Prosper: Personal Loans Review

  9,071 Reviews on Trustpilot

Prosper Snapshot

Prosper is a peer-to-peer lender that was founded in 2005. Operating out of San Francisco, the company connects borrowers with investors for online loans.

They provide personal loans to borrowers with good or fair credit and have originated more than $17 billion in loans to 1 million customers since the founding of the company.


Prosper Spotlight

Best For
People with decent credit who need reliable funding

Marketplace or Direct Lender
Peer-to-peer Marketplace

Loan Types
Personal Loans

Loan APR
7.95% to 35.99%

Repayment Terms
36 or 60 months

Summary

Through Prosper’s P2P platform, customers can borrow anywhere from $2,000 all the way up to $40,000 with terms between three and five years. Outside of education-related expenses, personal loans from Prosper can be granted for almost any purpose.

Typically speaking, personal loans from Prosper can be used for home improvement, medical expenses, debt consolidation, new vehicles, or other large purchases.

In order to qualify applicants, Prosper rates prospects using a risk-rating system taking into account different data points like debt-to-income ratio and credit score. Typically, loans are funded before 14 days, with most approved and funded within 1 to 3 days.


Loan Types

Prosper offers personal loans to those seeking funding for a variety of purposes.

The personal loans from Prosper are unsecured, which means you don’t need any collateral to apply. If you stop paying down your loan, the lender isn’t able to seize any of your assets. Rather, if you aren’t able to pay down your loan on time, you’ll simply be charged fees and may take a hit on your credit score.

Even if you have less than favorable credit, you’ll likely still be able to secure a loan from Prosper. It’s true that prospective customers with high credit scores will get the best rates, but you don’t have to have the greatest score to get funding.

You can get a loan from borrowers with a credit score as low as 640 in certain cases.

A few requirements Prosper has for applicants is:

  • Your credit report doesn’t show any bankruptcies in the previous year
  • You have under five credit inquiries in the last six months
  • You’ve had at least three credit lines prior to the application

Prosper recently added HELOC loans to their lineup of loan offerings. HELOCs are home equity lines of credit. A HELOC is secured through your home, which means if you aren’t able to pay back your loan, the borrower may secure your home. HELOCs are sort of like credit cards attached to the equity in your home. Prosper partners with BBVA to issue HELOCs to borrowers.


Personal Loan Rates & Terms

Prosper’s personal loan rates and terms depend on a variety of factors, including:

  • The amount you’re borrowing
  • Your current credit rating
  • Your APR
  • Your origination fee

When applying, you are given a Prosper Rating, which ranges everywhere from “AA” to “HR” (high risk). The higher your risk rating is, the less favorable terms you will get for your loan.

Since securing a loan from Prosper means you’re not actually getting it from Prosper, but an independent lender, the company charges an origination fee (closing fee). The origination fees can vary but generally range from 2.41% to 5%.

Loans range from $2,000 to $40,000 and can carry a fixed annual percentage rate (APR) of 7.95% to 35.99%. Then, you’ll have either 36 or 60 months to pay off the loan.


Prosper Pros

  • Offers joint loans
  • Options to change payment dates
  • No prepayment penalty
  • Offers wide spread loan amounts
  • Borrow up to $40,000
  • Instant rate checks with no impact to credit score

Prosper Cons

  • Charges an origination fee
  • May charge late fees
  • No discounts for autopay
  • Borrowers can only choose from two repayment term options
  • Interest rates may be high unless you have excellent credit

Prosper Application Process

Prosper is able to give you loan information with just a few clicks on their website. You’ll have to fill out some basic information, and then they’ll perform a soft credit check which won’t impact your credit score.

If you’re a first-time borrower, you’ll have to meet the following criteria:

  • Stated income greater than $0
  • Debt-to-income ratio below 50%
  • No bankruptcies filed in the previous year
  • Less than 5 credit bureau inquiries in the last six months
  • Minimum of three open trades on credit report

If you are approved, Prosper will then perform a hard credit check which will be noted on your credit report.

