Prosper Personal Loans Review

Prosper Personal Loans is offered by Prosper Funding LLC, a marketplace lending platform founded in 2005 and based in San Francisco, CA. Prosper Personal Loans is available in 48 states (and Washington, DC).

Key takeaways

• Fast access to cash. In some cases you can get your money within 1 business day.
• Fair credit accepted. The credit score needed for Prosper Personal Loans is relatively low. Borrowers with a credit score as low as 640 may qualify for Prosper Personal Loans.
• Origination fees of up to 5%. This is average for lenders that charge origination fees. However, plenty of lenders don't charge them. Origination fees are deducted from the loan amount, so consider them when deciding how much you need to borrow.
• Minimum income of $60,000. You will need an annual income of at least $60,000 to apply for Prosper Personal Loans, which is above average for the lenders in our database.

Prosper Personal Loans Pros and Cons:

What rates and terms does Prosper Personal Loans offer?

Prosper Personal Loans has lower interest rates than the average for lenders reviewed on SuperMoney.

What fees does Prosper Personal Loans charge?

What do you need to qualify for Prosper Personal Loans?

To qualify for personal loans with Prosper Personal Loans, applicants need a minimum annual income of $60,000 or higher. Prosper Personal Loans will consider borrowers regardless of their employment status if they can prove their ability to repay their obligations.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via Prosper Personal Loans. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by Prosper Personal Loans. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

• Recent pay stubs
• Proof of income
• Driver's license
• Proof of citizenship or residence permit

What is the estimated funding time for a personal loan via Prosper Personal Loans?

Prosper Personal Loans will typically approve (or deny) a loan application within 168 hours and fund personal loans within 7 business days of approval.

Does Prosper Personal Loans report your account activity to credit bureaus?

Prosper Personal Loans reports your account activity to the following credit reporting agencies:

• Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and can help improve your credit score.