Prosper is a peer-to-peer (P2P) platform that offers investor-funded loans from $2,000 to $50,000. Its rates are low compared to other peer-to-peer providers, running from 8.99% to 35.99%. And it accepts credit scores starting at 640.
But because it’s a P2P platform, it relies on an origination fee of 1% to 7.99% for revenue — the interest goes to the investors who fund your loan. It also only offers a choice between two loan terms of 3 or 5 years.
Typically, it takes up to five business days to get your loan. Other online lenders might offer better deals or have more relaxed requirements.
7 top alternatives to Prosper personal loans
Alternative for low rates
LightStream personal loans
4.8 / 5
★★★★★
LightStream is a direct online lender that offers some of the most competitive rates on the market. And if you get a better offer, they might beat that rate by 0.1%, as long as that offer meets certain conditions. It also offers a wider range of loan amounts than LendingClub, and there's no origination fee. But it's also one of the most difficult lenders to qualify with — and there's no option to check your rate without affecting your credit. Save this for when you have few debts and near-perfect credit.
*Payment example: Monthly payments for a $10,000 loan at 5.95% APR with a term of 3 years would result in 36 monthly payments of $303.99.
Truist Bank is an Equal Housing Lender. © 2020 Truist Financial Corporation. SunTrust, Truist, LightStream, the LightStream logo, and the SunTrust logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.
Pros
- Low rates
- No fees
- Same-day funding available
Cons
- High minimum loan amount of $5,000
- Higher minimum credit score than Prosper
- No prequalification
| Loan amount | $5,000 to $100,000 |
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| APR | 7.49% to 25.99% |
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| Interest Rate Type | Fixed |
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| Min. credit score | Good to excellent credit |
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| Turnaround Time | As soon as same day |
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| Maximum Loan Term | 12 years |
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| Minimum Loan Term | 2 years |
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| APR | 7.49% to 25.99% |
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| Min. credit score | Good to excellent credit |
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| Loan amount | $5,000 to $100,000 |
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Alternative for young professionals
SoFi started as a P2P platform like Prosper, but now it funds its own loans, which range from $5,000 to $100,000. If you qualify, you can also take advantage of member perks like networking events and financial advice. But you'll need to meet its strict requirements, which include a 680 minimum credit score.
Fixed rates from 8.99% APR to 29.99% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 02/06/2024 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors.
Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive.
Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.
Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.
Pros
- Low fixed and variable rates
- Member perks
Cons
- High minimum loan amount of $5,000
- Higher minimum credit score than Prosper
- Turnaround up to 30 days
| Loan amount | $5,000 to $100,000 |
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| APR | 8.99% to 29.99% |
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| Interest Rate Type | Fixed |
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| Min. credit score | 680 |
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| Turnaround Time | Up to 2 business days |
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| Maximum Loan Term | 7 years |
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| Minimum Loan Term | 2 years |
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| APR | 8.99% to 29.99% |
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| Min. credit score | 680 |
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| Loan amount | $5,000 to $100,000 |
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Alternative for debt consolidation
LendingClub personal loans
3.6 / 5
★★★★★
LendingClub might be the closest alternative to Prosper. But unlike Prosper, LendingClub sends your funds directly to your creditors if you take out the loan to consolidate debt. It was Prosper's main competitor when it was a P2P platform, offering a slightly wider range of loans, from $1,000 to $40,000, with similar credit score requirements. But rates start higher, at 9.57%. And while LendingClub's origination fee of starts lower than Prosper, it ends higher. But unless you can qualify for the lowest rates available, these providers are similar enough that it may be worth prequalifying with both before you make a decision.
Pros
- Loans start at $1,000
- Origination fees start at 1%
- Close alternative to Prosper
Cons
- Higher max origination fee than Prosper
- Turnaround of at least four days
| Loan amount | $1,000 to $40,000 |
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| APR | 9.57% to 35.99% |
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| Interest Rate Type | Fixed |
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| Min. credit score | 600 |
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| Turnaround Time | As soon as 24 hours |
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| Maximum Loan Term | 5 years |
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| Minimum Loan Term | 3 years |
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| APR | 9.57% to 35.99% |
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| Min. credit score | 600 |
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| Loan amount | $1,000 to $40,000 |
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Alternative for fair credit
Upstart personal loans
4.2 / 5
★★★★★
Upstart is an online lender that specializes in funding fair-credit borrowers who haven't had a chance to build a strong credit profile. It considers factors like your level of education and career to help you qualify for a loan and may be a good alternative to Prosper if you're new to the workforce. You only need a 300 credit score to qualify. Its rates are similar to Prosper, running from 7.8% to 35.99% — and you can borrow between $1,000 and $50,000. But origination fees range from 0% to 12% and it also only offers two loan terms of three or five years. Upstart also only considers individual income when you apply, not household income.
