Prosper: Personal Loans Review

  7,720 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   7,720 Reviews

trustpilot-stars

NELLY

9 hours ago

trustpilot-stars

They are very professional

I did everything online and everything was simple and fast.


ELIZABETH SALFEN

14 hours ago

trustpilot-stars

This is my 3rd loan from Prosper,...I…

This is my 3rd loan from Prosper,...I never have any problems,...it all happens with 5 days from start to finish. I only wish with my credit score, and a repeat customer...I would get better rates.


CORDEL WATSON

14 hours ago

trustpilot-stars

Nothing's happened i got approve

Nothing's happened i got approve


CORDEL WATSON

15 hours ago

trustpilot-stars

Lone

Lone Application


DUSTIN

15 hours ago

trustpilot-stars

Great quick service

Great quick service


BRAD DAVIS

15 hours ago

trustpilot-stars

Beautifully streamlined! So efficient...

I wish every loan process were this simple and efficient! Perhaps Prosper should consider lobbying alongside the banking/mortgage industry and show them how it's done.


IVAN

16 hours ago

trustpilot-stars

It was easy to navigate the application

It was easy to navigate the application They replied fast


THOMAS PALM BEACH GARDENS, FL

16 hours ago

trustpilot-stars

Overall

Overall, processing a loan thru your online application is tedious and time consuming! I’m a repeat loan user with a closed account thru you in the past. It took (3) days to receive my approval and my proceeds still haven’t been received by my bank! Overall, your procedure needs a lot work! (4) days wait for proceeds to reach my account is ridiculous!!!! Thomas R Loyson


GDW OREGON

22 hours ago

trustpilot-stars

Quick and easy with funding to your …

Quick and easy with funding to your account within few days.


TAMMY WALTERS

16 January, 2022

trustpilot-stars

Prosper is great!

I love using prosper. No hassel and fast! I have used them several times over the last 6 years and would recommend them to everyone. I actually have recommended them many times to anyone that talks to me about wanting a big purchase or consolidating their debts.


ABDIEL HIDALGO

16 January, 2022

trustpilot-stars

Process was very fast and easy to do

Process was very fast and easy to do. Couldn't have asked for a more convenient service.


JOHNNIE R KENNEDY JR

16 January, 2022

trustpilot-stars

They excellent company to do business…

They excellent company to do business with. Very easy-to-use. Just do what you say you are going to do they will work with you


RICHARD BENDER

16 January, 2022

trustpilot-stars

Shopping with Prosper

Shopping with Prosper Like I had done in past I simply followed the online instructions to submit my application. I was promptly notified of a request for additional information. I supplied the information and was again notified that my application was under review. Next I received two email notifications, one indicating my credit score, the other a notification of approval with a summary and notification that funds would be deposited to my account within one to 14 days. 1/14/2022 checked account and funds were available . As always thanks for making my borrowing easy.


KIM OKONOFUA

15 January, 2022

trustpilot-stars

Great Customer Service

No worries at all, the transaction was very easy and smooth. So far I’m loving Prosper. Thank you


MICHAEL BONINCONTRI

15 January, 2022

trustpilot-stars

Very professional

Very professional. They were very polite and walked me through everything step by step. I would highly recommend them to anyone who needs funds for any purpose.


TONY PELLEGRINO

15 January, 2022

trustpilot-stars

I applied for an additional loan and…

I applied for an additional loan and within minutes and after a few questions my l8an was approved.


SARAH KIRK

15 January, 2022

trustpilot-stars

a smooth process

a smooth process, fast processing and deposit! Thank you


CUSTOMER

14 January, 2022

trustpilot-stars

Super fast and easy process

Super fast and easy process. Would recommend!


DAVE DOLHAR

14 January, 2022

trustpilot-stars

easy and fast

easy and fast


MIKE

14 January, 2022

trustpilot-stars

I had my doubts after reading the…

I had my doubts after reading the reviews but all in all I'm very happy with the service! Talked on the phone with one of your representatives and was extremely pleased with the professionalism. Thank you and would use again


AGMICHIGAN

14 January, 2022

trustpilot-stars

great service

great service. This is the second loan I have received from Prosper. The application is easy and user friendly. The approval is generally lightening fast too.


COLLETTA EVANS

14 January, 2022

trustpilot-stars

The process.

Prosper helped me once so I decided to apply again. The application was easy step by step was told what they wanted and everything was so smooth. Thanks for helping me again Prosper.


FARNAZ

14 January, 2022

trustpilot-stars

The process was extremely easy and…

The process was extremely easy and professional


CORY GALLAGHER

14 January, 2022

trustpilot-stars

Communication was the worst I have ever…

Communication was the worst I have ever had to deal with If I new you was going to take $225.00 off the loan I asked for I never would of used this place ever


TAMMIE TOBITT

14 January, 2022

trustpilot-stars

Great service

Got my loan fast and easy


BOBBY SMITH

14 January, 2022

trustpilot-stars

this was my second loan and as usual…

this was my second loan and as usual very proffessional and a great way to do business


BRANDI LUZADER

14 January, 2022

trustpilot-stars

This is not my first time using…

This is not my first time using Prosper. Each step of the process was easy, seamless, quick, and so helpful. So appreciative for the loan Prosper!


