
Best Of Product
Prosper Personal Loans
Would you recommend Prosper Personal Loans to your friends?
Community Rating | Mostly recommended |
APR (Fixed APR) |
6.99% - 35.99% (Verified 08/04/2023)
|
Loan Amount | $2,000 - $50,000 |
Loan Term (Months) | 24 - 60 months |
Number of Reviews | 23 |
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 loans are available in 48 states (and Washington, DC).
Key Takeaways
- APRs starting at 6.99%. Personal loan interest rates typically range between 5% and 36%. The starting rates for Prosper Personal Loans are on the lower end of the spectrum.
- Fast access to funds. If approved, you can sometimes get your money within 1 business day*.
- Large loan amounts. You can apply for loan amounts of up to $50,000 with Prosper Personal Loans.
- Prequalified rate. You can check your prequalified rate at Prosper Funding LLC with a soft pull that will not affect your credit score.
- Origination fees of 2.41% to 5%. This is average for lenders that charge origination fees. Don't forget that these fees are deducted from the loan amount, so take them into account when deciding how much money to borrow.
- Coborrower applications accepted. Applying for Prosper Personal Loans with a coborrower who has better credit than you could improve your chances of approval and may help you qualify for lower interest rates.
Prosper loans Pros & Cons
Pros | Cons |
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Prosper loans FAQ
What interest rates and personal loan terms does Prosper loans offer?
Prosper loans has lower than average interest rates for lenders reviewed on SuperMoney.
What interest rates does Prosper loans offer?
Prosper loans offers a fixed APR personal loan product that ranges from 6.99% APR up to 35.99% APR.
How much can you borrow via Prosper loans?
Personal loan amounts start at $2,000and go up to $50,000
What is the maximum loan term you can get with Prosper loans?
Prosper loans offers loans with terms of up to 60 months.
Personal Loan Amount | $2000 - $50000 |
Loan Term | 24 - 60 months |
APR | 6.99% - 35.99% |
What fees does Prosper loans charge?
Does Prosper loans charge an origination fee?
Prosper loans may charge a personal loan origination fee of 2.41% to 5% of the personal loan amount. Prosper loans deducts the origination fee directly from your personal loan amount, so make sure you take this fee into account when deciding how much you need to borrow.
Does Prosper loans charge a late fee?
No, Prosper loans will not charge you a late fee if you miss one of the monthly payments, which is triggered if you're 15 days late.
Does Prosper loans charge prepayment fees?
No, Prosper loans does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the personal loan off early.
Origination Fee | 2.41% - 5% |
Prepayment Fee | No |
Late Payment Fee | No |
What do you need to qualify for Prosper Personal Loans?
Applicants with a credit score of at least 620 and up to 850 may be eligible for Prosper Personal Loans. The minimum age to be eligible is 18 or the state minimum, whichever is higher.Prosper Personal Loans does not have or does not disclose a minimum annual income eligibility requirement. Prosper Personal Loans only considers borrowers who are employed. Note that borrowers can add a co-borrower to either meet eligibility requirements or qualify for lower interest rates.
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. APRs for the Prosper Personal Loans product fall outside of the MLA limits, and as a result, the product cannot be issued to these applicants. Active duty service members and their covered dependents are considered “covered borrowers" under the Military Lending Act.
U.S. citizens and permanent resident / green card holders are eligible to apply for the services offered by Prosper Personal Loans.
To qualify, applicants may need to provide the following documentation:
- Applicants must have an active and valid personal checking account
- Recent pay stubs
- Proof of income
- Driver's license
- Proof of citizenship or residence permit
Minimum Age | 18 |
Bank Account Required? | Yes |
Application Types Accepted |
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Credit Score | 620 - 850 |
What is the estimated funding time for a personal loan via Prosper loans?
Prosper loans will typically approve (or deny) a loan application within 168 hours and fund loans within 7 business days of approval.
Does Prosper Personal Loans report your account activity to credit bureaus?
Yes, 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 may help improve your credit.
Are Prosper Personal Loans legit?
Prosper Funding LLC was founded in 2005, it is a well-established company that has been in business for 18 years. Based on their "mostly recommended" SuperMoney community rating, they seem to be a reputable company.
Message From Prosper loans
Message From Our Editor
Contact
- Headquarters
-
221 Main Street, Suite 300
San Francisco, CA 94105 USA - (866) 615-6319
- Visit Site
- Email Support
Other Services by Prosper Funding LLC
Availability
- Alabama
- Alaska
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- Florida
- Georgia
- Hawaii
- Idaho
- Illinois
- Indiana
- Kansas
- Kentucky
- Louisiana
- Maine
- Maryland
- Massachusetts
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- Nevada
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Vermont
- Virginia
- Washington
- Washington, DC
- Wisconsin
- Wyoming
Feature Breakdown
Late Fee Grace Period | 15 days |
No Prepayment Fee | |
Origination Fee (%) | 2.41% - 5% |
Prosper Personal Loans Community Reviews
Would you recommend Prosper Personal Loans to your friends?
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