Prosper vs Longer Term Loans
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Prosper vs Longer Term Loans
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Prosper launched in 2006 and, as of late, has had over $300 million loans funded from private investors. This California based company currently holds a decent Better Business Bureau rating of B+.
Prosper is also a social lending network that brings together those that need a loan and those willing to lend money. The loan size must be between $2,000 and $25,000.
The current loan rates at Prosper range from 5.99 to 36%. The website is easy to navigate through the application process. The loan application process consists of the following steps:
Most loans are funded within an average of 8 business days. Prosper does charge a fee to facilitate the lending process. A fee between .5 and 4.95% is taken from the loan upfront before you receive payment.
Prosper provides a simple lending process and a website that's easy to navigate. Loan rates can range a little higher at Prosper but the associated loan fees, to cover credit checks and administrative costs, are slightly lower. If you are in the market for a loan from $2,000 to $25,000, Prosper is worth your consideration.
Longer Term Loans advertises itself as a service that matches people looking for personal loans of up to $25,000 with "today's top lenders". According to the Important Facts section at the bottom of the page, borrowers can expect these lending partners to have an APR range of 6.59% to 36% for an installment loan of at least 12 months. Of course, because Longer Term Loans is only a matching service, your actual loan amount and interest rate depends solely on the lending partners with whom you may be matched.
Unfortunately, that is the extent of the details provided by Longer Term Loans without actually completing their online application. There is absolutely no contact information provided - no email, phone number, or online contact form. Given that their application requires prospective borrowers to submit not only their Social Security Number but also their bank information (routing number, account number, and bank name), Longer Term Loans should have some way of reassuring their customers that their information will be safeguarded.
We were unable to find any reputation whatsoever for Longer Term Loans: no rating with the Better Business Bureau, no customer reviews, no presence on social media platforms.
For all of these reasons, we recommend you choose a different lending partner for your personal loan needs. Longer Term Loans just doesn't offer enough information to be sure that your personal details will be in good hands after the application is complete.
To help you find the Best Personal Loans, TopConsumerReviews.com provides you with an in-depth comparison of Prosper and Longer Term Loans.
Are you in need of some cash? Historically, borrowers have had limited options for a personal loan. You could ask a family member, a friend, or find a personal finance company that offered fixed-rate loans, typically at exobrtantly high interest rates.
Today, however, finding a personal loan brings several more options to the table. While you can still ask a family member, or get a high-rate loan from a finance company, you can also consider using a social lending network. These networks, also called peer-to-peer loans, generally have much lower overhead and as a result can offer much lower interest rates. They're facilitated by professional companies familiar with this type of lending, to simplify things for all parties.
No matter where you borrow money from, before you get your next personal loan you should consider the following:
TopConsumerReviews.com has reviewed and ranked the best online personal loan providers available today. We hope this information helps you find the best loan at an affordable rate that meets your needs!
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