Prosper: Personal Loans Review

  6,934 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   6,934 Reviews

trustpilot-stars

CONSTANCE HATTON

02 August, 2021

trustpilot-stars

The process was quick and easy

The process was quick and easy. Good customer service.


TAMMY

29 July, 2021

trustpilot-stars

Quick and easy!

Quick and easy!


THOMAS WHITE

27 July, 2021

trustpilot-stars

Really a waste of my time I applied on…

Really a waste of my time I applied on 07/20/2021 sent in everything uploaded everything was approved I waited and waited I called and called never heard anything from anyone login on 07/27/2021 loan was canceled because of my job income I have been employed at this company for over 10yrs how dare this company say they couldn't verify my income not only that if it wasn't for my job I wouldn't have a $50,000 auto loan this company really is crap to me I gotten approve over at NetCredit.com which is a higher rate but I was in need asap


TAMMY BRICKELL

26 July, 2021

trustpilot-stars

The process was easy and got a very…

The process was easy and got a very quick response, informative customer service


RALPH D

26 July, 2021

trustpilot-stars

The loan process was very smooth from…

The loan process was very smooth from beginning to end Thank you


LYNN

25 July, 2021

trustpilot-stars

This was the easiest transaction I have…

This was the easiest transaction I have ever done. Smooth, lean, easy to understand. Excellent job!!!


SATISFIED IN PA

24 July, 2021

trustpilot-stars

All the customer service…

All the customer service representatives that assisted me were courteous, knowledgeable about product and procedures, patient, and efficient.


DEBORAH

24 July, 2021

trustpilot-stars

Excellent service!

Excellent service!


LESLIE

24 July, 2021

trustpilot-stars

100% satisfied with this loan

100% satisfied with this loan. Funded quickly and communication is amazing


DAPHNE

24 July, 2021

trustpilot-stars

Your rates are reasonable.

Your rates are reasonable.


JUANCARLOS

24 July, 2021

trustpilot-stars

the truth is

the truth is, you were there when everyone else said " NO " and I really appreciate that ,not once but twice , even the bank where my check gets deposit said no and they are a "credit union " , that is why I give you 5 stars actually I give you 10 stars . thank you very much , and keep on helping individuals like my self, thank you!!


PAT

24 July, 2021

trustpilot-stars

Prosper has always been there when I…

Prosper has always been there when I need them. A wonderful experience. I have had three loans through them. Awesome easy process!


PAUL TRUITT

23 July, 2021

trustpilot-stars

Everything went great

Everything went great


DAVID TANT

22 July, 2021

trustpilot-stars

The loan was just as presented and…

The loan was just as presented and everything was easy


SUSAN

22 July, 2021

trustpilot-stars

Great experience!

Great experience! Prosper has been nothing but helpful! They offer loan terms that are favorable and straight forward Monthly payments and interest are reasonable. Great customer service every time I have contacted them.


ARLENE

22 July, 2021

trustpilot-stars

My Champions!!!

My Champions!!! It didn't take long to get the loan. Oh, and I didn't have to jump through hoops. I just paid off the balance to all my credit cards and now I only have the one payment with y'all at Prosper per month which is just relief and peace of mind for me. The Agents that I spoke with were polite, outgoing,knowledgeable and professional and if that's not amazing enough all of them seem to have great sense of humor. I felt in good hands. But all in all it only took 2 weeks from application to money put in my bank account.My payment is higher than I would have liked, but way cheaper than trying to pay off the credit cards. I'm also happy that payments will be automatically taken from my account so I can just forget about them. I was made to feel like a valued customer and it's a good feeling!!! So to conclude this review I'm very happy with all the services I received and with the way I received it. Thank you Prosper


LUCY

22 July, 2021

trustpilot-stars

Been very helpful in my situation

Been very helpful in my situation. I have no problem with the money being withdrawn from my account


MIKE

22 July, 2021

trustpilot-stars

Awesome Prosper has assisted me…

Awesome Prosper has assisted me financially for several months I couldn’t ask for better service they are awesome and helps me take care of family. Thank you Prosper Team when get these look for me I will be requesting again Thank you Mike Murry, tOklahoma


WILLIAM

22 July, 2021

trustpilot-stars

Very fast and efficient service

Very fast and efficient service. Good assistance with problems that may arise in the process. Highly recommend.


SAMUEL

21 July, 2021

trustpilot-stars

The application was fast and easy to…

The application was fast and easy to do, The customer service is excellent and the interest rate was more than fare.iwould recommend Prosper to anyone seeking a loan, great term's,and easy payment options.


JUANA

21 July, 2021

trustpilot-stars

Your loan process is so fast and easy!

Your loan process is so fast and easy!


DOGWATCH CUSTOMER

21 July, 2021

trustpilot-stars

So far so good 😊

So far so good 😊


NAIDA L

21 July, 2021

trustpilot-stars

The process was easy and quick

The process was easy and quick. Everything happened as promised. I highly recommend


JILL

21 July, 2021

trustpilot-stars

1 small issue

Paid off 2 loans early but tried to get another for a little higher and was told no...credit is good and was told to pay off the loan if I needed more which I did but.....so I am not happy but will continue to pay on current loan and pay it off and maybe check elsewhere... ..


