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Prosper: Personal Loan Review

The basics

Estimated APR

6.99% - 35.99%

Min. Credit Score

620+

Max. DTI Debt to Income Ratio

50%

Origination Fees

1% - 5%

Late Penalties

$15

Prepayment Fees

$0

Good for: Quick approval rates, flexible payment options.

Our verdict

This is a good loan option for people with good to fair credit who only require up to $50,000. Though the process to receive the loan is fast, because of the nature of a peer-to-peer lending platform, it can take up to a few business days to get approved to get a personal loan.

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Beyond the basics

Fast funds

Straight-forward approval process

Best for consolidating high-interest debt

Loan Amounts

$2,000 to $50,000

Loan Terms

24-60 months

Time to Funding

1-3 days

Full review

Lender description Prosper was launched in 2005 as the U.S.'s first peer-to-peer lending marketplace. It has facilitated more than $23 billion in loans.

Best used for

  • Consolidating high-interest credit card debt, financing home improvements, medical debt, etc.,

Pros & cons

  • Funds within 1 business day after quick approval turnaround
  • Loan ranges from $2,000 to $50,000
  • Joint loan options available
  • No rate discounts
  • Origination and late fees
  • No direct payment to creditors with debt consolidation loans

Most suitable for

  • Best for borrowers with fair credit who want to consolidate high-interest debt
  • Good for borrowers who need co-signer

How to qualify You'll need to have a personal checking or savings account on file, provide proof of income and employment, proof of citizenship or residence permit.

How to apply Prequalify on Credello online or apply through Prosper's web site.

Footprint Prosper is available in 48 states and District of columbia. Loans are not 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 5.00% origination fee for an annual percentage rate (APR) of 15.34% APR. You would receive $9,500 and make 36 scheduled monthly payments of $330.90.

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