Better Lendingclub or better Prosper

JonnyL · Joined: 22 Nov 2007 Posts: 1

Hi,

I want a $2500 loan to refinance my credit card debt at a lower rate. I recently graduated from college and have just started an interesting job in Seattle.
I am responsible and always pay my bills on time.

Should I rather use Lendingclub or Prosper to get a low rate? How do chances to get funded differ?

ChrisFS · Joined: 22 Nov 2007 Posts: 6

For a borrower with a good credit record, it may be either/or. With Prosper, you can start the borrowing process and see what kind of score they give you and then cancel, if your score is lower (and therefore your initial interest rate higher) then you expected. I don't know if Lending Club is the same.
If you have a good description in your listing, the rate on your loan could be bid down by lenders, to a lower rate that you started,
On Lending Club, I believe that the rate is fixed by Lending Club and won't move up or down