Would you mind telling me a bit more? Why is your credit bad? What do you need the proceeds for? What stat are you located in? What type of business are you in? Are there any cosigners or guarantors other than yourself?
that is a question i cannot even answer, i pay what little bills i have on time but my credit score remains the same, i want to clean up some medical bills, i am from wv, i am retired but along with my wife trying to get our technology business off the ground, i would imagine my wife who is a nurse would serve as a co-signer
I have taken a look a prosper on many occassions. It seems that there are a lot of investors on there but that none of them are willing to commit to the full amount requested. Thanks for posting this suggestion though.
with prosper you need a certain credit score, be so tall, weigh a certain amount, walk a certain way. i am not sure they help anyone, pretty much like the average banks, in that you have to convince them you don't really need the money.
I took out a $4000 personal loan on Prosper just for fun, to see how it works out. they grade you from A-E based on your credit rating, and when you put your loan listing up, lenders "bid" by telling you what amount they will loan to you, and what percent. Note that they split up their "investment" to many borrowers in case soeone defaults. But if your listing is asking for too much $$ at too low interest, you probably will not get funded.
My FICO is 660 and I was rated as a "C" grade. I put up a $4k loan request over 36 months at 20% APR (again, just to see what happens). My loan funded within 12 hours and I've paid back the loan already over 3 months.