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Prosper peer-to-peer loans review

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

TrustPilot Reviews: 4.5 / 5.0 (4538 reviews)’s rating: 3.42 / 5.0


  • Best for borrowers looking to get preapproved without affecting their credit.
  • Pick something else if you're in a hurry — it can take up to five business days to get your funds.


Max. Loan Amount

7.95% to 35.99%



Min. Credit Score


Product NameProsper personal loans
Min. Loan Amount$2,000
Max. Loan Amount$40,000
APR7.95% to 35.99%
Interest Rate TypeFixed
Min. Credit Score640
Origination Fee2.41% to 5%
Loan Term3 or 5 years
Turnaround TimeUp to five business days
Check my rate

Expert review

Aliyyah Camp

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.

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.

Best of 2020
Finder experts pick Prosper personal loans as a 2020 best pick for personal loans.

How much will this loan cost me?

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 and $40,000 with terms of 3 or 5 years.

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

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How it works

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.

What do I need to qualify?

To qualify for a peer-to-peer (P2P) loan from Prosper, you have to meet the following eligibility criteria:

  • A credit score of at least 640 — Prosper uses TransUnion to obtain credit scores
  • A Social Security number
  • A bank account
  • Regular income
  • Debt‐to‐income ratio below 50%
  • No bankruptcies filed within the last 12 months
  • Fewer than five credit bureau inquiries within the last six months
  • Minimum of three open accounts reported on your credit report
  • Not a resident of Iowa or West Virginia

What information do I need to apply?

Completing the application requires you to provide the following information:

  • Social Security number
  • Government-issued ID
  • Annual income

Pros and cons

Prosper can be a good option for borrowers who already have debt — but might not be right for everyone.


  • Fair credit OK
  • Getting preapproved won’t affect your credit
  • Accepts 50% debt-to-income ratio


  • Origination fee of 2.41% to 5%
  • Rates starting at 7.95%
  • Funding takes up to five business days

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.

Prosper offers two programs for different financing needs and creditworthiness:

Loan amount$2,000 to $35,000$20,000 to $100,000
APR7.95% to 35.99%5.95% to 19.99%
Recommended credit score640740
TurnaroundA few daysA 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.

Compare other personal loan providers

Data indicated here is updated regularly
Name Product Filter Values APR Min. Credit Score Max. Loan Amount
Credible personal loans
4.99% to 35.99%
Fair to excellent credit
Get personalized rates in minutes and then choose an offer from a selection of top online lenders.
Monevo personal loans
3.49% to 35.99%
Quickly compare multiple online lenders with competitive rates depending on your credit.
Fiona personal loans
4.99% to 35.99%
Get loan offers from multiple lenders at once without affecting your credit score.
LendingTree personal loans
Starting from 2.49%
Good to excellent credit
Receive up to five loan offers in just minutes through LendingTree's simple online form.
SoFi personal loans
5.99% to 18.28%
A highly-rated lender with competitive rates, high loan amounts and no fees.

Compare up to 4 providers

Is Prosper legit?

Yes. Prosper’s loans are legit and are underwritten by WebBank, member FDIC. It 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, and you can use TRUSTe’s Dispute Resolution System to submit feedback or questions regarding Prosper’s privacy policy.

Prosper reviews and complaints

BBB accreditedYes
BBB ratingA+
BBB customer reviews1.54 out of 5 stars, based on 54 customer reviews
J.D. Power rankingRanked #11 in JD Power 2020 customer satisfaction
Trustpilot score4.7 out of 5 stars, based on 4,522 customer reviews
Customer reviews verified as of16 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.

Prosper user reviews

4.5 / 5.0 (4538 reviews)
  • I had a good experience with Prosper. The process was very simple and the processing...
    read full review
  • Good loan company. They work with you good if there is a problem.
    read full review
  • It's extremely difficult to talk to some one and the customer service sometimes is not...
    read full review
  • Excellent service!
    read full review
  • I do appreciate companies where ''pre-approved status '' actually means just that. thanks for NOT...
    read full review
  • When someone is searching for a debt consolidation loan of course their credit is not...
    read full review

How to apply

You can apply for a personal loan through Prosper by following these steps:

  1. Click Check my rate on this page.
  2. Enter the amount you’d like to borrow and click Check your rate.
  3. Fill in the required fields with information about yourself.
  4. Read the disclosures and check the box agreeing to them. Then hit View your offers.

What information do I need to apply?

Completing the application requires you to provide the following information:

  • Social Security number
  • Government-issued ID
  • Annual income

What happens after I apply?

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.

Get your rate

How do repayments work with Prosper?

Prosper doesn’t offer flexible payment options: You can’t adjust your payment schedule if something comes up. And if you’re more than 15 days late on a payment, Prosper charges a late fee of $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.

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

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 6.95% (AA) to 35.99% (HR) for first-time borrowers, with the lowest rates for the most creditworthy borrowers. Eligibility for loans up to $40,000 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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  1. 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

    • Avatarfinder Customer Care
      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!


  2. Default Gravatar
    June 18, 2018

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

    • Avatarfinder Customer Care
      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.


  3. 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 whether they accept cosigners to get better chances and be approved for a loan. You can ask them directly by going HERE. If you looking for lenders who accepts cosigners for personal loans, please go HERE.


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