Once approved, you’ll get a loan letter grade for lenders to analyze: either AA, A, B, C, D, E, or HR (high risk). The lower the grade, the higher the risk and the higher the interest will be on the loan.


Customer Support

Overall, Prosper doesn’t have the greatest customer support, although they do offer a few options.

You can get ahold of Prosper by phoning them at their toll free number Monday to Friday, 9 AM - 8 PM. Or, you can send them an email.

They do also offer some financial education resources on their website.


Final Thoughts on Prosper

So, should you use Prosper to access a personal loan?

Overall, Prosper is a great lending platform you can use to secure a personal loan without having to go through a bank.

Prosper’s loans may be best used for debt consolidation if you have high credit card balances on one or a few credit cards. You might be able to secure a lower interest rate on your debt by using a Prosper loan, thus saving you a lot of money in the long run while paying off debt quicker.

If you're a high-credit borrower with an excellent credit score, you’ll benefit from using Prosper’s service. Since you can get rates as low as 6.95%, you’ll be able to borrow money for nearly anything outside of a home loan at a low rate.

Prosper is a solid P2P lending platform you can use to find a personal loan apart from traditional banking loans. Since there’s no obligation or cost when applying, it won’t hurt to check what rate you’ll qualify for on their website today.


FAQ

Can I change the date my payment is due every month?

Yes, if you’re wanting to change your monthly payment date, simply phone in to Prosper’s toll free number to assess your options.

How are Prosper’s HELOCs different?

Generally, HELOCs involve a time-consuming application and major verification process. Prosper has streamlined the process so you can receive a HELOC in just weeks. Plus, you’ll be able to see exactly what you’d be approved for instantly without impacting your credit score.

Prosper Customer Testimonials

Excellent   9,071 Reviews

trustpilot-stars

JOHN

8 hours ago

trustpilot-stars

My loan was approved quickly

My loan was approved quickly. I had the money in my account within a few days. The application process was very easy and straightforward. Rates were also competitive with everyone else. I would definitely recommend Prosper to anyone.


REGINE

10 hours ago

trustpilot-stars

The application process was easy to…

The application process was easy to navigate. The questions were easy to understand. I also like the fact that I was updated through each step of the process. I would highly recommend Prosper to everyone I know


KATHY

10 hours ago

trustpilot-stars

Very happy with the whole process quick…

Very happy with the whole process quick and so very easy. Thank you


ALAN RAY

11 hours ago

trustpilot-stars

I was referred by a company rep to…

I was referred by a company rep to apply with Prosper and haven’t turned back. They always keep great communication during the process and always seem to give the best rates with rating. I can’t thank prosper enough with the follow ups and ability to create success for those looking to get any type of loan. Thank you!


AUDREY

13 hours ago

trustpilot-stars

The process was so easy!

The process was so easy!! It went through quicker than expected.


MICHAEL

13 hours ago

trustpilot-stars

I've used Prosper several times

I've used Prosper several times, always paid back on time. The entire process was complete in just a few work days. Very impressed and satisfied. I'm able to pay for my home improvements on my schedule. Thanks for directly depositing the funds and helping once again. Mike


JASON SMITH

13 hours ago

trustpilot-stars

Very easy process!

Very easy process!


NOAH SANCHEZ

13 hours ago

trustpilot-stars

This is the longest I’ve had to wait to…

This is the longest I’ve had to wait to receive a loan. I had to verify the same things idk how many times.I had to change my primary account over the phone but you guys ended up transferring it to my other account. The worst experience I’ve had with getting a loan, will not recommend to anyone.


LEE F

13 hours ago

trustpilot-stars

After several VERY frustrating…

After several VERY frustrating experiences with other Support members, where my issues were not addressed or resolved, This experience was much better. The rep handled my issue offering alternatives and doing the legwork to make sure everything was resolved.


SOUROU KP KASO

13 hours ago

trustpilot-stars

POSITIF FEEDBACK .

