Prosper: Personal Loans Review

  7,362 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   7,362 Reviews

trustpilot-stars

DJUANA WILLIAMS

6 hours ago

trustpilot-stars

Awesome job

Awesome job, now I can pay off some debts? Thank you for making this easy


SUSAN1951

7 hours ago

trustpilot-stars

I Love Prosper 6th Loan

This is my 6th Loan with Prosper. I got it quickly.


WANDA JACKSON

7 hours ago

trustpilot-stars

Prosper has ALWAYS been very helpful

Prosper has ALWAYS been very helpful, speedy and courteous each time I have gotten a loan from them.


CATHY GARVIN

7 hours ago

trustpilot-stars

Applied for debt consolidated loan…

Applied for debt consolidated loan (application was easy) you can choose pay back what works for you according to there guidelines. I was approved fast. MONEY in the bank paid off high interest loans. Thank you Prosper I really appreciate you!!!! CATHERINE G.


DAVID EBERT

10 hours ago

trustpilot-stars

Fast and easy application and approval…

Fast and easy application and approval process…..Prosper you have answered my prayers to be in a place that I have financial freedom and free of the high interest rates that come with charge bills…..Thank You


CRYSTAL FULLER

13 hours ago

trustpilot-stars

Easy

Easy, fast and convenient!


KELLY

13 hours ago

trustpilot-stars

Fast & Easy

Easy application process, fast funding


AA

13 hours ago

trustpilot-stars

I have used Prosper multiple times for…

I have used Prosper multiple times for loans. They are easy to deal with and they make the process for applying for a loan and accepting funds simple. I would definitely use them again and refer anyone looking for a personal loan.


BALIKIS JINADU

13 hours ago

trustpilot-stars

Great to do business with and they have…

Great to do business with and they have the best rate so far


DAVE D

21 hours ago

trustpilot-stars

Outstanding Rate & Funding

Outstanding rate for a returning customer - funding in one day - hard to beat!


TREVOR

30 November, 2021

trustpilot-stars

This is my third time getting a loan…

This is my third time getting a loan from Prosper, and i have never had a issue with Prosper, I will recommend Prosper to anyone who is seeking a loan to take care of their personal business.. Prosper help me to be Prosperous.


SHERRY HALFMANN

30 November, 2021

trustpilot-stars

so easy to activate a loan

so easy to activate a loan, Thank You!


WILLIAM SANTANA

30 November, 2021

trustpilot-stars

Helpful answered all MY questions

Helpful answered all MY questions


SUNDAY IRORINEVAH ODEZAH

30 November, 2021

trustpilot-stars

Good job

Excellent customer service.


DAMITA JACKSON

30 November, 2021

trustpilot-stars

The company needs to work on the…

The company needs to work on the software and have the customer service agents on the same page. If you leave a message with an agent regarding a payment, the account should be noted. But instead, you get constant calls everyday which seems be harassing and I have to explain the situation over and over again. I appreciate getting loan, but in the future will go through my credit union because the interest rates are a bit high. So thanks but never again.


KEITH DIXSON

30 November, 2021

trustpilot-stars

Awesome service

Awesome service


LAURA FEHER

30 November, 2021

trustpilot-stars

The loan process is relatively easy.

The loan process is relatively easy.


JAKYLIA J

30 November, 2021

trustpilot-stars

The Worst

This by far the worst company to get a loan from. Upstart is way better and quicker.


JOSIE POZUELO

30 November, 2021

trustpilot-stars

Possible discrimination

My application was terminated “due to an inability to verify my identity”. No chance was given to supply additional documentation. I believe the difficulty relates to my name and gender change and that their refusal to allow me to correct the problem is a violation of gender identity protections in Nevada. I will be filing a legal complaint.


JOHN BARNES JR

30 November, 2021

trustpilot-stars

All done online very easy to do

All done online very easy to do


MARCY

29 November, 2021

trustpilot-stars

Prosper came through like a champion

Prosper came through like a champion. Loan was funded quickly.


JEANNE JAMES

29 November, 2021

trustpilot-stars

prosper loan

It went very easy. The money's not in there yet but we had thanksgiving holiday. I'm sure it will be there in a day or two. Thank You Prosper Much needed.


ERIC MARISON

29 November, 2021

trustpilot-stars

I applied

I applied, was approved and funded within a week.


MATT NORRIS

28 November, 2021

trustpilot-stars

Quick and easy

Quick and easy. Have used Prosper in the past with a good experience and that is why I came back.


SUSAN DAVIS

28 November, 2021

trustpilot-stars

Prosper got me Approved

Prosper got me Approved and funded for my Loan faster than the bank which made it not even worth applying for. Thank You Prosper for the Loan when needed to pay off my High Interest Rate Credit Cards.


