Apply for a personal loan through Prosper and pay an APR based on your credit score.
Prosper is the pioneer of peer-to-peer lending in the US. It has over two million members and has funded loans in excess of $5 billion. Like other peer-to-peer lenders, Prosper lets individuals invest in others looking for loans. Borrowers can take out loans for amounts between $2,000 to $35,000.
All the investing and loan servicing activity that Prosper carries out is subject to state and federal regulations. WebBank, a Utah-chartered industrial bank, is responsible for the origination of all loans through Prosper. This business is also subject to supervision and examination by bodies including the Federal Trade Commission and the Federal Reserve Board.
How does prosper compare?
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Here are the types of personal loans available
The main loan options offered by Prosper are:
- Debt consolidation loan. If you have existing loans that charge high interest rates you can consider getting them under a single umbrella through a Prosper debt consolidation loan. This can lead to savings on interest charges, and you no longer have to worry about keeping track of multiple payments. You can use this loan to consolidate debts from other loans as well as credit cards.
- Home improvement loan. A home equity loan is not always an option when it comes to funding home improvements. You can consider getting a Prosper home improvement loan. You can use proceeds from this loan for repairs, remodeling, adding new furniture, or buying new appliances.
- Special occasion loans. Prosper provides personal loans for special occasions such as milestone birthdays, graduation celebrations, weddings, and retirement parties.
- Small business loans. Personal loans that Prosper provides to small business owners are not traditional business loans, as they are issued to you as an individual, and not in the name of your business. You can apply for this kind of loan for a new business or one that’s already established.
What features comes with a Prosper personal loan?
If you’re considering getting a Prosper personal loan, these are the main features:
- Credit score based APR. The annual percentage rate (APR) you have to pay depends on your credit score, so if you have an excellent credit score you can expect to pay a low APR. The APRs of Prosper personal loans vary from 5.99% to 36%.
- Varied loan amount. Prosper lets you borrow any amount from $2,000 to $35,000. You start by process by creating a borrower listing that lenders can then invest in. You’ll need to get enough lenders to invest in your listing to receive 100% of the required money.
- Get money for different purposes. You can get a personal loan through Prosper for different reasons including debt consolidation, home improvement, buying a car, buying a motorcycle, paying for medical or dental treatment, making a large purchase, getting married, or going on a vacation.
- Online account management. You can track the progress of your loan at any time by logging into the Prosper online account management system.
- Making additional payments. You can choose to make additional payments at any time, and you don’t have to pay any extra fees for doing this. Paying off your loan ahead of time does not attract any penalties.
- Account security. Prosper stores all its borrowers’ sensitive personal and financial information in highly secure state-of-the-art data centers that make use of the latest in web filtering, anti-spam, antivirus, VPN, and firewall technologies. The website makes use of automatic session timeouts to minimize the risk of unauthorized access to your account.
How can you apply for a personal loan from Prosper?
You can apply for a Prosper personal loan by visiting the Prosper website. To do so now simply click apply online. To apply, you have to meet the following eligibility criteria:
- You are over 18 years of age
- You are an American citizen or a permanent resident of the US
- You don’t have bad credit history
Completing the application requires you to provide the following information:
- Your name, home address, and email address
- Your date of birth and tax file number
- A valid form of ID like a driver’s license or a passport
- Your employment status, employer’s name, and employer’s contact details
- Details about your income
Frequently asked questions
What types of institutions can become lenders on Prosper?
Pension funds, hedge funds, non-profit and for-profit corporations, trusts, and many more can all become lenders on prosper.
Are Notes originated on Prosper transferable?
Yes, Prosper partners with FOLIOfn Investments, Inc. to allow investors to buy and sell Notes.
How can our company track and account for a loan portfolio on Prosper?
Prosper provides monthly and yearly electronic statements so investors always have access to their complete payment history.