Prosper Personal Loan Review

Prosper Personal Loan Review

Company Overview: Prosper

Prosper is America’s first marketplace lending platform for personal loans, with over $10 billion in funded loans. Prosper is considered a peer-to-peer lending platform and allows for you to borrow funds from individual investors. So, Prosper removes the middleman to help you save money. Prosper handles the servicing of the loan on behalf of the matched borrowers and investors, so you don’t have to borrow a personal from a bank.

Prosper Personal Loan Overview

Prosper offers attractive rates and terms compared with other top lenders in the personal loan industry:

Overview

Minimum Loan Amount:$2,000
Maximum Loan Amount:$40,000
Loan Terms:3, 5 years
Minimum Income:None

Details

Origination Fees:2.4% - 5.0%
Late Fees:Greater of (a) 5% of payment due or (b) $15
Prepayment Penalty:No
Soft Credit Check:Yes

How Prosper Compares: Key Benefits Of Prosper’s Personal loan

Here are some of the reasons that Prosper borrowers love Prosper personal loans:

  • Easy Online Application: You can apply for a Prosper personal loan completely online.
  • Quick Disbursement: Funds are disbursed directly to your bank account
  • Customer Service: Prosper offers live customer support 6 days a week

Eligibility Criteria

To apply for a Prosper personal loan, you need to meet the following eligibility criteria:

Requirements To Apply For Prosper Personal loan

Minimum Age: At least age of majority in your state

Citizenship/Residency: U.S. citizen or permanent resident (applies to co-signer too, if any)

Loan eligibility depends on a number of additional factors, which may include your credit profile, income and total debt payments.

Bottom Line: Is Prosper right for you?

Prosper has a top reputation for personal loans and has an A+ rating from the Better Business Bureau.

You can use a Prosper personal loan for just about any purpose, including debt consolidation, home improvement, car loan, baby and adoption expenses, small business loan or other special occasions such as an engagement ring, wedding or honeymoon.

Prosper may be right for you, if:

  • You have a minimum credit score of 640.
  • You have a debt-to-income ratio less than 50%.
  • You have a bank account.
  • You have not filed for bankruptcy in the last 12 months.
  • You have less than 7 inquiries on your credit report in the last 6 months

If you have a good credit score, stable employment and want funds fast, then a Prosper personal loan may be right for you. You can use a Prosper personal loan for any purpose such as to pay off credit card debt, medical expenses, home improvement, engagement ring, wedding, honeymoon or new baby expenses.

Next Steps: How To Apply To Prosper

You can apply for a Prosper personal loan in 3 easy steps.

Step 1: Check your personalized personal loan rate in just 2 minutes.

Step 2: Complete application and upload documents.

Step 3: Accept loan terms and get funded.

The good news is that you can check your new personal loan rate online with Prosper before you complete the full application. This way, you’ll know whether you can be approved for Prosper personal loan. Therefore, Prosper will provide you with an estimated personal loan rate. The pre-approval is only a soft credit pull so there is no impact to your credit.

If you have been pre-approved, you’ll need at least the following documents to complete the online application (which takes about 10-15 minutes):

  • Your most recent pay stubs
  • Driver’s license or passport (or other form of government-issued identification)

Funding for your personal loan is quick and can occur within several days.

Applying is super easy – get your personalized rate in 2 minutes

*Checking your rate with not affect your credit score.


The Best Personal Loans For 2018

Lender
Rates (APR)
Minimum Credit Score

Overview

Minimum Loan Amount:$1,000
Maximum Loan Amount:$50,000
Loan Terms:3, 5 years
Minimum Income:None, but must have at least $1,000 per month of free cash flow

Details

Origination Fees:1% - 6%
Late Fees:$10 after 15-day grace period
Prepayment Penalty:No
Soft Credit Check:Yes

Overview

Minimum Loan Amount:$5,000
Maximum Loan Amount:$100,000
Loan Terms:3, 5, 7 years
Minimum Income:$50,000

Details

Origination Fees:No
Late Fees:No
Prepayment Penalty:No
Soft Credit Check:Yes

Overview

Minimum Loan Amount:$1,000
Maximum Loan Amount:$45,000
Loan Terms:3, 4, 5 years
Minimum Income:No

Details

Origination Fees:No
Late Fees:No
Prepayment Penalty:No
Soft Credit Check:Yes

Overview

Minimum Loan Amount:$5,000
Maximum Loan Amount:$75,000
Loan Terms:3, 4, 5 years
Minimum Income:None

Details

Origination Fees:No
Late Fees:No
Prepayment Penalty:No
Soft Credit Check:Yes

Overview

Minimum Loan Amount:$1,000
Maximum Loan Amount:$50,000
Loan Terms:3, 5 years
Minimum Income:$12,000

Details

Origination Fees:0% - 8%
Late Fees:Greater of (a) 5% of payment due or (b) $15
Prepayment Penalty:No
Soft Credit Check:Yes

Overview

Minimum Loan Amount:$2,000
Maximum Loan Amount:$40,000
Loan Terms:3, 5 years
Minimum Income:None

Details

Origination Fees:2.4% - 5.0%
Late Fees:Greater of (a) 5% of payment due or (b) $15
Prepayment Penalty:No
Soft Credit Check:Yes

Overview

Minimum Loan Amount:$1,000
Maximum Loan Amount:$40,000
Loan Terms:3, 5 years
Minimum Income:None

Details

Origination Fees:1% - 6%
Late Fees:Greater of (a) 5% of payment due or (b) $15
Prepayment Penalty:No
Soft Credit Check:Yes

Overview

Minimum Loan Amount:$5,000
Maximum Loan Amount:$35,000
Loan Terms:2, 3, 4, 5 years
Minimum Income:None

Details

Origination Fees:2% - 5%
Late Fees:No
Prepayment Penalty:No
Soft Credit Check:Yes

Overview

Minimum Loan Amount:$2,000
Maximum Loan Amount:$35,000
Loan Terms:3, 5 years
Minimum Income:None

Details

Origination Fees:0.99% - 5.99%
Late Fees:$15
Prepayment Penalty:No
Soft Credit Check:Yes

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