Loan terms and conditions
Upstart is a financial technology company that partners with a network of banks and credit unions. It offers personal loans ranging from $1,000 to $75,000, with APRs ranging from 6.3% to 35.99%, along with home equity lines of credit (HELOCs), short-term loans and revolving lines of credit. For personal loans, there are only two repayment terms to choose from — three years or five years. Short-term relief loans have repayment terms of three to 18 months.
Prosper is an online peer-to-peer lending platform that offers access to personal loans ranging from $2,000 to $50,000, with APRs that range from 8.99% to 35.99%. In addition to personal loans, Prosper provides business loans, student loans, a credit card for building credit and investment opportunities through peer-to-peer lending.
Prosper offers more flexible repayment terms ranging from two to six years in length.
Eligibility requirements
To be eligible for an Upstart or Prosper loan, you’ll need to complete a loan application and submit both personal and financial information. The two companies have different approval processes, though.
Upstart may offer loans to less qualified borrowers since it uses AI to evaluate applicants based on more than just credit scores. The company considers factors outside of your finances, including your education and current employment status.
Prosper doesn’t have a stated minimum credit score but does state that if you have a credit score under 600, you might not qualify for a loan. As with Upstart, you can get preapproved online in just a few minutes to see what you might qualify for.
Once you select a loan, you’ll need to complete an online application to be submitted for approval. Prosper loans are reviewed and approved by WebBank, then funded by individual lenders on the Prosper platform.
» FIND OUT: What to consider before borrowing
Fees and additional costs
Both Prosper and Upstart have fees and other costs associated with personal loans. Upstart loans come with an origination fee of 0% to 12%, depending on your credit score and other factors. While some borrowers with excellent credit may qualify for a 0% origination fee, most will have to pay something. With a maximum fee of 12%, Upstart may have higher fees than a comparable Prosper loan.
Upstart also has other possible fees:
- Late payment fee: 5% of the overdue amount or $15 (whichever is greater)
- Returned check or ACH fee: $15 per occurrence
- Debit card fee: up to $5 per payment
Prosper loans come with an origination fee of 1% to 9.99%, depending on your creditworthiness. This fee is deducted from the total loan amount and is included in the loan APR. One perk of Prosper is that if you pay off your loan early, you may be eligible for a partial refund of the origination fee.
Prosper also has other possible fees:
- Late payment fee: 5% of the overdue amount or $15 (whichever is greater)
- Insufficient funds fee: $15 per occurrence
- Check fee: 5% of your payment or $5 (whichever is less) if you pay via check
Application process and funding speed
Both Upstart and Prosper offer online preapproval to check your eligibility and rates, then you can begin an application right away after being preapproved. You’ll need to submit personal and financial information, including:
- Full name
- Address
- Email address
- Phone number
- Social Security number
You may also need to submit tax returns, bank statements and pay stubs for proof of income. Upstart loans are reviewed and approved using AI algorithms, while Prosper loans are originated by WebBank, an FDIC-chartered industrial bank, then sold to individual investor lenders on the platforms.
Upstart approves some loan applications instantly, while others may require additional verification, which can prolong the approval process by up to a few days. With Prosper, verification can take up to five business days. After the loan is approved by WebBank, Prosper investors can opt to fund your loan. This can take up to 14 days, though Prosper states that most loans are funded within one to three days.
Once you receive and accept a loan offer, both Upstart and Prosper offer funding as soon as the next business day. Some Prosper short-term loans may be funded instantly.
Customer reviews and satisfaction
Prosper is among the first peer-to-peer lending platforms in the United States, but it doesn’t have great reviews. Customers have complained about feeling taken advantage of, hidden fees and poor customer support. Reviewers also felt it was difficult to get a loan approved, suggesting it might be best to exercise caution if you’re looking to get a loan from Prosper.
Upstart is a popular online lender, especially for applicants with poor credit history. Customer reviews reflect both positive and negative experiences. There are many complaints about account debits, reporting missed payments early and high interest rates. More recent reviews suggest that Upstart customers have been generally dissatisfied with their experiences.
» MORE: Top-rated bad credit lenders
FAQ
What are the downsides of Prosper?
Prosper may charge higher APRs (up to 35.99%) and high origination fees for loans. Customers have also complained of bait-and-switch tactics when it comes to loan fees and payment terms. Because Prosper is a peer-to-peer lender, loan funding depends on investor demand, which can add uncertainty to the process.
What are the downsides of Upstart?
Upstart can charge up to 12% in fees that are taken out up front, which can put a huge dent in your loan amount. Borrowers also report high interest rates and early withdrawals that can lead to overdrafts.
What credit score is needed for Prosper?
Prosper doesn’t have a stated minimum credit score, but it does say on its website that a credit score below 600 may not be approved for a loan.
Are there any discounts available for using auto pay with Prosper or Upstart?
No, Upstart and Prosper don’t offer any rate discounts for setting up auto pay.
Article sources
ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. Specific sources for this article include:
- Prosper, “Borrower APR.” Accessed Sept. 1, 2026.
- Upstart, “A Personal Loan for Your Personal Needs.” Accessed Sept. 1, 2026.
- Upstart, “Short Term Loans for the Relief You Need.” Accessed Sept. 1, 2026.
- Prosper, “Personal Loans.” Accessed Sept. 1, 2026.
- Upstart, “Promissory Note.” Accessed Sept. 1, 2026.
- Prosper Help Center, “What Types of Fees Are Charged on Loans?” Accessed Sept. 1, 2026.
