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finder.com’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.
$40,000
Max. Loan Amount
7.95% to 35.99%
APR
640
Min. Credit Score
Product Name | Prosper personal loans |
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Min. Loan Amount | $2,000 |
Max. Loan Amount | $40,000 |
APR | 7.95% to 35.99% |
Interest Rate Type | Fixed |
Min. Credit Score | 640 |
Origination Fee | 2.41% to 5% |
Loan Term | 3 or 5 years |
Turnaround Time | Up to five business days |
Review by
Aliyyah Camp is a writer and personal finance blogger who helps readers compare personal, student, car and business loans. Aliyyah earned a BA in communication from the University of Pennsylvania and is based in New York, where she enjoys movies and running outdoors.
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.
Prosper personal loan rates range from 7.95% to 35.99%. This includes an origination fee of 2.41% to 5%, which Prosper deducts from your loan amount. You can borrow between $2,000 to $40,000 with terms of 3 or 5 years.
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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Compare personal loans nowProsper 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.
Prosper offers two programs for different financing needs and creditworthiness:
Standard | Exceptional | |
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Loan amount | $2,000 to $35,000 | $20,000 to $100,000 |
APR | 7.95% to 35.99% | 5.95% to 19.99% |
Recommended credit score | 640 | 740 |
Turnaround | A few days | A few days |
The application is fairly straightforward for both. First, check your rates by filling out a preliminary form. If you decide to finalize your application, your standard application will be reviewed by underwriting software. The exceptional application will be reviewed by a live loan officer.
Select your credit score and state to see personal loan options similar to Prosper.
BBB accredited | Yes |
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BBB rating | A+ |
BBB customer reviews | 1.54 out of 5 stars, based on 54 customer reviews |
J.D. Power ranking | Ranked #11 in JD Power 2020 customer satisfaction |
Trustpilot score | 4.7 out of 5 stars, based on 4,522 customer reviews |
Customer reviews verified as of | 16 October 2020 |
Many customers are 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 they are happy with how quick and painless the application process was. A few even mention that Prosper was key to helping them become debt free.
To qualify for a loan from Prosper, you must meet the these requirements:
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.
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.
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.
Our answers to questions you might have about Prosper.
Prosper uses TransUnion to obtain credit scores.
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.
★★★★★ — 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.