Features

Prosper, one of the largest peer-to-peer lending marketplaces in the United States, provides customers who have good credit with a fast way to borrow money at low fixed interest rates. The company is based in San Francisco, California, has more than 2.2 million members and has furnished over $2 billion in loans.

How Does It Work?

As a peer-to-peer lending platform, it uses crowdsourcing to connect borrowers with individual investors who have access to the credit scores, ratings and histories of borrowers. Investors may also decide who to lend money to based on the profile descriptions of borrowers, community affiliations and endorsements from friends.

What Are The Interest Rates and Fees?

The P2P business model reduces transaction costs and interest rates, as well as allowing loans to get processed at speeds traditional banks can't even begin to match. Prosper generates income by charging borrowers a one-time fee for every loan and an annual loan fee to investors.

What About Documents & Process?

Prosper loans do not require any type of collateral and you can use the money for practically any purpose: including debt consolidation, an auto loan or a short term bridge loan. There are no prepayment penalties so the sooner you pay off the loan the less interest you will pay. If you provide all the required information and documentation you can expect to receive a reply to your application within two to four days.

What Are The Eligibility Criteria?

If your credit score is above 640, you can apply for loans ranging from $2,000 to $35,000. However, borrowers with lower credit scores may only qualify for smaller loans and will pay higher interest rates. Borrowers may request loan terms of up to 5 years, but the longer the loan terms the higher interest.

Prosper as an Investment

If you are interested in becoming a peer-to-peer lender, Prosper is a particularly good choice. Depending on your risk tolerance, you can make anything from 5% to 10% interest on your savings, which is considerably higher than the 4% to 5% offered by Lending Club.

Is Prosper Personal Loans Better Than Others?

Prosper provides borrowers with an attractive alternative to conventional banks and credit cards. The interest rates are competitive, the approval rates are fast and the money is directly deposited in your account. Interest is based on the current loan balance, so there is no penalty for paying the loan early.

  • Interest APR
    6% - 35%
  • Loan Amount
    $2000 - $35000
  • Max Loan Term (Months)
    60
  • Minutes
  • Same Day
  • 1-7 days
  • 1-2 weeks
  • 2-4 weeks
  • Min Revenue
    $35000
  • Origination Fee
    1% - %
  • Credit Type Offered
    Unsecured Term Loan
  • Intended Use of Funds
    Equipment Purchase Lease Improvements New Location Product or Service Expansion Working Capital
  • Institution Type
    Peer to Peer Lending
  • Approval Speed (Hours)
    1
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0 votes

I've had such a good experience with applying with Prosper and receiving a small business loan from them. The issues began when I tried to make my payments through the online system. For some reason, nothing I tried would let me schedule a payment or actually go ahead and pay with my credit card. I called the customer service number given and they told me they couldn't help with the online payment, because they didn't have access to it. The solution I was given was to pay over the phone, ... or try again online. More Less


0 votes

I generally stick to using online banking systems and financial institutions because they tend to offer more affordable services and better rates, since they don't have brick and mortar locations to pay for. Prosper is no different. They have some of the lowest interest rates for small business loans that I've seen in quite some time. I really like that even though they run strictly online, they provide hands-on customer service so you never feel alone in the application process. Getting a loan was so easy, and the reps I've ... spoken with are great. More Less


0 votes

There are many things I really liked about using Prosper, but a few that I wish they'd change. The application process was super easy, and the rates are pretty reasonable. I also received the money three days after I applied. The things I wasn't too happy about include the fact that they charge closing fees. So they take a percentage out of your loan for themselves. Also, the current maximum loan is $35,000, which is pretty low when you need it for business purposes.


0 votes

I didn't find it easy to apply with Prosper, which many people have said it would be. I researched this company thoroughly, and was interested simply due to the apparent ease of use that came with going through them for a loan. Luckily, the customer service department is great, and they were able to help me through it. They really made a point to figure out the problem I was experiencing, and give me a straightforward answer. Eventually, we were able to figure it out, but I wish it could've ... been easier. More Less


0 votes

I received a pre-approval for a loan, and since I was looking for a loan for my small business anyway, I decided to contact Prosper. I wanted more information about the loan I could receive. I asked various questions, from what my interest rate would be to what my monthly payments would be, and spent about 30 minutes on the phone. After some time, they told me I didn't qualify for a loan with them. Why did I get a pre-approval notice? What a waste of my time.


