Prosper, the first online lending marketplace in the United States, gives borrowers access to collateral-free, personal loans at low, fixed rates. The company is based in San Francisco, California and has helped facilitate over $10 billion dollars in personal loans to date.

What Are Prosper's Rates and Fees?

Prosper gives borrowers access to fixed rate, unsecured loans from $2,000 to $35,000. Rates range from 5.99% to 36.00% APR, depending on loan amount and creditworthiness. There are no hidden fees and you can pay off the loan early with no penalty.

Prosper generates income by charging borrowers a one-time origination fee for every loan and a servicing fee to investors. Every borrower must pay an origination fee* that ranges from 1% to 5% of the loan amount and is deducted at the beginning of the loan. For instance, if you borrow $5,000 and have a 5% origination fee, you will only receive $4,500, but you will have to pay interest on the whole $5,000. Consider this when deciding how much you need to borrow.

What is Prosper's Application Process Like?

Loans through Prosper do not require any collateral, and you can use the money for practically any purpose: including debt consolidation, a large purchase, or a special occaision. There are no prepayment penalties, so the sooner you pay off the loan, the less interest you will pay. Once your loan is approved, your funds are deposited directly into your bank account in as little as a few days. 

What is Prosper's Eligibility Criteria?

Only borrowers with excellent credit qualify for the lowest rate available. Your actual APR depends upon credit score, Prosper rating, loan amount, loan term, credit usage and history (Applicant must be at least 18 years of age, Minimum FICO credit score of 640, and no bankruptcies filed within the last 12 months). All loans are subject to credit review and approval. All loans made by WebBank, member FDIC.

Prosper as an Investment

As a platform, Prosper connects borrowers with individual investors who can browse loans by FICO score, rating and term. If you are interested in becoming an investor, Prosper may be a good choice. There is potential for returns that can range from 6-8%.

How is Prosper Different From a Traditional Lender?

Prosper provides access to a transparent and low-cost alternative to traditional loans by connecting people who need money with those who have money to invest. With an easy online application, no hidden fees or prepayment penalties, Prosper is a smart way to get the money you need and improve your financial well-being.


  • Institution Type
    Marketplace Lending Platform
  • Credit Score Range
    640 - 850
  • Employment Statuses Considered
    • Employed Full-Time
    • Employed Part-Time
    • Other
    • Retired
    • Self-Employed
    • Unemployed
  • Immigration Status Considered
    • U.S. Citizen
    • U.S. Permanent Resident
  • Joint Loan Applications Accepted
    Only Individual Applications
  • Military Status
    • Active Duty Military
    • Military Dependent
    • Non-Military
    • Veterans
  • Minimum Age
  • Minimum Annual Income
  • Supported Income Types
    • 1099 Misc. Income
    • Cash / Other
    • Direct Deposit (W2, SSA, SSDI)
    • Payroll Check or Prepaid Card
  • Verification Documents Required?
    • Proof of Income
    • Recent Pay Stubs
    • Driver License (or other photo ID)
    • Proof of citizenship/residence
  • Late Fee After (number of days)
  • No Prepayment Fee
  • Origination Fee
    1% - 5%
  • Approval Speed (Hours)
  • Credit Bureau Reporting
  • Funding Time Range (in days)
    1 - 7
  • Payment Options
    • Automatic Payments
    • Check by mail
  • Loan Amount
    $2000 - $35000
  • Loan Term (Months)
    36 - 60
  • APR
    5.99% - 35.99%
Annual percentage rates through Prosper range from 5.99% to 36.00% for first-time borrowers, with the lowest rates for the most creditworthy borrowers. For example, a three year $10,000 loan with a rate of 5.99% APR would have 36 scheduled monthly payments of $302. A five year $10,000 loan with a rate of 9.68% APR would have 60 scheduled monthly payments of $201. Eligibility is not guaranteed and requires that a sufficient number of investors commit funds to your loan. Refer to borrower’s registration agreement for full terms and conditions. All loans made by WebBank, member FDIC.
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