Highlights
Community Rating	Mostly recommended
APR (Fixed APR)	7.95% - 35.99%
Loan Amount	$2,000 - $40,000
Loan Term (Months)	36 - 60 months
Number of Reviews	20

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

APRs starting at 7.95%. These are average starting rates for a personal loan. If you have good credit you may qualify for a loan with better rates.
Fast access to funds. In some cases you can get your money within 1 business day.
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 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.
Coborrower applications accepted. Applying for Prosper Personal Loans with a coborrower who has better credit than you can improve your chances of approval and help you qualify for lower interest rates.

Prosper loans Pros & Cons

Pros	Cons
$0 prepayment fee. Considers applicants with fair credit. Accepts coborrowers.	APRs as high as 35.99%. Charges an origination fee of up to 5% of the loan amount. Charges a late fee.

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 7.95% APR up to 35.99% APR.

How much can you borrow via Prosper loans?

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

What is the maximum loan term you can get with Prosper loans?

Prosper loans offers loans with terms of up to 60 months.

Prosper loans Interest Rates & Loan Terms
Personal Loan Amount	$2000 - $40000
Loan Term	36 - 60 months
APR	7.95% - 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 before depositing your money, so make sure you take this fee into account when deciding how much you need to borrow.

Does Prosper loans charge a late fee?

Yes, Prosper loans may charge borrowers a late payment 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.

Prosper loans Fees
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 560 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 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:

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

Prosper loans Eligibility Criteria
Minimum Age	18
Bank Account Required?	Yes
Application Types Accepted	Co-borrowers Individual Applications
Credit Score	560 - 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.

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.

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Message From Prosper Personal Loans

Message From Our Editor

What we love about Prosper Personal Loans

Prosper operates a personal loan marketplace, which means that borrowers can get loans funded by other people just like them. Often, loans through Prosper are faster and easier to get than loans from a traditional bank or lender. Prosper allows borrowers to get loans for almost any reason, though consolidating high-interest debt into a lower interest personal loan is one of the more popular reasons.

Loans from Prosper have low minimums, meaning you can borrow even for small needs without having to take on more debt than necessary. You can also choose from multiple repayment terms to customize your monthly payment.

What could Prosper Personal Loans do better?

One drawback of Prosper is its credit requirements. Some peer-to-peer lenders are more flexible than Prosper. Based on Prosper’s requirements, most applicants who qualify would also be able to get loans from traditional lenders. Traditional personal lenders may offer better rates than Prosper can.

Prosper also has relatively low maximum loan amounts and high interest rates compared to much of the competition. If you need to borrow a very large amount, you may have to work with a bank or other personal lender. The company also doesn’t offer a secured loan option, which could help reduce interest rates or make qualifying easier.