Prosper Personal Loans
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Prosper Personal LoansClaimed
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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).
- 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 APR rate 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.
|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 may charge 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.
|Origination Fee||2.4% - 5%|
|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.
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
|Bank Account Required?||No|
|Application Types Accepted||
|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:
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.
221 Main Street, Suite 300
San Francisco, CA 94105
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Message from Prosper Funding LLC
Other Services by Prosper Funding LLC
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
|No Prepayment Fee|
|Late Fee After||15 days|
|Origination Fee (%)||2.4% - 5%|
|Employment Statuses Considered||
|Immigration Status Considered||
|Joint Loan Applications Accepted||
|Minimum Annual Income||$60,000|
|Supported Income Types||
|Verification Documents Required||
|Credit Score Range||
640 - 850
|Approval Speed||168 hours|
|Credit Bureau Reporting||TransUnion|
|Funding Time Range||1 - 7 days|
|Pre-Approved Soft Credit Inquiry|
|Loan Amount||$2,000 - $40,000|
|APR (Fixed APR)||6.95% - 35.99%|
|Loan Term||36 - 60 months|