Where does Prosper do business?
Prosper is a marketplace lender based in San Francisco, CA. It was founded in 2005 and offers auto loans in 48 states (and Washington, DC).
How much can you borrow via Prosper?
Prosper auto loan amounts start at $2,000 and go up to $40,000.
What APR does Prosper offer on its auto loans?
Prosper has a variable APR that ranges from 6.95% up to 35.99%.
What is the maximum loan term you can get with Prosper?
Prosper has auto loans with a maximum term of 60 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your auto loan, the more interest you will pay.
Does Prosper charge an origination fee?
Yes, Prosper may charge a loan origination fee of 2.4% to 5% of the loan amount. Prosper deducts the fee directly from your loan amount before depositing your money, so make sure you take this fee into account when deciding how much you need to borrow.
Does Prosper charge a late fee?
Yes, Prosper charges borrowers with a late payment penatly fee of up to $15, which is triggered if you're 15 days late
Does Prosper charge prepayment fees?
No, Prosper will not charge you a fee for paying your loan early. Whenever possible choose lenders like Prosper that don't charge a prepayment fee. These fees can reduce or even cancel the interest savings of repaying a loan early.
What do you need to qualify for a loan with Prosper?
Applicants with a credit score of at least 640 can apply for a loan via Prosper. The minimum age to apply for a loan is 18 or the state minimum, whichever is higher.
To qualify, applicants may need to provide the following documentation:
- Driver's license
- Proof of citizenship or residence permit
- Recent pay stubs
- Proof of income
What is the estimated funding time for an auto loan via Prosper?
Prosper will typically approve (or deny) an auto loan application within 96 hours and fund the loan within 7 business days of approval.
Does Prosper report loan payments to credit bureaus?
Prosper may report credit data to the following credit reporting agencies:
221 Main Street, Suite 300
San Francisco, CA 94105 USA
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Other Services by Prosper
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- U.S. Citizen
- U.S. Permanent Resident
- Employed Full-Time
- Employed Part-Time
- Active Duty Military
- Military Dependent
- Direct Deposit (W2, SSA, SSDI)
- Payroll Check or Prepaid Card
- Only Individual Applications
- Proof of Income
- Recent Pay Stubs
- Driver License (or other photo ID)
- Proof of citizenship/residence (Green Card)