Prosper Personal Loans

Information verified correct on February 22nd, 2017

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?

Rates last updated February 22nd, 2017
Unfortunately, none of the personal loan providers have a loan for that credit score. It you are urgent need of a small loan, you might want to check out a short term loan.
Max. Loan Amount Minimum Credit Score Turnaround Time Requirements
NetCredit Personal Loan
You could borrow up to $10,000 and get an interest rate personalized to your credit score
$10,000 300 1 business day Varies based upon state of application Go to site More
Avant - Personal Loan
Borrow up to $35,000 with APRs ranging from 9.95% – 36.00%
$35,000 660 1-2 business days You must have at least a fair credit score (580 or more). Showing proof of a steady income. You must be a US Resident over 18 years old. Go to site More
LightStream Personal Loans
You could borrow up to $100,000 with rates starting from 2.19% fixed.
$100,000 680 Varies You must have a good or excellent FICO and be an American citizen or a permanent resident of the US. Go to site More
Lending Club Personal Loan
Borrow up to $40,000 with rates from 5.99% to 35.89% APR based on your credit score.
$40,000 660 Varies You must be over 18 years of age, a permanent resident of the US or an American citizen and have a steady source of income. Go to site More
Upstart Personal Loans
You are not required to have a specific minimum annual gross income, or credit history. That easy.
$50,000 660 1-2 business days 18+. US citizen or permanent resident. 660 credit score or higher. Go to site More
SoFi Personal Loan
Borrow up to $100,000 with a competitive APR and no fees.
$100,000 660 Varies You must be a U.S. citizen or permanent resident 18 years or older. Go to site More
SWIFT Personal Loans
With a 5 minute simple application, SWIFT connects you with lenders that will offer you terms that are reasonable, affordable, and trustworthy.
$10,000 1-2 days You have a valid bank account, You have a job or regular source of income, You are a resident of the United States and You are 18 years of age or older Go to site More

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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.

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