0 votes

I absolutely LOVE the fact that Prosper only does a soft inquiry on your credit score. I've had issues in the past trying to get business loans, and getting various hard inquiries on my credit have really affected my ability to get a loan with a decent interest rate. I immediately applied with Prosper when I learned that they wouldn't put a hard inquiry on my account. I figured, I had nothing to lose if I wasn't approved. I did get approved, and the experience with Prosper has been great ... so far. More Less


0 votes

Getting a small business loan for my software company was so easy! The process of applying was so smooth, and there were no issues. My company is in good standing, so I received a low interest rate. I applied Monday and got the money in my account on Friday. The customer service is great, and they are there for me whenever needed. I'd highly recommend Prosper because they offer what other lenders can't- an easy, quick, simple, smooth process!


0 votes

The process with Prosper has been so easy. I needed to do some repairs on my family's dental office, so getting a small business loan was a no brainer. We hadn't gone through a lender before, generally we'd just use what we had. But since the repairs were pretty hefty this time around, a loan seemed the best way to go. Prosper's online application was quick, my business was approved the next day, and I received the money three days after that. The repairs have been started, and it couldn't ... have been easier. More Less


0 votes

I'd read so many good reviews about Prosper, so I'd decided to give them a try for my small business. For whatever reason, my interest rate ended up being over 20%! The payments were ridiculous with this rate, and I really couldn't pay them with my other business expenses. I ended up going with another online business lender with a lower rate (about 11%) just to pay off this mistake. I'll have to look more closely at the fine print next time.


0 votes

I was really hesitant to apply for a small business loan with Prosper because I had already been turned down by two other lending companies. Also, the reviews I had read had been very mixed, and I wasn't sure what to think. I've been paying off my loan for about 4 months now, and I think it has been such an easy and simple process. Applying online was so easy, and my loan came in about two business says. The interest is really good, and my payments are reasonable ... for my business. More Less


0 votes

The online payment system has been giving me such grief! I've been paying back my small business loan from Prosper for about six months now, without any issues. Now the online system isn't working properly. I've called the customer service department, and they continue to tell me that they cannot control it and cannot fix it. I understand it's probably a technical issue, but why wasn't it fixed immediately? I'm sure tons of Prosper clients pay online and are irritated with this screw up.


0 votes

I had an issue with the payments for my business loan, and tried to contact Prosper to figure them out. I set up automatic online payments, and they were coming out sporadically, whereas they were supposed to come out on a specific date. I wanted to be able to schedule and know when the money would be taken out, so I called customer service. They couldn't tell me why the payments were everywhere, and every time we choose a date to schedule the payments, they still come out at different ... times. More Less

0 votes

Having read some negative reviews about Prosper at other review sites, I had my doubts about their service. first off, my credit rating is prtty good - a 730 credit rating and I am 60 years old, I own my own home, have been employed by a Fortune 50 Company for 2 years, have plenty of income, and only 2 credit cards which I wanted to consolidate to pay off for a lower interest rate. That's the story.

Dealing with Prosper was actually very easy. But even though they congratulated ... me for having my $15K loan approval, it really wasn't funded technically and I wasn't told why. I was asked to provide all kinds of documentations. I gave everything they asked, including my tax return, but I do not have a social security card. I have a SS number, since I was born, but I don't have a physical card and haven't had one in over 30 years when I first lost it. I never had to supply a SS card for other purposes, even for a mortgage, a previous personal loan (paid off, of course), a car purchase, or a Passport, or anything ever that I can recall, especially when I call supply 40 years of fed tax statements. Even the gov SS web site says you really don't need a card, you just need to know what your SS number is! So, I mentioned this to Proper but I was told that, in spite of giving them my tax return, my pension docs, a drivers license, and a W-2, they had to have a SS card to get my loan -- this told to me by a quite less than customer service-trained girl (she was very indifferent and no effort to 'make the deal' or to make me feel pleased to be doing business with them "I'll have to ask my supervisor." Which she said she did, but, no, they wouldn't bend. Their indifference left me cold. I've had more empathy from with my cable company! What kind of business decision was that?? I decided not to send away for the card, wait 10-15 days to get one, just to get my loan. If my decision was dumb, their's was dumber. Proper strikes me as a very unprofessional company. Are they that flush that they can turn away business for such ridiculous issue? Disappointed. More Less


0 votes

I applied for a $20,000 loan to consolidate our higer interest credit cards. The application process was smooth and the documentation required was also easy to get and my loan was approved within 4 days of applying.


0 votes

I am so satisfied with the personal loan I got through Prosper! The entire process from application to getting the money in my account only took 4 days. The website and process is very user friendly. Great customer service. This is the only personal loan provider I have seen with a fair credit report analysis and interest rates. Will definitely go thorugh Prosper again.


