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Prosper peer-to-peer loans review

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

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Max. Loan Amount

6.99% to 35.99%



Min. credit score


Min. Loan Amount$2,000
Loan Amount$50,000
APR6.99% to 35.99%
Interest Rate TypeFixed
Min. credit score600
Origination Fee2.4% to 5%
Loan term3 or 5 years
Turnaround TimeUp to five business days
Go to site


  • Coapplicants accepted
  • Fair credit OK
  • Medical loans available
  • Accepts 50% debt-to-income ratio


  • Origination fee of 2.41% to 5%
  • High maximum APR of 35.99%
  • Funding may take up to five business days

Review by

Aliyyah Camp is a SEO content strategist and former publisher at Finder, specializing in consumer and business lending. Her writing and analysis has been featured in CentSai, the Dough Roller and the Chicago Tribune. She holds a BA in communication from the University of Pennsylvania.

Expert review

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 rates, fees and terms

Prosper personal loan rates range from 6.99% to 35.99%. This includes an origination fee of 2.4% to 5% which Prosper deducts from your loan amount. You can borrow between $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.

1 – 6 of 6

Name Product Filter Values APR Min. credit score Loan amount
Upstart personal loans

Finder Rating: 4.15 / 5: ★★★★★
Upstart personal loans
5.40% to 35.99%
$1,000 to $50,000
This service looks beyond your credit score to get you a competitive-rate personal loan.
Best Egg personal loans

Finder Rating: 3.8 / 5: ★★★★★
Best Egg personal loans
8.99% to 35.99%
$2,000 to $50,000
A prime online lending platform with multiple repayment methods.
OneMain Financial personal loans

Finder Rating: 3.4 / 5: ★★★★★
OneMain Financial personal loans
18% to 35.99%
$1,500 to $20,000
An established online and in-store lender with quick turnaround times. Poor credit is OK.

Finder Rating: 4.3 / 5: ★★★★★
4.98% to 35.99%
Poor to excellent credit
$1,500 to $100,000
Get prequalified loan offers in 2 minutes or less. Will not affect your credit score.
Upgrade personal loans

Finder Rating: 4 / 5: ★★★★★
Upgrade personal loans
8.24% to 35.97%
$1,000 to $50,000
Affordable loans with two simple repayment terms and no prepayment penalties.
LightStream personal loans

Finder Rating: 4.83 / 5: ★★★★★
LightStream personal loans
7.99% to 25%
Good to excellent credit
$5,000 to $100,000
Borrow up to $100,000 with low rates and no fees.

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 6.99% (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

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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    Default Gravatar
    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

      Default Gravatar
      November 30, 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!


    Default Gravatar
    June 18, 2018

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

      Default Gravatar
      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.


    Default Gravatar
    May 28, 2018

    Do you accept co signers?

      Default Gravatar
      May 29, 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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