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Q&A: I want to see if I can get a loan from Prosper to pay off my Payday loans. Is Prosper OK?

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Question by Sunfire03: I want to see if I can get a loan from Prosper to pay off my Payday loans. Is Prosper OK?
I am caught in a Payday loan nightmare. My credit will not allow me to get a personal loan. I was reading about Prosper, person-to-person loan, hoping and praying that someone would help me get out of this pit called Payday loans.

Best answer:

Answer by bdancer222
Well the interest rate at Prosper will be a whole lot less than that payday loan. But you may not get a loan at Prosper either. If your credit is too bad to get a personal loan, people at Prosper may not be willing to take the risk with you.

Instead of looking for another loan, consider other ways to come up with cash. Have a garage sale, sell blood/plasma, collect alum cans, get a second job …

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Reasons Why You Can Benefit From Debt Consolidation

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With today’s current state and consumer culture, many Americans have found themselves resorting to debt consolidation. But what is debt consolidation? It is basically the process of securing one loan in for the purpose of paying off another loan. This is done by many people so that they can gather all their loans and credit line so that they can consolidate them into one single loan.
Finance:Debt-Consolidation Articles from EzineArticles.com

How To Tell Good Consolidation Companies From Bad

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With the downturn of the economy more and more people are turning to debt consolidation loans and debt settlement companies than ever before. Settlement companies are designed to handle repayment of debts for their clientele, but the hard part is telling the good ones from the bad. In the US today there are over 4,000 debt settlement companies and in New York alone in 2008, 14 were investigated for fraud by the US Attorney General’s Office. As would be expected, clients working with these companies ended up in much worse shape in the end.
Finance:Debt-Consolidation Articles from EzineArticles.com

How People Benefit From Debt Consolidation Services

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People who have many creditors and a mortgage are often in the position whereby they can consider debt consolidation as an option to reduce their monthly loan repayments and improve cash flow. More often than not, people are able to get this at a lower interest rate. There is also a big savings in terms of not having to pay admin fees on numerous different debts.
Finance:Debt-Consolidation Articles from EzineArticles.com

How Do Charge Cards Differ From Credit Cards

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How Do Charge Cards Differ From Credit Cards
LONDON, UNITED KINGDOM–(Marketwire – Feb. 28, 2011) – There is often much confusion between the credit card and its lesser known ‘cousin’ the charge card with many people using the terms interchangeably. But while they are both used as a line of finance to fund purchases or access to cash, they are in fact quite different.
Read more on Marketwire

Tips for transferring a credit card balance
Don’t like the terms on your credit card? It could be time to take your business elsewhere. Balance transfer offers are getting a whole lot sweeter for those with good to excellent credit. Introductory rates of 0 percent are now as long as 18 mont …
Read more on The Bryan-College Station Eagle

68% of Americans Don’t Know the IRS Charges a Fee for Paying Taxes With a Credit Card
NORWALK, Conn.–(BUSINESS WIRE)–Many Americans don’t know the IRS charges a processing fee for people who pay their taxes with a credit card.
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A Debt Consolidation Loan May Be The Answer That Will Save You From Bankruptcy

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There’s not much more frightening than debt that has gotten overwhelming and out of control, but a debt consolidation loan might be just the thing to come to your rescue. When you find yourself in an troublesome amount of debt you might not be sure what to do and might never consider a debt consolidation loan as an option.
Finance:Debt-Consolidation Articles from EzineArticles.com

UK banks at risk from property loans

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UK banks at risk from property loans
COMMERCIAL property owners and developers in Britain are in breach of covenants on four out of every five loans, with $ 309 billion at risk.
Read more on The Australian

Downtown discount
Downtown Hartford’s rock bottom commercial real estate market is wreaking havoc on some property values as high vacancy rates, a down economy and the cost of doing business are taking their toll.
Read more on Hartford Business Journal

Local homeowners raise loan issue to fight foreclosures
By SHEENA HARRISON BLADE BUSINESS WRITER DELTA, Ohio — Kathi Yevtich is trying to save the house that her husband built. Their family have lived in the three-bedroom Delta, Ohio, house since 2004, after Matthew Yevtich spent four years constructing it on nights and weekends. But a California bank filed foreclosure on the Yevtiches’ dream home in 2009 after Mr. Yevtich lost his job and eventually …
Read more on The Toledo Blade

Mortgage Loan Officers Shatter Production Ceilings, Provide Superior Service With Online Lending Tools From Mortgagebot

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Mortgage Loan Officers Shatter Production Ceilings, Provide Superior Service With Online Lending Tools From Mortgagebot
MEQUON, WI–(Marketwire – 01/31/11) – Mortgage loan officers (LOs) at banks and credit unions face big productivity barriers. For example, they often have to complete cumbersome paper applications, and then manually enter data into multiple software systems; all while boxed in by the time constraints of regular business hours. But now a new study shows how LOs are shattering the traditional …
Read more on Marketwire via Yahoo! Finance

Fitch Downgrades 3 and Affirms 4 Classes of Madison Square 2004-1
Fitch Ratings has downgraded three and affirmed four classes issued by Madison Square 2004-1 as a result of negative credit migration of the commercial mortgage back securities collateral.
Read more on Business Wire via Yahoo! Finance

Little known program helping to move foreclosed homes
Michelle Carlin and her husband will eventually use funds from an FHA-backed loan to add a deck beyond their glass doors.
Read more on St. Petersburg Times

3. Tips from a financial planner

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3. Tips from a financial planner
Rajen Devadason, a Securities Commission-licensed financial planner with MAAKL Mutual Bhd provides some insight to three key questions on financial management. He is also CEO of corporate mentoring consultancy RD WealthCreation Sdn Bhd.
Read more on The Star

Zannah P. Becker: Walking Away: My Story
To me the differences in walking away from a mortgage and paying off credit debt are quite clear.
Read more on The Huffington Post

Editorial Roundup: Excerpts From Recent Editorials

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Editorial Roundup: Excerpts From Recent Editorials
Excerpts from recent editorials in newspapers in the United States and abroad:
Read more on AP via Yahoo! News

U.S. to reap 2 million by shedding Citi warrants
The Treasury Department said on Wednesday it will take in $ 312.21 million from the sale of two groups of warrants in Citigroup Inc , shedding the last of its direct holdings at a profit two years after spending $ 45 billion to prop the bank up.
Read more on Reuters via Yahoo! News

Federal student loans offer default relief
Dear Debt Adviser, I’m 26 years old. Due to the bad job market, I didn’t work steadily for two years. I took temporary work when it was available, but I was unable to make planned debt payments. The result: My student loans are in default.
Read more on Bankrate.com