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Prosper

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in Auto Loans

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Overview

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:

  • Transunion

 

PROSPER Disclosure: For example, a three-year $10,000 loan with a Prosper Rating of AA would have an interest rate of 5.31% and a 2.41% origination fee for an annual percentage rate (APR) of 6.95% APR. You would receive $9,759 and make 36 scheduled monthly payments of $301.10. A five-year $10,000 loan with a Prosper Rating of A would have an interest rate of 8.39% and a 5.00% origination fee with a 10.59% APR. You would receive $9,500 and make 60 scheduled monthly payments of $204.64. Origination fees vary between 2.41%-5%. APRs through Prosper range from 6.95% (AA) to 35.99% (HR) for first-time borrowers, with the lowest rates for the most creditworthy borrowers. Eligibility for loans up to $40,000 depends on the information provided by the applicant in the application form. Eligibility is not guaranteed, and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions. Refer to Borrower Registration Agreement for details and all terms and conditions. All loans made by WebBank, member FDIC.
SUPERMONEY Disclosure: SuperMoney.com 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...

Contact

  • Headquarters
  • 221 Main Street, Suite 300
    San Francisco, CA 94105 USA
  • Visit Site

Message from Prosper

Prosper was founded in 2005 as the first peer-to-peer lending marketplace in the United States.

Other Services by Prosper

Availability

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
$0
Late Fee Amount
$15
Late Fee After (number of days)
15
Origination Fee
2.4% - 5%
Minimum Age
18
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
$60,000
Verification Documents Required
  • Proof of Income
  • Recent Pay Stubs
  • Driver License (or other photo ID)
  • Proof of citizenship/residence (Green Card)
Loan Term (Months)
Up to
60
Loan Amount
$2K - $40K
$500 $100K+
APR
6.95% - 35.99%
0% 36%+

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