Prosper: Personal Loans Review

  7,794 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   7,794 Reviews

trustpilot-stars

EYONG&ETTA HEALTHCARE LLC

14 hours ago

trustpilot-stars

the process was quick and the agents…

the process was quick and the agents spent time to explain everything


EXCELLENT BEGINNERS COURSE!

16 hours ago

trustpilot-stars

Fast processing

Fast processing. Smooth transaction.


CORY NICHOLS

18 hours ago

trustpilot-stars

I just apply just now the process was…

I just apply just now the process was easy and straight forward hope i get approve i will be happy


WILLIAM AND ESTHER

21 hours ago

trustpilot-stars

Outstanding customer service

Outstanding customer service


ROBERT

23 hours ago

trustpilot-stars

Phillip was excellent!

Phillip was excellent!


ALBERT RODRIGUEZ

24 January, 2022

trustpilot-stars

The process was easy and convenient.

The process was easy and convenient.


CHRIS CUPPS

24 January, 2022

trustpilot-stars

This is the easiest loan process that…

This is the easiest loan process that can be!! Couldn't be more happy and my funds will be in my account in 1 to 4 days! Highly recommended!!


ASIA GEORGE

24 January, 2022

trustpilot-stars

I was hesitant at first because of the…

I was hesitant at first because of the comments. However Prosper has been very quick in the loan process, which I was very happy with. Now I can easy my mind and move forward with life obstacles during this pandemic time. The only reason there are 4 stars is because I haven't experience speaking with Customer Support, the loan have not deposit yet(but a email said it's on the way) and the repayment process. I will come back at a later date to update


NEAL COCHRAN

24 January, 2022

trustpilot-stars

Quick and easy

Quick and easy. Would recommend.


JACK DOROMAL

24 January, 2022

trustpilot-stars

I was so pleased by how i was treated…

I was so pleased by how i was treated by the customer service rep. She was so polite and courteous.


JOY TAYLOR

24 January, 2022

trustpilot-stars

It was really easy to get a loan…

Getting a loan through this company was pretty easy and hassle free. However paying them off early is not such an easy task because they have fees for that. If you do a transfer to pay off the loan and they write a check they have a fee for that as well. So I would not recommend them unless you like paying lots of fees


DAWN ALLEN BARBER

23 January, 2022

trustpilot-stars

The process was quick and painless and…

The process was quick and painless and I received my answer within a couple of hours, if that.


MICHAEL

23 January, 2022

trustpilot-stars

Quick response and approval

Very happy with how quickly my loan request was reviewed and approved. Only had to submit pay stubs verification, and that was it. Just awaiting the funds to be deposited. Very satisfied customer.


JOANNIE BOIS

23 January, 2022

trustpilot-stars

To get this loan was as easy as…

To get this loan was as easy as breathing. Thank you so much. I would recommend Prosper to anyone. Joan


CARLENA MYRICK

23 January, 2022

trustpilot-stars

Very easy process

Very easy process, quick, easy to answer questions. Very smooth. Timely response. Got decision sooner than I thought.


CHRISTINA ROBY

23 January, 2022

trustpilot-stars

Absolutely love working with Prosper!!

Absolutely love working with Prosper!!! Highly recommended!


LISA PERIUT MORGAN

23 January, 2022

trustpilot-stars

Fast and easy.

Fast and easy.


ARLENE AJAMI

23 January, 2022

trustpilot-stars

Quick and easy

Quick and easy


TIMOTHY

23 January, 2022

trustpilot-stars

rating

The service was quick and easy


ANONYMOUS

23 January, 2022

trustpilot-stars

The process is exceptionally simple

The process is exceptionally simple, customer service folks very cordial and follow-up is prompt. What more could one ask for?


OLUYINKA AKANMU

23 January, 2022

trustpilot-stars

My experience with Ms. Patricia was marvelous. She is good and have a good customer service.

My experience with Ms. Patricia was marvelous, she answers all my questions and laugh, she is great. Thanks


CLARENCE WILLIAMS

23 January, 2022

trustpilot-stars

the approval process

the approval process worked very well!! The financial assistance was excellent and very easy to work with. Great Job!!!


JEANNETTE URREGO

22 January, 2022

trustpilot-stars

I am extremely grateful to this…

I am extremely grateful to this company! Their efficiency of processing my loans was stress free. During 2020 and 2021 they worked with my budget in order for me not to fall behind on my payments. I am planning some home renovation and will be requesting another loan in March. Thank you!!


JOHN MCLEAN

22 January, 2022

trustpilot-stars

Service could not have been better

Service could not have been better. My loan was approved quickly. Thank You very much.


