- Funds available in as little as 1 business day*
- Checking your rate will not affect your credit score
- Origination fees can be high depending on prequalification
Variety of loan types
Offers all loan types
Has learning resources, access to rates, mobile app
Customer services and support
Multiple ways of reaching lender, wide range of hours
Loan amount range
Loan amount up to $40K
Loan terms up to 60 months
Prosper's main selling point is its ability to quickly and efficiently match users to the financing they need. With its application and loan posting system, it posts completed applications for investors to review and commit funds towards your loan, helping you get funding much quicker. Although the company accepts applications from all potential borrowers, it looks for applicants who have credit scores starting at 600 and higher. Loans offered through Prosper are ideal for customers who are seeking a no-frills, versatile, personal loan without the hassle of a traditional offline loan process.
Loans offered through Prosper can be originated and deposited into your account as quickly as the next business day* following approval. While the transparent fee structure doesn’t include prepayment or transfer fees, if you fall behind on loan repayment you’ll be responsible for late payment charges. Prosper focuses exclusively on fixed-rate loans, so your interest rates and payments won't fluctuate over time, making it easy to plan out your repayment schedule.
Next Day Funding - in as little as one business day*
Excellent range of loan amounts available
Transparent fee structure makes repayment easier
No prepayment penalties
Competitive interest rates
Checking your rate will not affect your credit score
The Application Process
Thanks to its marketplace lending model, Prosper’s application process is more unique than many of its competitors. To get started, customers are required to fill out a basic questionnaire that collects personal details, as well as financial and credit information required to prequalify borrowers for their applicable interest rates. Customers applying for a personal loan through Prosper should meet the following criteria:
A minimum FICO credit score of 600
Must have positive income (greater than $0)
No active bankruptcies filed within the last year
No more than 6 individual credit bureau inquiries in the previous 10 months
At least 2 open trades reported on credit reports
Must have at least 25 months of credit history
If approved, the loan amount is deposited into your account directly by the originating bank and the loan is serviced. From then on, you will interact directly with Prosper’s servicing team. All loans through Prosper include a small origination fee charged by the originating bank that ranges from 2.41% to 5%, depending on the borrower’s qualifications.
Prosper offers repayment terms of 36 or 60 months for all personal loans offered through the platform. This is less flexible than some competitors, but a range of loan amounts and competitive interest rates make it a flexible tool for borrowers with good credit looking for extra financing. Loans through Prosper can be used for a variety of purposes, including medical expenses, debt consolidation, home renovations, and more.
You can request from loan amounts ranging between $2,000 and $40,000, a range with more breadth than many other lending marketplaces and loan originators.
Privacy & Security
As a lending marketplace, Prosper is aware of the importance of protecting its customers’ privacy and information. The company utilizes industry-standard technologies to protect data transmission and storage, including Extended Validation and Secure Socket Layer encryption methods to ensure that any information shared is encrypted and transmitted securely.
Moreover, it uses a variety of physical and electronic safety measures to make certain its data centers are fully protected. Prosper remains very transparent about why and how it collects customer information, as well as who it shares it with and how customers can opt out of data sharing.
Help & Support
Customers looking to reach Prosper can contact the company via email or via their toll-free call center at 1-866-615-6319. Prosper’s phone support is available Monday-Friday between 9am and 8pm ET, or 6am to 5pm PT. In our experience, phone support was easy to reach and our waiting time was minimal.
As well as service representatives, the company hosts an informative education and resource center that covers many frequently asked questions from potential borrowers.
Thanks to a simple application and transparent funding process, Prosper makes it easy for customers to find the financing they need, when they need it. Finally, competitive interest rates and loan amounts make it an appealing option if you have good to excellent credit and are looking to finance major or unforeseen expenses.
Prosper Funding LLC
221 Main Street, Suite 300
San Francisco, CA
All personal loans made by WebBank.
*You may receive your funds one business day following your acceptance of the loan offer, completion of all necessary verification steps and final approval. One business day funding is also dependent on your bank’s ability to quickly process the transaction.