Great service .


EDDIE DAVIS

14 hours ago

trustpilot-stars

I'm happy

I'm happy , that in difficult times there are people that will support you and help you make better credit decisions, thank you Prosper for giving me a chance.


ANGIE MITCHELL

15 hours ago

trustpilot-stars

Good customer service and very…

Good customer service and very professional.


CRISTIAN ROJAS

15 hours ago

trustpilot-stars

The process of filling out the…

The process of filling out the application was fast but they respond very slowly. It’s taking about 3+ days to receive funds even after approval which took 3 days itself


DONALD LEAMAN

15 hours ago

trustpilot-stars

Prosper made getting a loan quick and…

Prosper made getting a loan quick and painless! Thank you.


JAVIER LOPEZ

15 hours ago

trustpilot-stars

I very please with customer…

I very please with customer service.Also online service is great and easy thank you Prosper team.


JOHN

15 hours ago

trustpilot-stars

EXCELLENT

EXCELLENT Fast service


HAROL CANALES

15 hours ago

trustpilot-stars

To sent the paper work was easy but…

To sent the paper work was easy but there is something that u think is they need to work on is the time you have to wait on the phone to talk to someone it took me more that one hour to hear for someone but the rest was nice and easy


FELISHA

15 hours ago

trustpilot-stars

Quick and easy!!

Quick and easy!!! Thank you


JOHN RAZAUSKAS

15 hours ago

trustpilot-stars

Simple and Easy

Very simple process with explanations the entire way through


CP

16 hours ago

trustpilot-stars

Process was easy and quick with fast…

Process was easy and quick with fast responses.


TXFEMME

16 hours ago

trustpilot-stars

Right on time!

I had been feeling underwater with some of my debt and Prosper reached out to me via email. The process was easy to navigate and I had an answer within 24 hours - which I think is pretty quickly considering I did everything on a Sunday and had an answer by 10am the next day. Thank you!


BEVERLY EVANS

18 hours ago

trustpilot-stars

Everything went great..the application…

Everything went great..the application was easy to fill out.and it didn't take long to go through..I'm very satisfied


OLIVIA

19 hours ago

trustpilot-stars

Amazing and very fast service!

Amazing and very fast service!


GERALD LEE

23 hours ago

trustpilot-stars

The team at Prosper made my experience…

The team at Prosper made my experience flawless. The website was easy, uploads were responded to immediately and the reps were very helpful and professional.


JOHN ACEVES

18 May, 2022

trustpilot-stars

Great financial tool. Simple & Fast

I’ve enjoyed using prosper to meet my short term financial needs. The loan process is simple and fast. Interest rates are reasonable and communication is excellent.


PERRY HAYES

18 May, 2022

trustpilot-stars

Quick and Easy

The entire process, was quick and easy. Happy to be able to proceed with my home improvement projects.


RODNEY

18 May, 2022

trustpilot-stars

Hassle free

Easy experience with great communication


BE VUE

18 May, 2022

trustpilot-stars

Quick!!

Quick, simple and easy. Approved right away and received funds in two days. Thank you prosper.


DEBBIE HESTER

18 May, 2022

trustpilot-stars

Prosper has always been efficient in…

Prosper has always been efficient in approving and funding my loans. I think that this makes my 4th loan with prosper. Thank you


TYRIECE EVANS

18 May, 2022

trustpilot-stars

Didn't like that I was charged a 900…

Didn't like that I was charged a 900 dollar fee that came directly out of the my loan but besides that everything was quick and easy


FRANK WINKLER

17 May, 2022

trustpilot-stars

Best fastest place to get money

All I had to do was enter how much I needed and next thing I know it’s in my Bank. I’d recommend Prosper to anyone.


WILLIAM PAN

17 May, 2022

trustpilot-stars

Good Service

Quick response, minimum paper work.


CINDY BOCK

17 May, 2022

trustpilot-stars

Excellent

Excellent, fast, friendly experience.


