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Prosper: Personal Loan Review

Updated: January 5, 2021

The basics

Estimated APR

7% - 22.9%

Min. Credit Score


Max. DTI Debt to Income Ratio


Origination Fees

2.41% - 5%

Late Penalties


Prepayment Fees


Good for: Joint loans

Our verdict

Prosper allows consumers to borrow smaller amounts of money and accepts joint applicants for those who don’t qualify independently, but the origination fee, potentially high rates, and limited term options could be a deterrent.

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Beyond the basics

Fixed payments

Fixed rates

No prepayment penalty

Loan Amounts

$2,000 to $40,000

Loan Terms

36-60 months

Time to Funding

3 - 10 days

Full review

Lender description Prosper is a peer-to-peer lending platform that offers a wide variety of loans and home equity lines of credit (HELOCs).

Best used for

  • Debt consolidation
  • Home improvement
  • Medical expenses
  • Large purchases
  • Auto repairs

Pros & cons

  • No prepayment penalty
  • Allows cosigners or coborrowers
  • Low starting point on loan amounts
  • Charges origination and late fees
  • Limited loan repayment terms
  • Potentially high rates

Most suitable for

  • Consumers who need a cosigner or coborrower
  • Consumers looking to borrow a small amount

How to qualify You’ll need to be a U.S. resident in a state where Prosper loans are available with a personal bank account and Social Security number.

How to apply Apply online by providing your loan amount and purpose, basic personal information, and income and employment information.

COVID-19 resources Prosper has created a special contact email for customers affected by COVID-19.

Footprint Prosper loans are available in 48 states and Washington, D.C. Loans aren't available in Iowa and West Virginia.

Loan example A three-year, $10,000 personal loan would have an interest rate of 11.74% and a 5% origination fee for a 15.34% APR. You would receive $9,500 and make 36 scheduled monthly payments of $330.90. A five-year, $10,000 personal loan would have an interest rate of 11.99% and a 5% origination fee with a 14.27% APR. You would receive $9,500 and make 60 scheduled monthly payments of $222.39.