LINDA,

14 January, 2022

trustpilot-stars

Great Customer Service Again!

This is not my first time using this service, but the same high quality of customer service was the same as many years ago. Thanks and continue the great work!


BILL CARSWELL

14 January, 2022

trustpilot-stars

good job!!

everyone i talked to was willing to help me through what ever problem i was having. your people are very helpful! they stayed with me untill i understood.your employees are very trained! i thank you


CONNIE ENDERS

14 January, 2022

trustpilot-stars

We had a major car expense come up and…

We had a major car expense come up and needed money fast to pay for it. Prosper did that for us with very little work.


KHANDI

14 January, 2022

trustpilot-stars

Always use them

Always use them. Always very smooth process and the money is always in my account when it’s needed. Waiting on the deposit from my new loan now


JULIE DONNELLY

13 January, 2022

trustpilot-stars

They didn't have my bank listed so I…

They didn't have my bank listed so I had to upload a voided check and I didn't hear any response back for over 24 hours so I decided to call and the guy on the phone took care of it but who knows how long the application process would've taken if I didn't call to ask about my application. I will use another company next time with an easier process and who funds the money faster. I'm still waiting for my money.


TIMOTHY DECAILLE

13 January, 2022

trustpilot-stars

Greatest loan company

Ive never had any issues getting a loan from prosper. This is a great company to work with.


CUSTOMER

13 January, 2022

trustpilot-stars

It was very easy to secure my loan from…

It was very easy to secure my loan from Prosper.


APPIE

13 January, 2022

trustpilot-stars

Great and fast service

Great and fast service . Very efficient


CRAIG BOONE

13 January, 2022

trustpilot-stars

Awesome

Easy, fast, awesome! 2nd loan for me, very good experience. Thank you so much!cboone


JACK

13 January, 2022

trustpilot-stars

Happy with the quick service but I…

Happy with the quick service but I didn't know there was an origination fee not happy about that


SCOTT HUFF

13 January, 2022

trustpilot-stars

Expedient process

Expedient process! Great service.


LUIS

13 January, 2022

trustpilot-stars

GREAT COSTUMER SERVICES AT ALL

GREAT COSTUMER SERVICES AT ALL


ORTIZ/LORI

13 January, 2022

trustpilot-stars

I appreciate this company

I applied for this loan on December 27 of 2021 because of the holidays I understand it took a lot longer than I should’ve probably normally took but when I called them to find out if things were moving forward within one day the gentleman had my loan done and approved. I appreciate them taking the time with me on the phone


ROBERTO M LAREZ

13 January, 2022

trustpilot-stars

Was easy and quick prosper is the…

Was easy and quick prosper is the best.....money in my bank in 2 days after approval.....thanks again...


ALLEN

12 January, 2022

trustpilot-stars

The process was super easy and funds…

The process was super easy and funds were available quickly!


ANDREW

12 January, 2022

trustpilot-stars

Easy process and great communication.

Easy process and great communication.


SONJA ALEXANDER

12 January, 2022

trustpilot-stars

I applied for a loan with Prosper on a…

I applied for a loan with Prosper on a Friday. Got approved on the following Tuesday and money was in my account on Wednesday.. Fast and hastle free...They also keep you informed. Good interest rates also...Very nice service. I would recommend this loan company for your needs.


VICTOR

12 January, 2022

trustpilot-stars

Very easy process!!!

Very easy process!!!


ERIN

12 January, 2022

trustpilot-stars

Fast service

Fast service, thank you.


SHANARSTONE

12 January, 2022

trustpilot-stars

Excellent service

Excellent service


ROBERT SANTOS

12 January, 2022

trustpilot-stars

Easy process with a catch

Being a previus customer, the whole process was extremely easy. Only complaint is the originating fee which is taken out of the loan amount. I needed a certain amoount and thats what i applied for, well after they took their fee out i was a few hundred dollars short. Guess i should have applied for more than i needed?


PATRICKMCGOWAN1

12 January, 2022

trustpilot-stars

This is my second experience with…Prosper. Recommend!

This is my second experience with Prosper. Overall, they are easy to work with and responsive. The process this time was not as smooth and it took longer and more effort on my part than I expected to fix a few glitches on their end, but I would definitely recommend them!


PREMA DEVAPRAKASH

12 January, 2022

trustpilot-stars

Your service was great fast and truly…

Your service was great fast and truly helpful . You have made the whole process so easy and simple. Thank you so much for all your help

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