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).

• 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 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.

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 fees does Prosper Personal Loans charge?

What do you need to qualify for Prosper Personal Loans?

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.

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

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.