Prosper Personal Loans Review: Slow Funds, Fair Credit OK
- Max. Loan Amount
- $50,000
- APR
- 8.99% to 35.99%
- Min. credit score
- 600
Our verdict
While it has a transparent application process, watch out for high potential rates and fees.
Prosper personal loans are ideal if you're rate-shopping. You can find out what rates and terms you might qualify for by filling out a quick online form without affecting your credit. You might even be eligible if you have fair credit.
While its rates start relatively low, they top out on the higher side at 35.99%. Prosper also charges an origination fee, which can reach up to 9.99%. If you need money fast, Prosper may not be the best option. As a peer-to-peer (P2P) lender, it can take up to five business days to receive money.
Best for: Borrowers who want to rate shop with no credit impact and are OK with slower funding.
Pros
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Flexible loan amounts of $2,000 to $50,000
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Accepts debt-to-income ratios of up to 50%
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No hard credit check for preapproval
Cons
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Origination fee from 1% to 9.99%
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Turnaround may be up to 5 business days
Is Prosper legit?
Yes. Prosper’s loans are legit and are underwritten by WebBank, member FDIC. Prosper follows all relevant state and federal lending laws, including the Consumer Credit Protection Act and the Truth-in-Lending Act.
The website makes use of automatic session timeouts to minimize the risk of unauthorized access to your account, and you can use TRUSTe’s Dispute Resolution System to submit feedback or questions regarding Prosper’s privacy policy. It also uses web filtering, anti-spam, antivirus, VPN and firewall technologies to keep your information safe.
What makes Prosper shine?
Prosper is unique because it’s a peer-to-peer lending platform that connects potential borrowers with investors. It offers you the chance to borrow funds — often at competitive interest rates — without involving a traditional bank.
To evaluate your creditworthiness, Prosper gives borrowers a letter rating based on factors like credit score, income and debt-to-income ratio. Potential investors review this information before deciding whether to fund your loan. To get the best rates, lowest terms and largest loan amounts, you’ll need an AA rating.
You can borrow anywhere from $2,000 to $50,000 through Prosper’s lending platform. Cosigners are not permitted, but you can include a co-applicant who shares responsibility for repaying the loan. Adding a co-applicant with a solid credit history improves the chances of loan approval if you have poor to fair credit.
Where Prosper falls short
While Prosper is an innovative way to find a personal loan, it may not be a good match for everyone. Prosper only gives you two to five years to repay your loan, so you’ll need to find another lending platform if you want longer repayment terms. It also charges a loan origination fee, which can drive up the loan’s overall cost.
You might also reconsider using Prosper if you need money fast. Most loans are funded quickly (especially for borrowers with good credit), but it can take up to five days to get approved.
Qualifying for a loan doesn’t mean you’ll get one. Investors could decide to pass on your loan, which means your application gets canceled. It’s possible that your Prosper loan will be approved but not funded.
While many loans are funded quickly, it’s ultimately up to investors to decide. If your loan doesn’t get a minimum of 70% funding within 14 days, Prosper will decline the application.
Prosper loan details
| Minimum credit score/credit range | 600 |
| APR | 8.99% to 35.99% |
| Loan amounts | $2,000 to $50,000 |
| Terms | 2 to 5 years |
| Approval turnaround | As soon as 1 business day |
| Availability | Not available in: Iowa, North Dakota, West Virginia |
| Fees |
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Contact info
| Phone number | 866-615-6319 |
| Customer service hours | Monday through Friday, 5 a.m. to 7 p.m. PT |
| support@prosper.com | |
| X (formerlyTwitter) | @ProsperLoans |
| @ProsperLoans |
Calculate your monthly loan payments
Check out our personal loan calculator. It’s a quick and easy way to see what your monthly payments might look like based on your loan amount and interest rate.
Monthly repayment calculator
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| Total Cost | $ |
How to qualify for Prosper personal loans
Here are the basic qualifications to apply for a Prosper personal loan:
- At least 18 years old
- Valid Social Security number
- Credit score of 600 or higher
- Personal U.S. bank account
- Regular source of income
- Debt-to-income ratio under 50%
- No bankruptcies filed within the last 12 months
- Not a resident of Iowa or West Virginia
How to apply
Applying for a Prosper personal loan is a straightforward process that you can complete in just a few steps:
- Visit the Prosper website and fill out a short form to see your estimated loan rate without affecting your credit score.
