally Posted by Mongo View Post
He's a mortgage broker, they tend to know things about loans, or would you rather take advice from a ditch digger.
HA HA HA im glad you posted that before me or i would have taken it personal
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Old May 22nd, 2007, 08:52 AM   #7
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Spence, you own it free and clear?

why would you borrow money against your home?

Are you trying to make a purchase or trying to pay off debt?

Do you belong to a credit union?

Do you have money in savings?
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Old May 22nd, 2007, 08:58 AM   #8
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Quote:
Originally Posted by DaveKerwin View Post
Spence, you own it free and clear?

why would you borrow money against your home?
He says he has a high debt to income ratio, and since his house is paid off, that has to mean car loans, or credit card loans.

Anybody paying high credit card interest would be stupid not to roll them into a lower interest home loan
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Old May 22nd, 2007, 09:01 AM   #9
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Quote:
Originally Posted by clarkstoncracker View Post
He says he has a high debt to income ratio, and since his house is paid off, that has to mean car loans, or credit card loans.

Anybody paying high credit card interest would be stupid not to roll them into a lower tax deductible interest home loan

Fixed.
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Old May 22nd, 2007, 12:41 PM   #10
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It depends on circumstance, borrowing against the house is not always the best route, it depends on degree of desparation.
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Old May 22nd, 2007, 06:29 PM   #11
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Quote:
Originally Posted by DaveKerwin View Post
borrowing against the house is not always the best route
Yes, very true.

Example 1) You default on credit cards, you end up with: Bad credit

Example 2) You default on morgage, you end up with: Bad credit, AND no house.
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Old May 22nd, 2007, 08:04 PM   #12
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responded to your PM spence
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