Mostly not recommended
Would you recommend Prosper to your friends?
Thanks for your vote!
You voted: May or may not recommend
Where does Prosper do business?
Prosper is a marketplace lender based in San Francisco, CA. Founded in 2005, Prosper offers access to personal loans in 48 states (and Washington, DC).
What are the APRs offered via Prosper?
Prosper offers a personal loan product that ranges from 6.95% up to 35.99% APR.
Does Prosper charge an origination fee?
Yes, Prosper charges a loan origination fee of 2.4% to 5% of the loan amount. Prosper deducts the fee directly from your loan amount before depositing your money, so make sure you take this fee into account when deciding how much you need to borrow.
Does Prosper charge a late fee?
Yes, Prosper may charge borrowers a late payment fee, which is triggered if you're 15 days late.
Does Prosper charge prepayment fees?
No, Prosper does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.
How much can you borrow via Prosper?
Loan amounts start at $2,000 and go up to $40,000.
What can a personal loan from Prosper be used for?
Personal loans from Prosper are typically used for special purchases, debt consolidation, home improvement projects, weddings, medical expenses & procedures, unexpected expenses or similar purposes.
What is the maximum loan term you can get with Prosper?
Prosper offers personal 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 . The minimum age to apply for a loan is 18 or the state minimum, whichever is higher.
To qualify for a Prosper loan, applicants need a minimum annual income of $60,000 or higher. Prosper will consider borrowers regardless of their employment status if they can prove their ability to repay the loan requested.
Active duty servicemembers and their covered dependents are eligible to apply for a loan via Prosper. Their rates fall within the limits of The Military Lending Act.Only U.S. citizens and permanent residents can apply for a loan.
To qualify, applicants may need to provide the following documentation:
- Driver's license
- Proof of citizenship or residence permit
- Recent pay stubs
- Proof of income
What is the estimated funding time for a personal loan via Prosper?
Prosper will typically approve (or deny) a loan application within 168 hours and fund personal loans within 7 business days of approval.
Does Prosper report loan payments to credit bureaus?
Prosper may report credit data to the following credit reporting agencies:
221 Main Street, Suite 300
San Francisco, CA 94105 USA
- Visit Site
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
|No Prepayment Fee|
|Late Fee After (number of days)||15|
|Origination Fee||2.4% - 5%|
|Credit Score Range||
640 - 850
850 300 640
|Immigration Status Considered||
|Minimum Annual Income||$60,000|
|Employment Statuses Considered||
|Supported Income Types||
|Joint Loan Applications Accepted||
|Verification Documents Required||
|Loan Amount||$2K - $40K|
|Loan Term (Months)||36 - 60|
|APR||6.95% - 35.99%|