SuperMoney 

Prosper

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in Business Loans

SuperMoney Net Recommendation Score -30% Recommendation score measures the loyalty between a provider and a consumer. It's at +100% if everybody recommends the provider and at -100% when no one recommends.

Mostly not recommended

3 users recommend
1 user is unsure
6 users don't recommend
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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 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:

  • Equipment Purchase
  • New Location
  • Product or Service Expansion
  • Working capital

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.

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

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

List of Fees
Origination Fee
Starting at 1%
Credit Score Range
640 - 850
850 300 640
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Other
  • Retired
  • Self-Employed
Military Status
  • Active Duty Military
  • Military Dependent
  • Non-Military
  • Veterans
Minimum Revenue
$35,000
Verification Documents Required
  • Proof of Identity
  • Proof of Income
Dollar Amount
Loan Amount
$2K - $40K
    $25 $1M+
Integer
Loan Term (Months)
36 - 60
    1 360
Percentage
APR
6.95% - 35.99%
    0% 100%+

Reviews

 
 

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