Prosper: Personal Loans Review

  7,401 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   7,401 Reviews

trustpilot-stars

CHARLES .A

06 December, 2021

trustpilot-stars

I'm a loyal repeat customer

I'm a loyal repeat customer, despite others out there, It's because they make it easy and fast to get me the money. Will always be loyal. This is my fourth loan. Thank you prosper !


FRAN JOHANN

06 December, 2021

trustpilot-stars

As always you do a great job that is…

As always you do a great job that is why I keep coming back. I also see your prior reviews are great. You make it easy and simple with excellent results. What more can you ask for? Thank you.


LULDES DIAZ

05 December, 2021

trustpilot-stars

Prosper is there when I need a loan…

Prosper is there when I need a loan fast. Get a fast respond when approved and receive the $$ in no time. The only thing is I wish the interest rate was little less.


BLOSSOM EDWARDS

05 December, 2021

trustpilot-stars

Based on my help from proser this…

Based on my help from proser this company is so helpful and i would recommend them to anyone that needs help in an expeditious time frame


TAI LIANG

05 December, 2021

trustpilot-stars

My Favorite Lender

This is my second time of borrowing from prosper and it's still a fast and comfortable journey. All the best Prosper!


CHEA JOHNNY

05 December, 2021

trustpilot-stars

excellent service easy to apply.

excellent service easy to apply.


JACKIE QUILES

05 December, 2021

trustpilot-stars

I have requested 3 personal loans and…

I have requested 3 personal loans and Prosper delivered my funds on all 3 requests! I am a very pleased customer and I would highly recommend to anyone in need of a loan.


KAREN

05 December, 2021

trustpilot-stars

Quick and Easy Process!

As always the Prosper process is quick and easy. And I'm not just saying that because I was approved! Thanks again for your speedy efficient process.


CARLO ACCARDI

05 December, 2021

trustpilot-stars

It was great!!

It was great!!! They work with you!!!


WAYNE INNESS

04 December, 2021

trustpilot-stars

good rate

good rate and good service


JULIET _BAVUGA

04 December, 2021

trustpilot-stars

Excellent and fast services

Excellent and fast services! 👌


YVONNE ALLEN

04 December, 2021

trustpilot-stars

Satisfied Customer

The entire application and approval process was completed in less than 24 hours with the funds being deposited directly into my bank, which made me very happy. The process was so easy that I will recommend to family and friends.


PAUL

04 December, 2021

trustpilot-stars

This has been the easiest loan I've…

This has been the easiest loan I've ever delt with. Very pleased with the results.


LUCINDA

04 December, 2021

trustpilot-stars

Easy to use

Easy to use. Swift response. Fair rate


DONNA ANDERSON

04 December, 2021

trustpilot-stars

Fast approval

Fast approval, Best rate, your funds in a few days. I would recommend everyone who is trying to get a loan to use Prosper.


LEEB

04 December, 2021

trustpilot-stars

Effective and efficient process

Effective and efficient process


APOLLO

04 December, 2021

trustpilot-stars

I thoght I will never have this…

I thoght I will never have this transaction anymore but thanks God it went through. I am so thankful you make it happen. I apreciate it.


LARRY G HAYES

03 December, 2021

trustpilot-stars

I'm so glad your company is awesome I…

I'm so glad your company is awesome I got a loan a few years ago and with low rates I'm doing it again Thanks much. Larry


GUSTAVO GUEVARA

03 December, 2021

trustpilot-stars

Easy and no issues

Easy and no issues


MARCULUS HARRIS

03 December, 2021

trustpilot-stars

The entire process was simple and easy

The entire process was simple and easy. The time from applying to receiving your money happened in only a matter of days.


BOB BADDOGSS

03 December, 2021

trustpilot-stars

Super easy and fast

Super easy and fast, recommended.


ROSEMARIE DAVY

03 December, 2021

trustpilot-stars

To whom it may concern

To whom it may concern , taking out a loan was the best thing I could’ve done ,I had to take care of some emergencies and I didn’t have enough money, in the past I took out loan from prosper never had any problems they were very understanding and even when I had difficulty paying my payment I call and let them know the situation and they put me on a program that I only pay the interest and that was very considerate and nice ,and that was a big left off,So moving forward that’s the reason why I chose to do business with prosper again ,and I recommend a few people ,am sure they will feel the same as I do , so hands up to all your workers they were trained very well, thanks again please be safe .


