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Help me understand PROSPER & LENDING CLUB

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Money Talk > Credit & Loans

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SunnyA
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Help me understand PROSPER & LENDING CLUB  Reply with quote  

I have a credit score of 693/701/705 yet I still was declined for a $6,000 peer-to-peer loan from them and a few other places all for the same reason... NOT ENOUGH CREDIT HISTORY!! Maybe I'm new to this credit report thing, but I thought if you made a bill and paid a bill on time it was a positive reflection. Granted I only have my student loans on the report, but I still don't understand why it's an issue?

Anyone know where I can go get a loan with limited credit history? I really need this loan this week!!!!!!

It would be great to find a place where I won't have to run my credit and it hurts me Very Happy
Post Wed May 08, 2013 12:25 am
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coaster
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It's an issue for a lender because they don't have enough information to be able to make a loan with enough data to support the certainty of getting the money back. Look at it from the lender's viewpoint. Would you lend yourself $6000 based on the information they have on you?

~Tim~
Post Wed May 08, 2013 4:59 am
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SunnyA
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Based on the information  Reply with quote  

Honestly I would I would because I would see that the one thing that is on the report is in good standing and is for way more than the asking amount
Post Wed May 08, 2013 12:27 pm
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coaster
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Yes, but there's only one thing on the report ... Crying or Very sad

Suitable evidence for a lender to believe that a borrower is likely to pay back the loan promptly and faithfully as agreed is evidence that the borrower has always done so multiple times in the past.

~Tim~
Post Wed May 08, 2013 4:08 pm
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SunnyA
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i understand  Reply with quote  

You know where I might can go to get a loan of that amount ASAP? I really need this and I don't really trust these "payday loan" sites... heard too many scam stories...
Post Wed May 08, 2013 5:40 pm
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oldguy
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quote:
You know where I might can go to get a loan of that amount ASAP? I really need this and I don't really trust these "payday loan" sites... heard too many scam stories...


The Car Title Loans are quick, same day cash. They are able to lend larger amounts and charge lower interest because they have the Title as collateral.

As for "pay day" loans, the scam stories are mostly urban legend, they are a highly regulated industry. It's usually the borrowers that are scamming the lenders - ie, borrowing cash and then skipping town. But they can't loan $6000, more like $600.

How about credit cards? Personally if I needed $6000 in an emergency I'd load up a couple credit cards - and then figure out how to pay for it later.
Post Wed May 08, 2013 6:58 pm
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SunnyA
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I don't have any title loan places in my are  Reply with quote  

Sad Sad Sad Sad Sad Sad Sad

And like you should payday loans would only give me at most $1000 and I don't want to go and apply for 6 of them... I really need the cash today! Am I really out of options? Ugh Crying or Very sad Crying or Very sad Crying or Very sad Crying or Very sad Crying or Very sad Crying or Very sad Crying or Very sad Crying or Very sad Crying or Very sad Crying or Very sad

Maybe I should look into loan sharks... lol j/k
Post Wed May 08, 2013 7:39 pm
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coaster
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Sorry, Sunny, but you ran into the Catch-22 of the credit industry: you can't get credit until you've responsibly used credit. Start small, with a prepaid credit card or a credit card account with a low limit. Use that faithfully and then get another card with a higher limit. It all takes time to generate credit history.

This urgent need for $6000 cash right away is a bit scary. I think life will go on anyway if you don't get it.

~Tim~
Post Thu May 09, 2013 4:51 am
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