Skip to main content
No. of Recommendations: 1
One other thing … I applied for a loan through Prosper and was approved for $10,000 at 15.85% APR. Lower than my current APR but still ridiculously high ..... and I hear that Prosper does a HP and hurts credit even though they say they do not. Any thoughts?

If you actually applied and were approved, there probably was an inquiry. You need to check your credit report to see.

You also need to understand the fees that would be involved to get that loan. If you would be less than the extra interest you would pay on your 23% card, and the payment fits into your budget, it might be worth it to do the loan. If you can't figure out the interest savings vs. the fees, post some information and we can figure it out for you.

Print the post  


UGC Disclosure Notice Regarding Credit Card Posts
Community board discussions about credit cards are not provided or commissioned by banks who may have advertising relationships with The Motley Fool. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.