DREAMOUTLOUD

22 January, 2022

trustpilot-stars

Prosper was convient and efficient.

Prosper was convient and efficient.


SHYLA C.

22 January, 2022

trustpilot-stars

Easy to check your rates & apply

Easy to check your rates & apply - probably one of the easiest personal loans I've gotten in my lifetime! Before Prosper, I've tried a couple of other recommended companies for a loan, and was denied despite my good credit score & proof of income, and the process was so much more time consuming. I felt super discouraged because I'd not only being paying off several loans & credit cards, I'd be using the remainder to help with our move from Alaska to Arizona. Because of what I was approved for through Prosper, I can now rest easy knowing everything can be taken care of now without placing additional strain on us! Thank you so much Prosper!!!


OSIRIS URENA

22 January, 2022

trustpilot-stars

Excellent service

Excellent & speedy service! My go to whenever I need a loan I can depend on prosper.


TAIWAN BONDURANT

22 January, 2022

trustpilot-stars

Quick

Quick, simple,and easy.


ERICA CANN

22 January, 2022

trustpilot-stars

Easy

Easy, quick, and seamless process!


HOLLIS VARGO

21 January, 2022

trustpilot-stars

Excellent service

Excellent service


DC BULLDOG

21 January, 2022

trustpilot-stars

Great company

Great company


PACIFIQUE

21 January, 2022

trustpilot-stars

Easy process and quick deposit

Easy process and quick deposit


ROGER

21 January, 2022

trustpilot-stars

Prosper is a very great service…

Prosper is a very great service .Application was easy and loan was approbed but still waoting for the funds ...Than ks prosper


PATRICIA CUMMINGS

21 January, 2022

trustpilot-stars

This was the easiest loan I have ever…

This was the easiest loan I have ever applied for!!! I borrowed this to consolidate some bills .Thank you for making this easy and fast.


KATIE HO

21 January, 2022

trustpilot-stars

I love prosper

I love prosper ! Very quickly


SHANTA SANTAPRAKASH

21 January, 2022

trustpilot-stars

Very professional and quick processing.

Very professional and quick processing.


JWALKER

21 January, 2022

trustpilot-stars

Easy & Quick Process!

Easy and quick process! Used them a couple of times and their service is excellent!!


PHYLLIS MINOR

21 January, 2022

trustpilot-stars

quick and easy

quick and easy


KIMBERLY HUFF

20 January, 2022

trustpilot-stars

They were great!!

They were great!!


DARREN WILLIAMS

20 January, 2022

trustpilot-stars

The process was very easy .

The process was very easy the representative for prosper was very helpful and answered all my questions thanks again I will suggest prosper to my friends .


AYO OMOJOLA

20 January, 2022

trustpilot-stars

Got the money needed timely

Got the money needed timely. Application was simple and response was fast.


JIM STAATS

20 January, 2022

trustpilot-stars

I have not been notified about loan yet…

I have not been notified about loan yet so really can’t do review!


DOUG MCCORMICK

20 January, 2022

trustpilot-stars

The process for the loan application…

The process for the loan application and approval and all that was pretty nice easy and simple I understand the waiting period on to get funds and everything but I still haven't received mine as I'm writing this is day one after getting a approval email and the rates and payments seem fair


KIP BURKHARDT

20 January, 2022

trustpilot-stars

QUICK AND EASY WITH A GREAT INTREST RATE

QUICK AND EASY WITH A GREAT INTREST RATE


MC

20 January, 2022

trustpilot-stars

Simple Process

Easy to work with. Thank you


JESSICA FEIGA

20 January, 2022

trustpilot-stars

Aplplied for loan and the process was…

Aplplied for loan and the process was very easy! Thanks


MATT CARR

20 January, 2022

trustpilot-stars

Great service!

Applied for a loan with Lending Club and they could not pay several of my credit card accounts off due to them not having partnership with my banks. After they had me full apply and qualified to include having the papers ready. Wasted 2 days with Lending club before applying and getting the money from Prosper with no hassle. Thanks for the prompt service!


ROSA GUERRERO

20 January, 2022

trustpilot-stars

Process was quick and not overwhelming

Process was quick and not overwhelming


DAVID AHART

20 January, 2022

trustpilot-stars

This is the second time I've used…

This is the second time I've used Prosper. Always a great experience. Very reasonable rates.


BETTY SAMBULA

20 January, 2022

trustpilot-stars

This process was quick and easy

This process was quick and easy! It wasn’t stressful at all! Thank you!!!!

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