0 votes

I'm a new customer to Prosper, was very skeptical at first from some of the reviews, but I needed to get out from under some high interest rate credit cards so I took a chance. It was actually pretty easy, I followed their sugguestions, got my documents in as soon as my loan was funded


0 votes

I just wanted to take a minute to say I had a great experience with Prosper. I started my loan process on Sunday and on Monday I was fully funded. The funds were in my bank account today on Thursday morning. I received a great rate and the whole process from start to finish was very easy. I would definitely recommend Prosper, they did an outstanding job.


0 votes

The loan application was very easy, the company is quick to reply the whole process took less than 4 business days. I will refer to friends and will use this company again.


0 votes

I applied for a $12,000 loan on Friday and received the money in my account the following Monday. After doing the math, I realized I'll be saving roughly $1,200 in interes


0 votes

No issues, rate shown was given at closing. Documentation was a lot less than a traditional bank and the process was good enough to convince me to be an investor too. Have had everything great so far and hope it stays this smooth.


0 votes

I applied for prosper loan and i got the fund after 5 days. Its fast and easy got 10% interest rate better than my bank loan


0 votes

The application process was quick and easy and I had the money in my account in a matter of a few days! It dropped the interest rate I was paying in half and gave me fixed payments for 36 months. I think I will use this option again when I need some extra cash for home improvements.


0 votes

I applied and recieved a prosper loan for 20,000. Very easy and straightforward. The people who are crying is just sour grapes. If you have no delinquincies, or are not maxed out in debt, there is no reason you would not get a loan. Why would you not? That's what they are in business for. I am and was very pleased at the effortless and rapid availability of the process. I would never hesitate to us ethem again.


0 votes

Super easy. Super fast. Applied early Tuesday afternoon. Went live a few hours later. Fully funded in less than an hour and before the paperwork was finalized.


0 votes

I received a small business loan to expand my company, and everything was going very well with Prosper. I began my monthly payments, and had absolutely no issue. This occurred for about a year. One week, though, my payment fell on a Wednesday, but I was unable to make a payment until Friday. I called and let a representative know the situation. They didn't seem okay with it, but said fine. I received multiple phone calls, probably 7-8, on Wednesday, Thursday, and Friday before I paid. I kept telling them ... I spoke with a rep and will pay on Friday, but the calls continued until I made the payment. How irritating and inconvenient. More Less


0 votes

This is the first time I've used Prosper as a P2P loan provider for my small business, and I can say that I'm very satisfied. I like the fact that they offer unsecured loans, so I don't have to put up any collateral in order to actually receive the loan. I've had to do this in the past, and even though I've had no issues paying off the loan, it is still a scary thing. Prosper offers a great service to small business owners, and I'd highly recommend them to ... any one in need of a loan. More Less


0 votes

I took out a small business loan of $10,000 with Prosper. I have used them for personal loans, and have been very happy. But the interest rate on my business loan was double what I paid with my personal loan, at 14%. I get a business loan with have a higher interest rate, but double a personal loan interest rate? That's a little steep for me. Even though I've had a great experience with them, I may look around for a lower interest rate the next time my small business ... needs a loan. More Less


0 votes

The requirements for small business loans are pretty strict. Initially, I was unable to get a loan from Prosper and had to go a different route. After some time, as my business grew, I was able to meet the requirements set forth by the lenders at Prosper. I really wanted to go through this company because the interest rates were very reasonable, but it's a shame that they make it so difficult so small business owners. We are already working our butts off to keep our businesses afloat, so I ... think we deserve low interest rates on our loans. More Less


0 votes

I love how easy Prosper is to use for small businesses. I've gotten loans through other companies that also do personal loans, and they seem to focus more on the personal loans. Prosper offers personal loans as well, which I've received in the past, and they've given me the same professional service during both situations. I'm so happy with my experience with them, that I've referred about three other small business owners for both personal and business loans. I'd highly recommend them.


0 votes

Prosper's application process was one of the easiest that I've come across so far. Basically, I was able to upload the required documents and they automatically were put into the application form. Before, I'd had to type in each individual piece of information. If you're a small business owner, you really don't have the time for this. Prosper helped me save time and effort, and I was able to focus on what I do best: run my business.


0 votes

The online payment system is a little unorganized in my opinion. I generally like to make my monthly payment 3 to 5 days ahead of the scheduled time, just to avoid any possible delays that could cause an issue. For a few months, I was going online to schedule my payment, without any issues. Then one month it wouldn't let me schedule the payment. I tried again the next day and had the same issue. So I called customer service, and they said I'd just have to pay over ... the phone if the online system wouldn't work. More Less


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