Prosper Personal Loans Reviews (July 2020) | Personal Loans

Highlights
Community Rating	Mostly not recommended
APR (Fixed APR)	7.95% - 35.99%
Loan Amount	$2,000 - $40,000
Loan Term (Months)	36 - 60 months
Number of Reviews	19

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.

Prosper Personal Loans Pros and Cons:

Pros	Cons
$0 prepayment fee. Considers applicants with poor credit. Fast funding.	APRs as high as 35.99%. Charges an origination fee of up to 5% of the loan amount. Charges a late fee. No co-sign option.

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 APR rate does Prosper Personal Loans offer?

Prosper Personal Loans offers a fixed APR personal loan product that ranges from 7.95% APR up to 35.99% APR.

Your APR can vary depending on several factors, such as your credit score. Find out what your credit score is and whether there is any false or inaccurate information in your credit history with these credit monitoring tools.

How much can you borrow via Prosper Personal Loans?

Loan amounts start at $2,000 and go up to $40,000.

What can a personal loan from Prosper Personal Loans be used for?

Personal loans from Prosper Personal Loans 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 Personal Loans?

Prosper Personal Loans 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.

Prosper Personal Loans Rates & Terms
Loan Amount	$2000 - $40000
Loan Term	36 - 60 months
APR	7.95% - 35.99%

What fees does Prosper Personal Loans charge?

Does Prosper Personal Loans charge an origination fee?

Prosper Personal Loans may charge a loan origination fee of 2.41% to 5% of the loan amount. Prosper Personal Loans 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 Personal Loans charge a late fee?

Yes, Prosper Personal Loans may charge borrowers a late payment fee, which is triggered if you're 15 days late.

Does Prosper Personal Loans charge prepayment fees?

No, Prosper Personal Loans does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.

Prosper Personal Loans Fees
Origination Fee	2.41% - 5%
Prepayment Fee?	No
Late Payment Fee	N/A

What do you need to qualify for Prosper Personal Loans?

Applicants with a credit score of at least 640 and up to 850 are 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 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

Prosper Personal Loans Eligibility Criteria
Minimum Age	18
Bank Account Required?	No
Application Types Accepted	Co-borrowers Individual Applications
Credit Score	640 - 850

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.

PROSPER PERSONAL LOANS Disclosure: For example, a three-year $10,000 personal loan would have an interest rate of 11.74% and a 5.00% origination fee for an annual percentage rate (APR) of 15.34% APR. You would receive $9,500 and make 36 scheduled monthly payments of $330.90. A five-year $10,000 personal loan would have an interest rate of 11.99% and a 5.00% origination fee with a 14.27% APR. You would receive $9,500 and make 60 scheduled monthly payments of $222.39. Origination fees vary between 2.41%-5%. Personal loan APRs through Prosper range from 7.95% to 35.99%, with the lowest rates for the most creditworthy borrowers. Eligibility for personal loans up to $40,000 depends on the information provided by the applicant in the application form. Eligibility for personal loans is not guaranteed, and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions. Refer to Borrower Registration Agreement for details and all terms and conditions. All personal loans made by WebBank, Member FDIC.

SUPERMONEY Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...

Contact

Headquarters
221 Main Street, Suite 300
San Francisco, CA 94105
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Hours of Operation

Sunday Closed
Monday 8:00am - 9:00pm
Tuesday 8:00am - 9:00pm
Wednesday 8:00am - 9:00pm
Thursday 8:00am - 9:00pm
Friday 8:00am - 9:00pm
Saturday 9:00am - 5:30pm

Other Services by Prosper Funding LLC

Investment

Loans

Mortgage

Message From Prosper Funding LLC

Availability

Available in 48 states and Washington, D.C.

Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
Washington, DC
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
Wisconsin
Wyoming

Feature Breakdown

No Prepayment Fee
Late Fee After	15 days
Origination Fee (%)	2.41% - 5%

Prosper Personal Loans Community Reviews

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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	Co-borrower Individual Applications
Military Status	Active Duty Military Military Dependent Non-Military Veterans
Minimum Age	18
Supported Income Types	1099 Misc. Income Cash 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 (Green Card)
Credit Score Range	640 - 850 850 300 640

Approval Speed	168 hours
Credit Bureau Reporting	TransUnion
Funding Time Range	1 - 7 days
Payment Options	Automatic Payments Check by mail
Pre-Approved Soft Credit Inquiry

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