Predatory loans often come with extremely high APRs, hidden or confusing fees, short repayment periods, or terms that make repeat borrowing more likely. Before taking out a loan, compare the APR, total repayment cost, fees, payment schedule, and consequences of paying late. Payday and title loans are common high-cost options, but digital cash advance apps can also become expensive once tips, subscriptions, and transfer fees are included. Alternatives may include personal loans, credit union Payday Alternative Loans (PALs), creditor payment plans, and community assistance.

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The Prosper Performance Updates are designed to help our investor community better understand performance trends and provide important insights into the trends we are seeing and the information needed to invest through the Prosper platform.

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A good FICO credit score is 670–739; "very good" is 740–799, and "exceptional" is 800–850. The U.S. average is 713. A score above 670 typically qualifies you for better loan terms, lower interest rates on mortgages and car loans, and preferred status with landlords and employers. Build a good score by making on-time payments, keeping credit utilization below 30%, and avoiding unnecessary new credit applications.

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The average interest rate on a personal loan is anywhere from around 12% and 15% depending on the loan term. However, if you have excellent credit and you do some comparison shopping across multiple lenders, you can potentially find a lower rate.

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College can feel like an expensive time of life. But making the right money moves now can help set yourself up for long-term success even beyond graduation. One of the first things to do is to make sure you understand your student loans, particularly how interest accrual and payments work. Also
start learning how to budget and try to set a little extra savings aside as a beginning emergency fund. Getting a side hustle can help boost your spending power while in college, as can a credit card– as long as you know how to manage it responsibly.

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The Prosper Performance Updates are designed to help our investor community better understand performance trends and provide important insights into the trends we are seeing and the information needed to invest through the Prosper platform.

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FICO Scores are the credit scores used by most lenders. But many people don't understand how they work. In short, a FICO Score is a three-digit number that reflects whether you've paid your past debt as agreed. If you've missed payments in recent years, or you simply have too little history with debt, your FICO Scores may be low. And with low scores, it's difficult to qualify for credit cards and loans.

However, if you practice healthy credit habits, including paying your debt on time and paying off your credit card balances each month, you can expect to see your FICO Scores grow over time.

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The key to budgeting irregular income is to identify your bare-bones spending needs, then make a plan for any income you earn above that. It’s important to account for taxes, savings, and discretionary spending on top of your basic living expenses. Set yourself up for financial success with clear priorities on how to handle both busy and slow months. The longer you earn money from your side hustle, the more data you have to predict future income trends.

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A holiday sinking fund is a mini-savings goal where you set aside extra cash to cover your anticipated extra spending in December. Even if it feels like it’s too late to make any real progress, there are actually several ways to cut back, earn more, and save plenty of money before Santa comes down the chimney. Start with a clear holiday budget, then create a plan for the next three months. Temporarily cut back recurring expenses, implement a no-spend challenge or two, lower your grocery bill, and declutter your home to earn some extra cash. In just three months, your holiday sinking fund will look merry and bright!

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The Prosper Performance Updates are designed to help our investor community better understand performance trends and provide important insights into the trends we are seeing and the information needed to invest through the Prosper platform.

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