in Home Equity Lines of Credit from Prosper Funding LLCClaimed
|Loan Amount||$1,000 - $500,000|
|APR (Variable APR)||N/A|
Prosper HELOC Review
Where does Prosper HELOC do business?
Prosper Funding LLC is a marketplace lender based in San Francisco, CA. The company was founded in 2005 and offers home equity lines of credit (HELOCs) to borrowers in 50 states (and Washington, DC).
How much can you borrow with a HELOC?
Home equity lines of credit are lines of credit -- similar to a credit card -- that are secured by your home. Once you get approved for a certain amount, you can borrow as much as you need by writing a check or a credit card attached to the account.
Prosper HELOC allows borrowers to apply for lines of credit of up to $500,000. Note that the maximum loan amount you can borrow will vary depending on the value of the property, how much you owe on it, and your creditworthiness.
This lender's maximum loan to value rate is 90%. That means the total debt secured by the property cannot exceed 90% of its value. Let's say you own a property with a current market value of $100k, but you still owe $20k on your mortgage. Your equity would be $80k. In this scenario, if you have good credit, you may qualify for a line of credit of up to $70k.
What are the terms for a HELOC via Prosper HELOC?
HELOCs have a draw and a repayment period. During the draw period you can borrow as much as you need up to your credit limit. After the draw period, you are responsible for repaying the loan.
Prosper HELOC offers home equity loans with a draw period of up to 10 years.
Is there a minimum draw requirement?
No, there isn't a minimum draw requirement.
What is the estimated funding time for a home loan via Prosper HELOC?
Prosper HELOC will typically fund home equity lines of credit within 21 and 28 days of approval.
What fees does Prosper HELOC charge for a HELOC?
Prosper HELOC may charge a loan origination fee.
What types of property can you use as security for a HELOC with Prosper HELOC?
Lenders often have restrictions on the type of properties they will accept as security for a HELOC. Prosper HELOC will consider lines of credit secured by the following property types:
- Primary home
- Secondary homes and vacation properties
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia
|Credit Score Range||
620 - 840
|Immigration Status Considered||
|Employment Statuses Considered||
|Supported Income Types||
|Joint Loan Applications Accepted||
|Verification Documents Required||
|Funding Time Range (in days)||21 - 28|
|Loan Amount||$1K - $500K|