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Prosper peer-to-peer loans review

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Prosper personal loans
Finder score
Max. Loan Amount
8.99% to 35.99%
Min. credit score

Our verdict

While it has a transparent application process, watch out for high potential rates and fees.

Prosper personal loans are ideal if you're rate-shopping — you can find out what rates and terms you might qualify for by filling out a quick online form without affecting your credit. And you might be eligible even if you have fair credit.

But while its rates start relatively low, they top out on the higher side. It also charges an origination fee as high as 5%. And it's not a good option if you need money fast — as a peer-to-peer (P2P) lender, it can take up to five business days to get your funds.

Not sure Prosper is for you? Take a look at our table to compare even more options and find the right fit for your finances.


  • Accepts DTI rates of up to 50%
  • No hard credit check for preapproval


  • High maximum APR of 35.99%
  • Origination fee starts at 2.41% to 5%
  • Turnaround may be up to 5 business days
  • You must have at least three open credit accounts to qualify

In this guide

  • Our verdict
  • Details
    • Product details
    • Contact info
  • Your reviews
  • Ask a question's rating: 3.42 / 5.0


Bottom line: Propser isn't a quick option — it can take up to five business days to get your funds — but it accepts borrowers with fair credit and allows coapplicants. However, you may not receive a competitive rate.


Product details

Min. Loan Amount $2,000
Loan Amount $50,000
APR 8.99% to 35.99%
Interest Rate Type Fixed
Min. credit score 640
Origination Fee 1% to 7.99%
Loan term 3 or 5 years
Turnaround Time Up to 14 business days

Contact info

Phone number 866-615-6319
Customer service hours 8 a.m. to 9 p.m. ET, Monday through Friday
9 a.m. to 5:30 p.m. ET, Saturday
Twitter @ProsperLoans
Facebook @ProsperLoans

Prosper rates, fees and terms

Prosper personal loan rates range from 8.99% to 35.99%. This includes an origination fee of 1% to 7.99% which Prosper deducts from your loan amount. You can borrow between $2,000 to $50,000 to $2,000 to $50,000 with terms of 36 or 60 months.

If you miss a repayment, Prosper charges a late fee of either $15 or 5% of the amount due. There’s also an insufficient funds fee of $15 if there isn’t enough money in your bank account to make your scheduled repayment.

Use our calculator to find out how much a loan at different rates, terms and loan amounts might cost you.

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Prosper Healthcare Lending

Prosper offers financing to help cover medical expenses. To be eligible for a medical loan, you must have a healthcare provider that offers financing options and is enrolled with Prosper. If your provider doesn’t, contact Prosper to find an eligible medical practice in your area.

We contacted Prosper and a representative stated that Prosper offers medical loans up to $40,000.

The application is fairly straightforward. First, check your rates by filling out a preliminary form. If you decide to finalize your application, your application will be reviewed by underwriting software. The exceptional application will be reviewed by a live loan officer.

How Prosper compares to other lenders

Select your credit score and state to see personal loan options similar to Prosper.

Name Product Filter Values APR Min. credit score Loan amount
Upstart personal loans
Finder Score: 4.2 / 5: ★★★★★
Upstart personal loans
7.80% to 35.99%
$1,000 to $50,000
This service looks beyond your credit score to get you a competitive-rate personal loan.
SoFi personal loans
Finder Score: 4.4 / 5: ★★★★★
SoFi personal loans
8.99% to 29.99%
$5,000 to $100,000
A highly-rated lender with competitive rates, high loan amounts and no required fees.
Best Egg personal loans
Finder Score: 3.8 / 5: ★★★★★
Best Egg personal loans
8.99% to 35.99%
$2,000 to $50,000
Fast and easy personal loan application process. See options first without affecting your credit score.
Finder Score: 4 / 5: ★★★★★
8.49% to 35.99%
$1,000 to $50,000
Check your rates with this online lender without impacting your credit score.
LendingPoint personal loans
Finder Score: 3.3 / 5: ★★★★★
LendingPoint personal loans
7.99% to 35.99%
$2,000 to $36,500
Get a personal loan with reasonable rates even if you have a fair credit score in the 600s.
Happy Money
Finder Score: 3.8 / 5: ★★★★★
Happy Money
11.72% to 24.50%
$5,000 to $40,000
Pay down your debt with a fixed APR and predictable monthly payments.

Prosper reviews and complaints

BBB accreditedYes
BBB ratingA+
BBB customer reviews1.22 out of 5 stars, based on 41 customer reviews
BBB customer complaints102
Trustpilot score4.6 out of 5 stars, based on 6,731 customer reviews
Customer reviews verified as of05 March 2021

Many customers report being upset about the poor quality of customer service or frustrated with the application or repayment process. Some are also annoyed they were rejected after receiving a preapproval letter in the mail.

But not all have had bad experiences. Several customers report being happy with how quick and painless the application process was. A few even mention that Prosper was key to helping them become debt free.

