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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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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.
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.