Prosper helps borrowers access fixed-rate, unsecured personal loans with three- or five-year terms. Borrowers can use their personal loans for a variety of purposes, including:
- Debt consolidation
- Home improvement
- Medical expenses
Borrowers cannot use Prosper loans to pay for postsecondary education.
Consumers who need money to cover a medical procedure can also look into Prosper Healthcare Lending, a subsidiary of Prosper Marketplace. Prosper offers joint personal loans that allow you to add a second person to your application as an alternative to a co-signer. Both borrowers assume responsibility for the loan.
Prosper does not originate loans itself, but instead buys loans originated by Utah-based WebBank. Prosper uses funds from investors to purchase loans from WebBank, and investors receive a share of borrower payments.
Individual borrowers can apply for a loan online or by phone, while applicants with a co-borrower cannot apply by phone. Prosper will typically review your application within five business days, but investors can start promising funding while the review process is still underway. Each loan application receives a “Prosper Rating” ranging from AA to HR that reflects the risk of investing in that loan.
Prosper says that loans generally receive full funding commitments from investors within one to three days. You could receive your loan funds as soon as one business day after you accept a loan offer and complete other final steps.
Prosper offers unsecured fixed-rate loans, with loan amounts from $2,000 to $40,000. Loans are available for three- or five-year terms.
Prosper charges an origination fee of between 2.4% and 5% of the amount of your loan. Prosper charges $15 for failed or returned payments, and customers who want to pay by check must pay a fee of 5% of their payment or at most $5. Payments that are 15 or more days late come with a late fee of 5% of your outstanding monthly payment or at least $15.
If you apply for a joint loan and your co-borrower has a good credit score, you could get a lower rate on your loan.
Prosper has a minimum credit score of 640 for its personal loans. It also has a maximum debt-to-income ratio of 50%, and you must have fewer than five credit bureau inquiries within the last six months. Prosper also checks to see that your credit report has at least three open forms of credit recorded. You must have some form of income, and Prosper does not offer loans to those who have filed for bankruptcy within the last 12 months.
If you want to view Prosper’s loan options, you can check your rate based on a soft credit check that will not affect your credit score.
Prosper requires a minimum credit score of 640 and also considers factors such as your income, DTI ratio and whether you have filed for bankruptcy in the past year.
WebBank originates loans to borrowers throughout the United States before selling and assigning them to Prosper. You can become an investor through Prosper in 29 states and Washington, D.C.
Select your desired loan amount and loan purpose, your credit score range, and your state to see estimated annual percentage rates and loan terms.
Prosper has an A+ rating with the Better Business Bureau, and it is BBB accredited. The company has an excellent rating on Trustpilot with a 4.6-star rating out of 5 based on more than 6,900 reviews.
In 2020, the Consumer Financial Protection Bureau received 31 personal loan complaints about Prosper. Getting a loan and difficulty paying a loan were the most common complaints. All complaints received a timely response. The company closed 30 complaints with an explanation, and one complaint with nonmonetary relief.
Prosper has an overall 3.8-star rating out of 5 from U.S. News, with 4.6 stars for customer service, 2.9 stars for affordability and 4 stars for eligibility. The average for personal lenders in U.S. News’ ratings is 3.9.
You can reach Prosper at 866-213-6663 from 6 a.m. to 5 p.m. Pacific Time or contact borrower services at 866-615-6319. Customers can also email email@example.com or fill out an online form to get in touch.
Customers can check their rate, apply for a loan, upload documents, check their application status and make payments online.
- Borrowers with a credit score of at least 640.
- People who need to borrow $2,000 to $40,000.
- Individuals who prefer to access multiple loan offers.