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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
Review by
Aliyyah Camp
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.
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.
Residents of Iowa, North Dakota or West Virginia are not eligible to apply.
Pros
Fair credit OK
Competitive rates starting at 6.95%
Getting preapproved won’t affect your credit
Cons
Origination fee between 2.41% and 5%
High maximum APR
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:
Standard
Exceptional
Loan amount
$2,000 to $35,000
$20,000 to $100,000
APR
6.95% to 35.99%
5.99% to 15.59%
Recommended credit score
640
740
Speed
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.
Compare other personal loan providers
Updated January 26th, 2020
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What do customers say about Prosper?
BBB accredited
Yes
BBB rating
A+
BBB customer reviews
2 out of 5 stars, based on 56 customer reviews
Trustpilot score
1.5 out of 5, based on 39 customer reviews
Customer reviews verified as of
24 December 2019
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. Many 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.
How to apply
You can apply for a personal loan through Prosper by clicking Go to Prosper Funding LLC’s website on this page. The application is completely transparent, and you can check your rate with a simple one-page form.
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. From here, Prosper will perform a hard credit check. If you are fully approved, its investors will fund your loan within five business days.
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 is also an insufficient funds fee of $15 if there isn’t enough money in your bank account to make your scheduled repayment.
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 makes money in part through the origination fees associated with each loan.
Prosper accepts pension funds, hedge funds, nonprofit corporations, for-profit corporations and trusts — in addition to other institutions — as lenders.
Yes, Prosper partners with FOLIOfn Investments, Inc. to allow investors to buy and sell Notes.
Prosper provides monthly and yearly electronic statements so investors always have access to their complete payment history.
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 6.95% (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
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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!
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.
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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