NANCY GALLUCCIO

03 December, 2021

trustpilot-stars

Great experience

Great experience! One of the easiest transactions I ever done.


ERICA

03 December, 2021

trustpilot-stars

Fast and easy to get a loan

Fast and easy to get a loan! This is my second great experience with Prosper. I highly recommend!


JOSEPH REFANO

03 December, 2021

trustpilot-stars

Excellent experience

Excellent experience. Fast process. Highly recommend.


ALONZO AUSTIN

03 December, 2021

trustpilot-stars

Great Service!!!!

Great Service!!!!


MATTHEW DURSO

03 December, 2021

trustpilot-stars

Prosper is pretty good

I’ve used Prosper twice for personal loans. The interest rates are a little high, but the easy application and prompt funding for the loan make it worth it for relatively small loans.


KIRK CHALLEN

03 December, 2021

trustpilot-stars

Simple to use.

Really easy to use, applied for a loan and the money was in my bank within 24hrs.


ROBERT ELLENPORT

03 December, 2021

trustpilot-stars

Ease of borrowing from Prosper

Ease of borrowing from Prosper; application was straigt forward and easy to complete. Quick response was appreciated.


DOT STRONG

03 December, 2021

trustpilot-stars

Helpful Customer Service

Helpful Customer Service


MACK

03 December, 2021

trustpilot-stars

The loan process is very smooth

The loan process is very smooth. Prosper stands by their customers.


VANDED

03 December, 2021

trustpilot-stars

Quick and Easy

Quick and Easy! The rate was in line with expectations.


BARD

03 December, 2021

trustpilot-stars

Smoothest and easiest loan process I've…

Smoothest and easiest loan process I've ever had to accomplish. No more banks for me.


J. PEREZ

03 December, 2021

trustpilot-stars

Don’t waste your time

I applied for a personal loan. I gave all the information that prosper wanted and prosper ran my credit which at that time was 817. I then logged in to see the status of my loan application and come to find out my application was suspended. It said to give them a call which I did. The young broad couldn’t give me an explanation as to why my application was suspended,that I was going to get a letter in the mail. She also said that the inquiry on my credit report would disappear after 7 business days. It’s been 15 business days today 12/02/2021 the inquiry is still there, I haven’t received a letter from them in the mail. So my credit went down 5 points and I guess I’ll be stuck with this inquiry for 2yrs.


DEBORAH WILDEMAN

02 December, 2021

trustpilot-stars

Process was quick and easy

Process was quick and easy


HAPPY CUSTOMER

02 December, 2021

trustpilot-stars

The service I received was fast with a…

The service I received was fast with a very easy process to apply.


LEO SHABYKIN

02 December, 2021

trustpilot-stars

Super easy

Super easy! Friendly staff that was very helpful, would work again with them soon!


CRYSTAL CORNIST

02 December, 2021

trustpilot-stars

My loan process

I'm extremely happy , very kind and patient


MIKE A

02 December, 2021

trustpilot-stars

a sneaky way to list a hard credit inquiry - very deceptive

Such a sneaky way to list a hard credit inquiry among numerous items on the TIL . They didn’t bring enough attention to it, as they have when they talked about soft inquiry. I wanted to look at the rate and after I reviewed the TIL it showed additional step. I wanted to see what that was, thinking they will show the loan agreement and terms of the loan. I need this loan cancelled and an inquiry removed. Absolutely terrible web application. Terrible experience. Would never recommend.


DJUANA WILLIAMS

02 December, 2021

trustpilot-stars

Awesome job

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


SUSAN1951

02 December, 2021

trustpilot-stars

I Love Prosper 6th Loan

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


WANDA JACKSON

02 December, 2021

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

02 December, 2021

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

01 December, 2021

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

01 December, 2021

trustpilot-stars

Easy

Easy, fast and convenient!


KELLY

01 December, 2021

trustpilot-stars

Fast & Easy

Easy application process, fast funding


AA

01 December, 2021

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

01 December, 2021

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

01 December, 2021

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.

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