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Where does Prosper do business?
Prosper is a marketplace lender based in San Francisco, CA. It was founded in 2005 and offers access to business loans in 48 states (and Washington, DC).
What are Prosper’s rates?
Prosper offers business loans with fixed APRs starting from 6.95% to 35.99%.
Does Prosper charge an origination fee?
Yes, Prosper charges a loan origination fee starting at 1% of the loan amount. Prosper deducts the fee directly from your loan amount before disbursing loan proceeds, so make sure you take this fee into account when deciding how much you need to borrow.
What limitations does Prosper set on the purpose of the loan?
Prosper considers loan applications for business purposes, such as:
What types of business loans does Prosper offer?
Not all business loans are made equal. The type of loan you choose will determine the range of rates and terms you receive. Prosper provides access to the following business loan types:
- Unsecured term loans
Does Prosper charge prepayment fees?Yes, Prosper charges additional fees to borrowers who pay off their loans sooner than anticipated. Take this into consideration when choosing a lender because prepayment penalties can reduce or even cancel the interest savings of repaying a loan early.
How much can you borrow from Prosper?Loan amounts start at $2,000 and go up to $40,000.
What is the maximum loan term you can get with Prosper?
Prosper offers business loans with terms ranging from 36 to 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 loan, the more interest you will pay.
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. Prosper does not require borrowers to have been in business for a minimum number of years. Businesses must have a minimum annual revenue of $35,000.
Only U.S. citizens and permanent residents can apply for a loan Prosper only considers borrowers who are employed or self-employed. To qualify, applicants may need to provide the following documentation:
- Proof of Identity
- Proof of Income
What is the estimated funding time for a business loan via Prosper?
Prosper can approve (or deny) a loan application within 1 hour and fund business loans within 2 business days of approval.
221 Main Street, Suite 300
San Francisco, CA 94105 USA
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Message from Prosper
Other Services by Prosper
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
|Origination Fee||Starting at 1%|
|Credit Score Range||
640 - 850
850 300 640
|Immigration Status Considered||
|Employment Statuses Considered||
|Verification Documents Required||
|Loan Amount||$2K - $40K|
|Loan Term (Months)||36 - 60|
|APR||6.95% - 35.99%|