AMIGO CAR “BECKERSON” DETAILIN

17 May, 2022

trustpilot-stars

Good service

Fast service and affordable I like it


DION

17 May, 2022

trustpilot-stars

Very Swift very cordial very expeditious

Very Swift very cordial very expeditious


NICK

17 May, 2022

trustpilot-stars

The application was extremely easy and…

The application was extremely easy and approval took less than one day. I am not totally ecstatic about the origination fee and the interest rate, but they did what others wouldn't and for that I am grateful. Thank you.


R C

17 May, 2022

trustpilot-stars

I recently paid off a personal loan…

I recently paid off a personal loan that had a high-interest rate by using a balance transfer with a 2.99% lifetime APR (for the life of the loan). However, borrowing that kind of cash on a credit card is okay but it will eat up a lot of utilization and lower a credit score. I decided to reach out to Prosper and obtain another loan to pay off another outstanding credit card debt which will now significantly lower my overall utilization to keep it under 20%. Prosper has always been a great partner whenever I've needed any funding and I cannot think of any other lender I would rather use other than Prosper. They've always treated me with professional courtesy and make the process so easy to apply that they've managed to change my mind when it comes to banks or lenders in general. I highly recommend Prosper to anyone that is looking for a better lender to work with and I will continue to use them as the need arises. They were able to help me out and have an answer back to me in a matter of minutes and that is why I keep coming back to them. Customer service isn't just a cliche with Prosper. They deliver on their promises.


DWAYNE

17 May, 2022

trustpilot-stars

The whole process was fast and easy

The whole process was fast and easy! That’s why I choose to return to Prosper for my financial needs.


JOHN

17 May, 2022

trustpilot-stars

I applied for a loan turn down good…

I applied for a loan turn down good credit score it said had excellent chances getting Approved lied


KT

17 May, 2022

trustpilot-stars

Easy & Quick

it was easy, quick, and understandable.


GERMAINE

17 May, 2022

trustpilot-stars

The team has been helpful in every way…

The team has been helpful in every way and gave me the informstion needed to make my decision about the loan


JAN

17 May, 2022

trustpilot-stars

The loan process was very simple over…

The loan process was very simple over the phone..The agent filled in all the answers to the questions and I didn't even have to spend much time on the computer..I also got the loan processed within a few days and it was approved! Amazing! It couldn't be any simpler! If only Prosper waive the origination fee, it would have been an excellent experience!


DALE

16 May, 2022

trustpilot-stars

Fast and easy

Fast and easy. No hitches.


A.S. LARKIN

16 May, 2022

trustpilot-stars

The process was very fast and…

The process was very fast and efficient. I am still waiting for the money to come through so I cannot review that part.


CHRIS

16 May, 2022

trustpilot-stars

About as easy as it gets.

About as easy as it gets.


BROOKS

16 May, 2022

trustpilot-stars

This is my second time using Prosper…

This is my second time using Prosper and both experiences have been fantastic! The application process, approval, and funding happen very quickly. Additional, I don't feel judged for needing their services like I would if I were to walk into a traditional bank. Debt happens but resources like Prosper helps us tackle the hard times with low interest 😊


DARRYL MCKINNEY

16 May, 2022

trustpilot-stars

easy to apply for loan

easy to apply for loan, fast approval, and money gets into your bank account in a few days.


JB

16 May, 2022

trustpilot-stars

The application process over all was…

The application process over all was ok. The uploading/documents requested was not clear and we’re not able to be uploaded easily. Because of the mention problems the approval/funding process was long and stressful.


CHUCK

16 May, 2022

trustpilot-stars

As a returing customer everything went…

As a returing customer everything went smooth and quick since all my info was stored. Just waiting for money to get deposited in account over the next few days.


PAUL MACLUSKIE

16 May, 2022

trustpilot-stars

Very happy customer,,,

Service was great-Toni in North Carolina handle the whole process with clarity and patience-she should be commended for her service

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