JOHNATHAN MORMAN

28 November, 2021

trustpilot-stars

Very good staff

Very good staff


TRES JONES

28 November, 2021

trustpilot-stars

Seamless process

Seamless process. Every individual I communicated with was very helpful.


KCR

28 November, 2021

trustpilot-stars

Very smooth transaction

Very smooth transaction. Very efficient and fast process. I like this business very much.


THOMAS

27 November, 2021

trustpilot-stars

Very easy to complete a loan with…

Very easy to complete a loan with Prosper. Ty for helping me out.


NATHANIEL GREVE

27 November, 2021

trustpilot-stars

Repeat customer for quick and easy loans.

Prosper has always been very easy to apply for loans and very quick to get a response and funds transferred to my account. This was my second time using prosper and I’m sure I will use them again in the future if I ever have the need for a quick personal loan.


ROGER JETTE

26 November, 2021

trustpilot-stars

i like borrowing from Prosper

i like borrowing from Prosper. Great Customer Service. to leave a review, you should not ask for a code.


INALFAWETRUST

26 November, 2021

trustpilot-stars

No one would approve me for my loan, except...

No one would approve me for a debt consolidation loan and I desperately needed an approval as I was paying over $1,100 in cards per month and Prosper saved me!!! They cut my total CC bills down to $500 a month with less interest and I'm so happy now! Thank you Prosper for coming in clutch!


SCOTT DELZER

26 November, 2021

trustpilot-stars

Everything was done very quickly and…

Everything was done very quickly and efficiently. Thank you


CHERYL CURRAN

26 November, 2021

trustpilot-stars

Ok But!

Quick, professional, easy. My only complaint is the fee for processing the loan is excessively high. Which is why I only gave it 2 stars. They are double dipping in your pocket by charging both fees and interest.


LUIS INOA

26 November, 2021

trustpilot-stars

Excellence

I applied for my third loan with prosper, I was as smooth as it can get. I got my money in a matter of days. Prosper team rock. Congratulations for outstanding service.


MOI'

26 November, 2021

trustpilot-stars

Fantastic company

Fantastic company! This is my third loan with them and they are quick with an answer on your application and very helpful customer service! I also love the fact that I can pay off my loan early without any penalties. Highly recommend!!


ERIC MARISON

26 November, 2021

trustpilot-stars

A simple and quick process

Very simple and quick process, competitive interest rate, approval within a few days.


JERONIMO BERARDO

25 November, 2021

trustpilot-stars

Fast efficient

Fast efficient


LUCI BRITO

25 November, 2021

trustpilot-stars

From the beginning my dealings with…

From the beginning my dealings with Prosper have always been efficient and professional. This is my 3rd loan with Prosper (all for my kids weddings) it's been a pleasure doing business with them. I will continue to use them and recommend them.


CAMERON OCONNOR

25 November, 2021

trustpilot-stars

Simple easy and no real hassle

Simple easy and no real hassle, I had to verify a few documents that took a few days including my last years W2 but other than that I applied on a Thursday and was approved by the next Wednesday so I would definitely recommend them if you need fast cash. Thank you prosper!


RICHARD COVOLESKY

25 November, 2021

trustpilot-stars

Excellent smooth process

Excellent smooth process


RICHARD W

24 November, 2021

trustpilot-stars

Very easy streamlined process.

Very easy streamlined process. I’ve received several loans from Prosper and have paid them off. Very convenient and secure.


JEFF

24 November, 2021

trustpilot-stars

The Prosper Group has been wonderful to…

The Prosper Group has been wonderful to work with. Very professional and answered all my questions.


BART COLLINS

24 November, 2021

trustpilot-stars

Everything was quick and easy

Everything was quick and easy! Got approved within a day or so and funded shortly thereafter.


KEVIN COLLINS

24 November, 2021

trustpilot-stars

It was fast and hassle free

It was fast and hassle free


JEFF COX

24 November, 2021

trustpilot-stars

I took this loan so that I could reduce…

I took this loan so that I could reduce the interest rate on loans that I already had. Because the amount I received was $3000.00 less than the amount I requested I will be unable to completely eliminate my higher interest loans


ASTA FRANKS

24 November, 2021

trustpilot-stars

When I needed money

When I needed money, Prosper was there to help! The process was easy since I have been a customer for over three years. I trust them to give me a great rate and I choose which plan works for me! Thank you again!


SUSAN GHORLEY

24 November, 2021

trustpilot-stars

Awesome experience

Awesome experience! Easy and stress free. Love prosper!


MARIO SIMMONS

24 November, 2021

trustpilot-stars

Great Experience!

The process was simple to apply and I received funds within 2 days.


LOUIS

24 November, 2021

trustpilot-stars

Simple, efficient, & effective

Simple, efficient, & effective.. etc!!! Appreciate how easy this process was, seemed like I snapped my fingers.. & I was funded. Appreciate doing business with Prosper.. & personally recommend, if needed!!!

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