Personal LoansPersonal Loan ReviewsProsper
Prosper:
Personal Loan Review
The basics
Estimated APR
7% – 22.9%
Min. credit Score
630
Max. DTI Debt to Income Ratio
50%
Origination Fees
2.41% – 5%
Late Penalties
–
Prepayment Fees
$0
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 NowBeyond the basics
Loan Amounts
$2,000 to $40,000
Loan Terms
36-60 months
Time to funding
3 to 10 days
BBB Rating
A+
Trustpilot
J.D Power 2019 U.S. Personal Loan Satisfaction Study, Customer Satisfaction Index
Index
849/1000
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.
