A Penny Saved answered my questions about his Prosper Marketplace loan.
My major concerns were about home ownership terms and conditions and how quickly the loan would be paid back.
The question:
It says you are a home owner. Can you give the details of your loan (rate, term etc) and your current estimated equity situation in the home? Secondly, how soon do you plan to pay back the loan considering it is only for credit building?
The answer:
“30 year fixed, 5.25%, 30k equity give or take 1 year most likely as far as pay back time (Jun-19-2008)”
I am thinking more and more about bidding on this one despite the poor lender guidance rate of return.
In case you were curious I ended up just getting a personal loan from my credit union and sure enough, credit score has recovered quickly.
Nice blog, I dig
Congratulations Jesse on receiving the loan you needed. I am happy for you.
I would have put funds to your loan despite the low predicted return. However, I could see that it was not going to fund so no need to tie up funds.
What rate did you receive and how did it compare versus the rate you were looking at on Prosper?
Thanks for letting me know that it worked out for you.