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  Prosper Personal Loans

Prosper Personal Loans

in Personal Loans from Prosper Funding LLC

Claimed

Prosper Personal Loans

Claimed

in Personal Loans from Prosper Funding LLC

SuperMoney Net Recommendation Score -24% Recommendation score measures the loyalty between a provider and a consumer. It's at +100% if everybody recommends the provider and at -100% when no one recommends.

Mostly not recommended

6 users recommend
4 users are unsure
11 users don't recommend
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Highlights
Highlights
Community Rating Mostly not recommended
Loan Amount $2,000 - $40,000
APR  (Fixed APR) 6.95% - 35.99%
Loan Term 36 - 60 months
Number of Reviews 21

Prosper Personal Loans Review

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

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 personal loan APRs does Prosper Personal Loans offer?

Prosper Personal Loans offers a fixed APR personal loan product that ranges from 6.95% 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 6.95% - 35.99%

What fees does Prosper Personal Loans charge?

Does Prosper Personal Loans charge an origination fee?

Prosper Personal Loans charges a loan origination fee of 2.4% 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 2.4% - 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.

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.

Only U.S. citizens and permanent residents can apply for a loan.

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
  • 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 loan with a Prosper Rating of AA would have an interest rate of 5.31% and a 2.41% origination fee for an annual percentage rate (APR) of 6.95% APR. You would receive $9,759 and make 36 scheduled monthly payments of $301.10. A five-year $10,000 loan with a Prosper Rating of A would have an interest rate of 8.39% and a 5.00% origination fee with a 10.59% APR. You would receive $9,500 and make 60 scheduled monthly payments of $204.64. Origination fees vary between 2.41%-5%. APRs through Prosper range from 6.95% (AA) to 35.99% (HR) for first-time borrowers, with the lowest rates for the most creditworthy borrowers. Eligibility for loans up to $40,000 depends on the information provided by the applicant in the application form. Eligibility 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 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
    •   Visit Site

    Message from Prosper Funding LLC

    Prosper was founded in 2005 as the first peer-to-peer lending marketplace in the United States.

    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

    Availability

    Alaska Alabama Arkansas Arizona California Colorado Connecticut Washington, D.C. Delaware Florida Georgia Hawaii Iowa Idaho Illinois Indiana Kansas Kentucky Louisiana Massachusetts Maryland Maine Michigan Minnesota Missouri Mississippi Montana North Carolina North Dakota Nebraska New Hampshire New Jersey New Mexico Nevada New York Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Virginia Vermont Washington Wisconsin West Virginia Wyoming
      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 (number of days) 15
    Origination Fee 2.4% - 5%
    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
    • Individual Applications
    Military Status
    • Active Duty Military
    • Military Dependent
    • Non-Military
    • Veterans
    Minimum Age 18
    Minimum Annual Income $60,000
    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
    Funding Time Range (in days) 1 - 7
    Approval Speed (Hours) 168
    Credit Bureau Reporting
    • TransUnion
    Payment Options
    • Automatic Payments
    • Check by mail
    Loan Amount $2K - $40K
    APR (Fixed APR) 6.95% - 35.99%
    Loan Term 36 - 60 months

    Prosper Personal Loans Community Reviews

     

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