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Prosper Overview

Based in San Francisco, Prosper is one of the most successful lending marketplaces in the world. Using crowdsourcing to connect borrowers with potential investors, the company offers a variety of personal loans to help consumers finance debt consolidation, home improvement projects and special occasions in addition to financing or refinancing vehicles. Prosper lenders have helped fund over $10 billion in loans, and the company has an A+ rating with the BBB.

How Do Prosper’s Auto Loans Work?

Prosper offers auto loans to purchase or refinance a car, truck or other types of vehicle. There are no vehicle eligibility requirements regarding mileage or age and loans have fixed terms of 3 or 5 years.

What Are Prosper’s Auto Loan Rates and Fees?

Prosper’s rates range from 5.99% APR to 36.00% APR based on a borrower’s creditworthiness.

Borrowers are charged an origination fee, which Prosper refers to as a closing fee, that can range from 0.50% to 4.95% based on a borrower's creditworthiness. Prosper does not charge a prepayment fee.

How Much Money Can I Borrow from Prosper for Auto Loans?

Prosper offers auto loans ranging from $2,000 to $35,000.

What Is Prosper’s Application Process Like?

To be approved for a Prosper loan, potential borrowers are required to fill out an online application, which has fields to enter contact information, credit quality and desired loan amount. Prosper initially performs a soft credit pull to see what custom rate a borrower is eligible for. Some applicants receive a rate in minutes, but the company gives a general disclaimer that applicants who have provided all the required information and documentation can expect to receive a reply within two to four days.

How Are Prosper’s Auto Loans Better than Other Auto Loans?

With Prosper, borrowers can finance or refinance the vehicle of their choice. Borrowers can purchase a new or used car from a dealer or private party, and there are no vehicle eligibility requirements regarding mileage or age. The loan rates are competitive, and borrowers will receive money directly deposited into their account.

Annual percentage rates through Prosper range from 5.99% to 36.00% for first-time borrowers, with the lowest rates for the most creditworthy borrowers. For example, a three year $10,000 loan with a rate of 5.99% APR would have 36 scheduled monthly payments of $302. A five year $10,000 loan with a rate of 9.68% APR would have 60 scheduled monthly payments of $201. Eligibility is not guaranteed and requires that a sufficient number of investors commit funds to your loan. Refer to borrower’s registration agreement for full terms and conditions. All loans made by WebBank, member FDIC. is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...


Available in 48 States and Washington, DC
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • Wisconsin
  • Wyoming

Feature Breakdown

No Prepayment Fee
Application Fee
Late Fee Amount
Late Fee After (number of days)
Origination Fee
0.5% - 4.95%
Minimum Age
Supported Income Types
  • Cash
  • Direct Deposit (W2, SSA, SSDI)
  • Payroll Check or Prepaid Card
Military Status
  • Active Duty Military
  • Military Dependent
  • Non-Military
  • Veterans
Joint Loan Applications Accepted
  • Only Individual Applications
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Other
  • Retired
  • Self-Employed
  • Unemployed
Credit Score Range
640 - 850
850 300 640
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Minimum Annual Income
Verification Documents Required?
  • Proof of Income
  • Recent Pay Stubs
  • Driver License (or other photo ID)
  • Proof of citizenship/residence (Green Card)
Funding Time Range (in days)
1 - 7
0 14
Approval Speed (Hours)
Pre-Approved Soft Credit Inquiry
Credit Bureau Reporting
  • TransUnion
Payment Options
  • Automatic Payments
  • Check by mail
Loan Term (Months)
Up to
Loan Amount
$2K - $35K
$500 $100K+
5.99% - 35.99%
0% 36%+

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