How to qualify

To qualify for a loan from Prosper, you must meet the these requirements:

  • Credit score of 640 or higher
  • Valid bank account
  • Regular source of income
  • Debt-to-income ratio under 50%
  • No bankruptcies filed within the last 12 months
  • Fewer than five credit inquiries within the last six months
  • Minimum of three open accounts on your credit report
  • Not a resident of Iowa or West Virginia

How the application works

Prosper’s application should only take a few minutes. You’ll need to submit basic information about yourself, including your annual income and monthly housing payment. You will also need to create an account with Prosper to complete the initial application process.

If you’re preapproved, Prosper will show you your potential rates and terms. If you like what you see, you can go on to complete the full application. Once the application is in, Prosper will perform a hard credit check. If you’re fully approved, its investors will fund your loan within five business days.

What sets it apart

Prosper gives borrowers a letter rating based on factors like credit score, income and debt-to-income ratio. To get the best rates, lowest terms and largest loan amounts, you’ll need to have an AA rating.

Since your loan is funded by investors, you’ll likely raise funds faster if you have a higher rating since it’s less of a risk. Taking out a longer term can also land you a more expensive loan.

However, signing up for a longer term can make your loan more expensive, even if you’re an AA borrower. It also doesn’t offer flexible payment options: You can’t adjust your payment schedule if something comes up. But it does have a grace period of 15 days past your due date before it charges a late fee.

Is Prosper legit?

Yes. Prosper’s loans are legit and are underwritten by WebBank, member FDIC. It uses web filtering, anti-spam, antivirus, VPN and firewall technologies to keep your information safe.

The website makes use of automatic session timeouts to minimize the risk of unauthorized access to your account, and you can use TRUSTe’s Dispute Resolution System to submit feedback or questions regarding Prosper’s privacy policy.

If you want to compare more lenders, you can check out other personal loan options or compare lenders like Prosper before applying.

Frequently asked questions

Our answers to questions you might have about Prosper.

Where does Prosper check credit reports?

Prosper uses TransUnion to obtain credit scores.

What exactly is peer-to-peer lending?

Peer-to-peer lending connects borrowers to private investors or “peers” through an Internet-based marketplace. These investors put their money into one or more loans, thus funding what needs to be borrowed. A third-party company, such as Prosper, facilitates the lending.

Important information

For example, a three-year $10,000 loan with a Prosper Rating of AA would have an interest rate of 5.31% and a 2.41% origination fee for an annual percentage rate (APR) of 6.95% APR. You would receive $9,759 and make 36 scheduled monthly payments of $301.10. A five-year $10,000 loan with a Prosper Rating of A would have an interest rate of 8.39% and a 5.00% origination fee with a 10.59% APR. You would receive $9,500 and make 60 scheduled monthly payments of $204.64. Origination fees vary between 2.41%-5%. APRs through Prosper range from 8.99% (AA) to 35.99% (HR) for first-time borrowers, with the lowest rates for the most creditworthy borrowers. Eligibility for loans up to $50,000 depends on the information provided by the applicant in the application form. Eligibility is not guaranteed, and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions. Refer to Borrower Registration Agreement for details and all terms and conditions. All loans made by WebBank, member FDIC.

Personal loan ratings

★★★★★ Excellent
★★★★★ Good
★★★★★ Average
★★★★★ Subpar
★★★★★ Poor
We analyze top personal loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, customer reviews, loan amounts, loan processing and borrower experience. Read the full methodology of how we rate personal loan providers.

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November 21, 2018

I have been approved. They are telling me that they would deposit money in my account. I would have to send a Walmart voucher back how does that work?

When they deposit money in my account what ever amount. They said I would have to seen a voucher back. Do I use the money they deposit in my account

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November 29, 2018

Hi Libby,

Thanks for getting in touch! It’s great to hear that you’ve been approved. Given this, they will deposit the money into an approved bank account and you are able to gain access to the money. As per our page, none of the requirements of Prosper’s requirements needs a Walmart Voucher. I would suggest calling Prosper to confirm this. Hope this clarifies!



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June 18, 2018

Why does Prosper need my BANK SIGN-IN and PASSWORD?



June 19, 2018

Hi ScepticalLady,

Thanks for visiting finder.

Generally, applying for a loan requires you to create an account with them and that includes your username and password.

Also, in 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

It is also imperative that you check your credit score as an application to any lenders will appear in your credit file.

Hope this clarifies.



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Lubna Hopkins

May 28, 2018

Do you accept co signers?



May 28, 2018

Hi Lubna,

Thanks for leaving a question on Finder.

There is no information on whether they accept cosigners to get better chances and be approved for a loan. You can ask them directly by pressing the “Go to site” button from our Prosper peer-to-peer loans review. You may also consider getting a co-signer personal loan if you looking for lenders who accept cosigners.



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