Prosper: Personal Loan Review

Personal LoansPersonal Loan ReviewsProsper

Personal Loan Review

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, starting at $2,000, and accepts joint applicants for those who don’t qualify independently, but the origination fee, potentially high rates (up to 35.99% APR), and limited term options could be a deterrent.

Apply Now

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 to 10 days

BBB Rating



J.D Power 2019 U.S. Personal Loan Satisfaction Study, Customer Satisfaction Index


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 (as low as $2,000)
  • Charges origination and late fees
  • Limited loan repayment terms (36 or 60 months)
  • 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. You’ll also need a FICO score of at least 640 and/or a VantageScore of at least 700.

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 every U.S. state, except 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 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 5.00% origination fee with a 14.27% APR. You would receive $9,500 and make 60 scheduled monthly payments of $222.39.