PAMELA

21 July, 2021

trustpilot-stars

Prosper provided me with a loan at a…

Prosper provided me with a loan at a very reasonable rate. Everything was done very professionally and very quickly. I am very happy with my Prosper loan.


JUANITA

21 July, 2021

trustpilot-stars

Awesome

It was a very simple easy process. Received funding quickly. Reasonable rates.


ERNEST

21 July, 2021

trustpilot-stars

You guys are Awesome!!

You guys are Awesome!!


ELAINE

21 July, 2021

trustpilot-stars

Great customer service

Great customer service! Was able to get my request within a few days.


ERNEST

21 July, 2021

trustpilot-stars

Action on my request was quick and…

Action on my request was quick and uncomplicated cause Prosper already had my info from an earlier loan.


GREGORY

21 July, 2021

trustpilot-stars

Easy Dealing

Excellent communication without excessive calls, timely execution just in time to make repairs. Have not had to use any services hopefully they will remain smooth.


TOSHIKO BLEVINS

21 July, 2021

trustpilot-stars

Everything was so quick and very easy

Everything was so quick and very easy. It took no time at all and I had my money in my account. Love prosper.


ERIC

21 July, 2021

trustpilot-stars

Simple easy process and got my account…

Simple easy process and got my account funded in a couple days. I recommend Prosper!


RAYMOND

21 July, 2021

trustpilot-stars

Proper as a loan provider is effective…

Proper as a loan provider is effective tool for the disciplined financial warrior's tool box. The loan process and getting funding was seamless. The cost of the loan was competitive, but not the least expensive option. I have used this company for prior loans and liked their process and software, so I used them again. Get rid of high % debt loans. A lower interest loan is the "sale" of money get your money on sale don't pay high interest for other debt loads. Happy Borrowing


DRAGOLJUB

21 July, 2021

trustpilot-stars

I got a call telling me my loan was…

I got a call telling me my loan was approved and money will be deposited in my account within few days, and then 3 days receive email telling me additional documents are needed???


JOSEPH

21 July, 2021

trustpilot-stars

The Prosper experience was easy and…

The Prosper experience was easy and wonderful!! Thank you Prosper, I will be looking for more in the future!


DANE

21 July, 2021

trustpilot-stars

Prosper was easy to work with

Prosper was easy to work with. Good company for a loan


TAMMY

21 July, 2021

trustpilot-stars

Pleased

Easy process and great customer service. I was able to take care of my needs.


KIMBERLY

21 July, 2021

trustpilot-stars

After having been a repeat exemplary…

After having been a repeat exemplary customer, Prosper still required additional information and documents and delayed the process so much so that I sought out other options.


VALICA

21 July, 2021

trustpilot-stars

Thank you for the opportunity

Thank you for the opportunity. At that time, it was well needed.


CRISTINE

21 July, 2021

trustpilot-stars

It was fast and easy

It was fast and easy! I really like the online support! Thanks


KIRK

21 July, 2021

trustpilot-stars

Great place to find a decent loan

Great place to find a decent loan


DEBRA NERBONNE

21 July, 2021

trustpilot-stars

You haven't credited my payment of…

You haven't credited my payment of $3,006.16, and it has been almost 2 weeks....what is your problem?


CHELLY CAMPBELL

21 July, 2021

trustpilot-stars

Everything was great

Everything was great. Kind of wish I had gone for a bigger loan to pay off even more. I'll probably use them again after this one is paid off


MARY

21 July, 2021

trustpilot-stars

Painless

The loan process was quick and very simple to do. I thought it was too good to be true so far my experience has been great I highly recommend to anyone


JACKIE

21 July, 2021

trustpilot-stars

Pro's and Con's

Communication was very rocky in the beginning. I waited for 17 days to hear a response, even after requesting help from customer service 3 times. All in all, I was approved for a pretty hefty amount with a fair interest rate. I plan to use for emergencies, so it works well for what I needed it for.


RAFAEL

21 July, 2021

trustpilot-stars

Very easy process

Very easy process


KRISTI

21 July, 2021

trustpilot-stars

Prosper

I’ve used Prosper twice and have always been appreciative of their honesty and integrity when making loans.


PETRONA

21 July, 2021

trustpilot-stars

When I was at my lowest Prosper came…

When I was at my lowest Prosper came through for me…I would definitely recommend them to people looking for help. Thumb up to Prosper.


LOWELYN

21 July, 2021

trustpilot-stars

I got approved fast. Thank you!

This is not my first time with Prosper. You can get approved real fast, you just have to submit all the paper works right away and you can get answer from them as soon as they receive all your paper works. Thank you Prosper!


CATHERINE

21 July, 2021

trustpilot-stars

Recent first time client

I have been pleased thus far with my experience. The process was new and easy to follow. Response time was almost immediate, for which I was thankful.

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