Prosper: Personal Loans Review

  7,766 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   7,766 Reviews

trustpilot-stars

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!!!!


ELSA AGASID

20 January, 2022

trustpilot-stars

Had difficulty applying for loan online…

Had difficulty applying for loan online and contacted customer service 3 times and eventually over a period of 1-week, the technical problem was corrected. The representatives were always kind and courteous.


ED CO

20 January, 2022

trustpilot-stars

Highly recommended to whom responsible…

Highly recommended to whom responsible borrower fast and easy


JEFFREY FERRIS

20 January, 2022

trustpilot-stars

Great service and very good response…

Great service and very good response time on loan applications


JULIO BONILLA

19 January, 2022

trustpilot-stars

Perfect online service

Perfect online service, Prosper has a really easy application. I had no hick ups applying for my personal loan, I found it fair with the interest rate and it how quick they responded with any questions, My loan was in my bank within 5 days.


ROSLYN SINGLETON

19 January, 2022

trustpilot-stars

Great turn around

Great turn around. Excellent communication. This is my second loan with prosper and I do think their name fits their service. They give chances to some when other banks look over the situation at hand. Prosper does want you to prosper.


DENISE GIVENS

19 January, 2022

trustpilot-stars

Very fast loan approval

Very fast loan approval, but have not yet received funds.


RONNIE BRYANT

19 January, 2022

trustpilot-stars

The application was fast simple and…

The application was fast simple and easy and a very quick response! They came through in a timely fashion


ROBERT RINALDI

19 January, 2022

trustpilot-stars

PROSPER CANNOT SUCK ENOUGH

I GOT AN APPROVAL FOR $500 FOR A CREDIT CARD FROM PROSPER. THEY WANT TO ACCESS MY BACK ACCOUNT, IM OK WITH THAT BUT THEY USE THE SOFTWARE PLAID. I BANK WITH PNC AND DOESNOT USE PLAID. PROSPER DOESNT CARE. I TOLD THEM IT IS NOT FAIR TO HOLD MY APPROVAL RANSOM OR MAKE ME GO TO ANOTHER BANK TO REDEEM THE PROSPER APPROVAL. ACCUALLY IT MIGHT NOT BE LEGAL FOR THEM TO DO THAT.


PHYLLIS MINOR

19 January, 2022

trustpilot-stars

Excellent service

Excellent service


RIDERICK BROWN

19 January, 2022

trustpilot-stars

Theres only two types of companies…

Theres only two types of companies companies like prosper and companies That wanna be like prosper , this is my four go around , thank u for the trust.


ALICE V. PARKER

19 January, 2022

trustpilot-stars

Extremely Satisfied

I found it extremely easy to apply for the loan. The communication between myself and the staff was extremely helpful. I had a question and found it necessary to call and talk to someone and the gentleman I talked to was able to answer my questions without hesitation and indicated he was available if I had any further questions. This is the second loan I have gotten with Prosper and I'm more than satisfied with the service they have provided.


GERMAN AFRICANO

19 January, 2022

trustpilot-stars

Todo fue muy rápido y fáci

Todo fue muy rápido y fácil los recomiendo 100%


JACOB REDWAY

19 January, 2022

trustpilot-stars

i have in the past given a loan trough…

i have in the past given a loan trough proper and the amount i wanted was granted the repayment process was convienent for me with no hassle thank you prosper . JACOB


BECKY HARRELL

19 January, 2022

trustpilot-stars

My loan originator was polite

My loan originator was polite, knowledgeable and very sweet. The process was quick and easy and I am supposed to be funded in the next few day. Thank you, Rebecca Harrell


RF

19 January, 2022

trustpilot-stars

Fast and easy process

Fast and easy process


TINA MARCHAND-LEWIS

19 January, 2022

trustpilot-stars

This is my 4th loan and as always went…

This is my 4th loan and as always went very smoothly. I love the auto pay feature as well.


MARIO T.

19 January, 2022

trustpilot-stars

Very nice

Super fast turn around time, simple, easy to use


GOBERT ROLAND

19 January, 2022

trustpilot-stars

i have a inquiry from them and never…

i have a inquiry from them and never applied and they are not open 24 hrs so know one to talk to


TRACY FOX

19 January, 2022

trustpilot-stars

So hard to get in touch with a live…

So hard to get in touch with a live person from this company. The phone just rings and rings. Have been calling this place for weeks because the online portal refuses to process my online payment from my bb&t account or my credit union account . I'll for sure pay this one off and let it sit.Very inconvenient and I'll probably get charged a late fee because I'm running out of time. Can't prosper like this..


INOCENTE RODRIGUEZ-BASA

19 January, 2022

trustpilot-stars

The professional services and the…

The professional services and the urgency to process the loan this group offers is excellent thank you very much in advance!


STEVEN LARA

19 January, 2022

trustpilot-stars

Happy customer

The process was simple quick. Prosper team is always helpful.


RUDY GONZALES

18 January, 2022

trustpilot-stars

Thanks Prosper !!!

Thanks Prosper !!! The process is simple and fast


CHRISTOPHER JESSEMAN

18 January, 2022

trustpilot-stars

Quickest response I’ve ever gotten.

Quickest response I’ve ever gotten.


TONY PELLEGRINO

18 January, 2022

trustpilot-stars

I applied for a second loan and the…

I applied for a second loan and the entire process went smoothly and the funds were in my bank account in timely manner


NELLY

18 January, 2022

trustpilot-stars

They are very professional

I did everything online and everything was simple and fast.


ELIZABETH SALFEN

17 January, 2022

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

17 January, 2022

trustpilot-stars

Nothing's happened i got approve

Nothing's happened i got approve


CORDEL WATSON

17 January, 2022

trustpilot-stars

Lone

Lone Application

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