- Create an account on Prosper by providing some personal information.
- Fill out the complete application with details about your income, employment and financial situation.
- Submit the required documentation.
- Receive your funds from Prosper’s investors within five business days if approved.
How Prosper compares to other lenders
- SoFi vs. Prosper
- Upstart vs. Prosper
- Prosper vs. Best Egg
- Ondeck vs. Prosper
- Prosper vs. LendingClub vs. Upstart
- Sites like Prosper
What is the Finder Score?
The Finder Score crunches 6+ types of personal loans across 50+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
Prosper reviews and complaints
| BBB accredited | Yes |
|---|---|
| BBB rating | A |
| BBB customer reviews | 1.04 out of 5 stars, based on 155 customer reviews |
| Trustpilot Score | 4.6 out of 5 stars, based on 12,918 customer reviews. |
| Customer reviews verified as of | 27 August 2024 |
Prosper receives mixed reviews online. Many customers report being upset about the poor quality of customer service or frustrated with the application or repayment process. Some are also annoyed they were eventually rejected after being preapproved.
But not all customers have bad experiences. Several report being pleased with how quick and painless the application and funding process was. A few even mention getting multiple personal loans through Prosper.
What do people on Reddit say?
As with other online reviews, people on Reddit offer mixed opinions about borrowing money through Prosper. Multiple people report having a great experience taking out personal loans on Prosper, but others don’t recommend the service. You can also find several conversations that revolve around funding Prosper loans to earn passive income.
Frequently asked questions
Do Prosper loans hurt your credit?
You can view preliminary loan terms with just a soft credit check, but once you complete the full application, Prosper performs a hard credit check that temporarily lowers your credit score.
Is it hard to get a loan from Prosper?
If you meet all the basic criteria, it’s not difficult to get a personal loan from Prosper. However, if you have a low credit score, inconsistent income or history of bad credit, then you may find it challenging to get your loan funded.
Does Prosper offer medical loans?
Yes, Prosper offers loans that are specifically designed to cover medical procedures, such as bariatric surgery, IVF treatments and plastic surgery.
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Your reviews
Christi Finder
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nikkiangco
November 29, 2018
Hi Libby,
Thanks for getting in touch! It’s great to hear that you’ve been approved. Given this, they will deposit the money into an approved bank account and you are able to gain access to the money. As per our page, none of the requirements of Prosper’s requirements needs a Walmart Voucher. I would suggest calling Prosper to confirm this. Hope this clarifies!
Best,
Nikki
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ScepticalLady
June 18, 2018
Why does Prosper need my BANK SIGN-IN and PASSWORD?
nikkiangco
June 19, 2018
Hi ScepticalLady,
Thanks for visiting finder.
Generally, applying for a loan requires you to create an account with them and that includes your username and password.
Also, in completing the application requires you to provide the following information:
Your name, home address and email address
Your date of birth and tax file number
A valid form of ID like a driver’s license or a passport
Your employment status, employer’s name and employer’s contact details
Details about your income
It is also imperative that you check your credit score as an application to any lenders will appear in your credit file.
Hope this clarifies.
Regards,
Nikki
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Lubna Hopkins
May 28, 2018
Do you accept co signers?
joelmarcelo
May 28, 2018
Hi Lubna,
Thanks for leaving a question on Finder.
There is no information on whether they accept cosigners to get better chances and be approved for a loan. You can ask them directly by pressing the “Go to site” button from our Prosper peer-to-peer loans review. You may also consider getting a co-signer personal loan if you looking for lenders who accept cosigners.
Cheers,
Joel
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Libby
November 21, 2018
I have been approved. They are telling me that they would deposit money in my account. I would have to send a Walmart voucher back how does that work?
When they deposit money in my account what ever amount. They said I would have to seen a voucher back. Do I use the money they deposit in my account
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