Prosper Personal Loans Review

(November 2024)

Prosper Personal Loans Review

In This Article

Our Verdict

Consider a Prosper personal loan if you seek a lender with a fair interest rate and terms. To successfully raise the funds you need on a Prosper personal loan, maintain good credit and a decent debt-to-income ratio. Obtain a high Prosper score to attract investors to fund your loan.

Prosper is present in 28 States but open to residents of 47 States. (This online lender specifically removed residents of West Virginia and Iowa from access to its service.)

Expect fairly nice customer service, as the lender keeps maintaining fair customer satisfaction. Expect to pay quite exorbitant interest rates especially if you have incredibly bad credit.

Here’s other relevant information you need to know:

Prosper Funding LLC.

Corporate Headquarters

221 Main Street, Suite 300 | San Francisco, CA 94105

Phone Number: 866-615-6319

www.prosper.com

Pros

  • Available joint application
  • Wide range loan amount
  • Presence of Home Equity Line of Credit
  • Option to change date of payment
  • Fast Fund disbursement
  • Instant loan approval
  • No prepayment penalty

Cons

  • Origination fee charging
  • No discount on interest rates when you autopay
  • No payment directly to creditors
  • Payment of late fees penalty

Who This Product Is Best For

 Prosper personal loan is good for you if you:

  • Need another person to apply with you as joint applicant.
  • Want a product which gives options of both small and large amounts.
  • Need fast release of money for the reason you apply for it.
  • Have reasons to change repayment date while the loan is already live

Who This Product Isn't Right For

Don’t bother about Prosper personal loan if you:

  • Don’t want to pay origination fee.
  • Can’t keep track of your payments.
  • Want to set up autopay to reduce your eventual payment.

What This Product Offers

Healthcare Financing loan

Subscribe to Prosper Healthcare Financing loan if you have  medical bills to sort. Take the loan to pay for either emergency or elective expenses while you repay based on the terms agreed with Prosper on it.

Home Improvement loan

Think of a Prosper Home Improvement loan  to fund the dream of transforming your home to meet all your family needs. Take the opportunity the loan affords to add further rooms to meet the growth your family has or reconfigure your home to include the garage for your new car.

Debt consolidation loans

Think about Prosper Debt consolidation loans if you have sizable debt on your credit card and you want to consolidate them into a single loan which you can easily pay monthly. Compare the interest rate on the credit card with the Prosper debt consolidation loan’s interest rate to make the right decision on whether to subscribe.

Vehicle Purchase loans

If you need to purchase a vehicle for whatever purpose, luxury or business, consider a Prosper Vehicle purchase loan. This option covers all types of vehicle, from truck, motorcycle to even boat.

Household Expenses loans

If you have a series of household expenses to cover like lodging, feeding and general living expenses, approach Prosper for the need-specific Household Expenses Loans.

Other loans

Take up other forms of personal unsecured loan to do other valuable things which are not in the list of specially recognized loans. The terms and experience you get is virtually what you will get with other Prosper’s personal loan.

Product Details

Healthcare Financing Loan

Consider Prosper healthcare financing personal loan, if you need funds to pay medical bills for emergency or elective medical procedure. Don’t worry yourself about sorting your medical bills, but check out your interest rates and the fixed monthly payment. Once you are okay with the consequent charges with the loan, go ahead and apply for what you want. Know that Prosper healthcare financing personal loan is an unsecured loan, Prosper will not place a lien on your other account you hold with them in lieu of the loan.

Loan amount

$2,000 to  $50,000

APR

6.99%-35.99

Terms

2-5 years

Repayment Term

Monthly

Fees

Varies

Availability

47 states

Funding speed

Within 2 working days

Home Improvement Loan

Seek Prosper Home Improvement loan when you have to renovate or make additions to your home to meet up with the inevitability of growth. Don’t take the long route and cumbersome ways by seeking Home Equity Line of Credit or Home Equity Loans, when you can simply use this product.

Apply for the loan amount that will satisfy the improvements you have in mind which is within the available loan amount for Prosper’s personal loan, then customize it to the terms of payment you prefer. The term you choose determines the interest rates you pay for the loan.

Loan amount

$2,000 to  $50,000

APR

6.99%-35.99

Terms

2-5 years

Repayment Term

Monthly

Fees

Varies

Availability

47 states

Funding speed

Within 2 working days

Debt Consolidation Loans

Consolidate your several high interest lines of credit and other high interest debts into a single low interest debt with Prosper debt consolidation loan. Compare the interest rates of the debts you intend to consolidate with Prosper’s debt consolidation loan.

