Thursday, August 16, 2007
Trying to Prosper
Well in response to Bank of America almost tripling my interest rate, I have put up a listing on Prosper to try and get a lower interest rate. Let's hope it works!
One thing I was really wondering about is why it only allowed me to set my max interest rate at something around 8% when most of the loans with my amount request and credit rating were showing somewhere around 14%. Hmmm?
Anyone know anything about that?
Labels: Bank of America, debt, prosper
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It's based upon your state's legal limits for the interest rate. Based on the type of lending done through Prosper, your state maximum must be 8%. I've seen a lot worse states than that...
Sorry, I looked at your Prosper posting, your state's limit is 10%. See http://www.prosper.com/legal/states_and_licenses.aspx for more information.
Yep, it's based on your state as sick of debt said. 8% is pretty low. I'm not sure too many lenders will take the risk. Maybe if you are AA credit, but even then they can probably do better with other loans.
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