- Not available in: West Virginia
Pros
- Lower minimum credit score than Prosper
- Similar APR to Prosper
- Rates factor in education and career
Cons
- Potentially high origination fee
- Also only offers two loan terms
- Only considers individual income
| Loan amount | $1,000 to $50,000 |
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| APR | 7.80% to 35.99% |
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| Interest Rate Type | Fixed |
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| Min. credit score | 300 |
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| Turnaround Time | 1 to 3 business days |
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| Maximum Loan Term | 5 years |
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| Minimum Loan Term | 3 years |
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| APR | 7.80% to 35.99% |
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| Min. credit score | 300 |
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| Loan amount | $1,000 to $50,000 |
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Alternative for small loans
Upgrade personal loans
4 / 5
★★★★★
Upgrade is an online lender that focuses on cash flow instead of your personal credit score, making it a good option if you have few debt payments and monthly bills. While you can qualify with a credit score as low as 620, you need at least $1,000 in income after monthly bills. Rates start slightly lower than Prosper, ranging from 8.49% to 35.99% APR. But it also charges a higher origination fee, which runs from and only has the option of three- and five-year loan terms.
- Not available in: Colorado, Iowa, Maryland, Vermont, West Virginia
Personal loans made through Upgrade feature APRs of 5.94%-35.97%. All personal loans have a 2.9% to 9.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade's lending partners. Information on Upgrade's lending partners can be found at https://www.upgrade.com/lending-partners/.
Pros
- Considers cash flow over credit score
- Accepts fair credit
- Accepts coapplicants
Cons
- Requires $1,000 in monthly cash flow
- Only offers two loan terms
- Higher origination fee than Prosper
| Loan amount | $1,000 to $50,000 |
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| APR | 8.49% to 35.99% |
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| Interest Rate Type | Fixed |
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| Min. credit score | 620 |
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| Turnaround Time | 1 to 4 business days |
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| Maximum Loan Term | 7 years |
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| Minimum Loan Term | 2 years |
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| APR | 8.49% to 35.99% |
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| Min. credit score | 620 |
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| Loan amount | $1,000 to $50,000 |
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Alternative for self-employed borrowers
Unlike many other lenders, Avant accepts self-employment income and less-than-perfect credit. To qualify, you need a credit score of at least 580, whereas most other lenders require upwards of 600 to 670 minimum. While Avant is more flexible with credit scores and employment history, it has high rates between 9.95% to 35.99% — so if you have a higher credit score, you may be able to find lower rates elsewhere.
- Not available in: Colorado, Hawaii, Iowa, Nevada, New York, Vermont, West Virginia
Personal loans from $2,000–$35,000. If approved, the actual loan amount, term, and APR that a customer qualifies for may vary based on credit determination and other factors. Avant branded credit products are issued by WebBank, member FDIC.
Pros
- Accepts self-employment
- Low credit score requirement
- Soft credit pull for preapproval
- BBB accredited and A rating
Cons
- High volume of BBB complaints
- High rates
- Max loan amount of $35,000
| Loan amount | $2,000 to $35,000 |
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| APR | 9.95% to 35.99% |
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| Interest Rate Type | Fixed |
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| Min. credit score | 580 |
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| Turnaround Time | As soon as the next business day |
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| Maximum Loan Term | 5 years |
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| Minimum Loan Term | 1 year |
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| APR | 9.95% to 35.99% |
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| Min. credit score | 580 |
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| Loan amount | $2,000 to $35,000 |
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Alternative for joint applicants
Achieve personal loans
3.4 / 5
★★★★★
Achieve (formerly FreedomPlus) is an online lender that accepts fair credit scores of 620 and still charges lower rates than LendingClub. But what's more is that joint applicants get a rate discount of up to 6% on their interest rate, just for applying together. You can also qualify for a 4% rate discount if you use the loan to send most of the funds directly to your creditors for debt consolidation. But it's not available in every state and still charges an origination fee.
- Available in: Alabama, Alaska, Arizona, Arkansas, California, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Jersey, New Mexico, North Carolina, Ohio, Oklahoma, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Washington
Pros
- Lower rates than LendingClub
- Rate discount for joint applicants
- Rate discount for debt consolidation
Cons
- Origination fee of 1.99% to 6.99%
- Limited state availability
| Loan amount | $5,000 to $100,000 |
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| APR | 8.99% to 35.99% |
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| Interest Rate Type | Fixed |
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| Min. credit score | 620 |
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| Turnaround Time | 1 to 3 business days |
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| Maximum Loan Term | 5 years |
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| Minimum Loan Term | 2 years |
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| APR | 8.99% to 35.99% |
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| Min. credit score | 620 |
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| Loan amount | $5,000 to $100,000 |
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How does Prosper compare?
Here’s an overview of the benefits and drawbacks of a Prosper personal loan. For more details on how this P2P platform works, read our full Prosper review.
Pros
- Accepts fair credit scores as low as 640
- Low starting APR of 8.99%
- Loans as low as $2,000
Cons
- Loans capped at $50,000
- Only offers two loan terms
- More expensive than a loan from a direct lender
- Doesn’t accept all fair credit borrowers