Keep in mind that how productive this process will be to you depends on the interest rate you eventually pay, customize the terms of payment in a way that it brings you the most fair rates.

Before you settle for the debt consolidation loan, consider  the origination fee of within 1%-5%, think of the APR on this loan that can be as high as 35.99% and compare them with your current financial situation.

Loan amount

$2,000 to  $50,000

APR

6.99%-35.99

Terms

2-5 years

Repayment Term

Monthly

Fees

Varies

Availability

47 states

Funding speed

Within 2 working days

Vehicle Purchase Loans

Do you have a need for any form of vehicle either for business or leisure? Go for this product when you need to purchase a motorcycle, boats, snowmobile or trucks. Consider the price of the vehicle you intend to purchase, including the delivery and tagging, it does not exceed $40,000 because that’s the maximum you can get for this type of loan with Prosper.

Once Upstart approves your loan, expect your funds disbursement within 24 hours, however,  however, prepare to pay an origination fee that can rise to 5%.

Loan amount

$2,000 to $50,000

APR

6.95% – 35.99%

Terms

3 or 5 years

Repayment schedule

Monthly

Fees

Varies

Availability

47 states

Funding speed

Between 1 to 2 working days

Household Expenses Loan

Consider Prosper household expenses personal loan when you need to urgently respond to a household needs. Decide whether you want to take the loan for the general living expenses or just a section of the household expenses.

Know that most household expenses are tax deductible, rally to get a loan to deal with this too.

Loan amount

$2,000 to  $50,000

APR

6.99%-35.99

Terms

2-5 years

Repayment Term

Monthly

Fees

Varies

Availability

47 states

Funding speed

Within 2 working days

 

Where This Product Stands Out

Availability of Joint Application

Don’t bother about qualifying for Prosper personal loan even if your credit score is low; find another person with better qualifications credentials and apply jointly.

Allows Change of Payment Date

Don’t be afraid when you have to shift the normal payment date agreement with Prosper; reach out and change your payment date to what’s convenient for you; Prosper allows you to shift that goalpost in the middle of the football game.

Where This Product Falls Short

Payment of High Origination Fee

Think of another lender different from Prosper, if you are not planning to pay an origination fee. Prepare to pay an origination fee between 1% and 5% when you take Prosper personal loan.

Lack of Interest Discount when Autopay

Know that the fact that you put your monthly repayment on autopay does not guarantee that you will get a discount on your interest rate from Prosper.

Think of other alternative personal loan lenders, especially if your credit score is quite higher.

How to Qualify for This Product

Contact Prosper to get the details on personal loan eligibility criteria, as Prosper company’s website is silent on the qualifications

Review whether you have the standard requirements for any personal loan like:

  • You are 18 years old or more
  • You are a citizen or permanent resident of the United States
  • You have a constant paying employment

Then you have to consider your Credit history to determine your qualification.

Credit History

Keep a 680+ FICO score to enjoy the lowest rates and best terms and conditions  Prosper has to offer. Know that a 600+ FICO score is the minimum credit score you have to maintain to qualify for the loan at all.

How to Apply for This Product

Include the following in your paperwork when applying for Prosper personal loan.

  • Personal bank account
  • Recent personal tax returns
  • Address, social security number, SSN, etc.
  • Employment details
  • Residency information
  • Date of birth
  • Full name, home address, telephone

Alternative to This Product

 SoFi

Think about the option of SoFi if you want a lender with low interest rates and monthly payment. You can pay a monthly payment as low as $5000 on SoFi.

LightStream

Consider LightStream if you prefer a lender with deeper pockets, ready to give out personal loans on fair terms, and yet with larger loan amounts. Access up to $100,000 in personal loan with up to 7 years repayment maximum of 24.49% interest rate.

Customer Reviews

Expect fairly good customer service at Prosper. TrustPilot rates Prosper personal loan quite high with an excellent rating of 4.7 of 5 from more than 11, 000 reviews. Don’t waive  the 1.05 of 5 ratings on BBB which shows a very bleak reputation for Prosper.

Methodology

We reviewed Prosper Personal loans based on 20 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We rated Prosper personal  loans based on the weighting assigned to each category:

  • Loan cost: 35%
  • Loan details: 25%
  • Customer experience: 20%
  • Eligibility and accessibility: 10%
  • Application process: 10%

Within each major category, we also considered several characteristics, including available loan amounts, repayment terms and applicable fees. We also looked at minimum credit score and the geographic availability of the lender.

Finally, we evaluate Prosper personal loans, customer support tools, borrower perks and features that simplify the borrowing process—like online applications, prequalification options and mobile apps.

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