Prosper Reviews
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About Prosper
Prosper Loans is an online peer-to-peer lender marketplace that offers fast loans funded by individuals and investors. Prosper handles all loan servicing on behalf of borrowers and investors. Loans range from $2,000 to $50,000, and terms range from two to five years with a fixed interest rate. You can check your rate online instantly. The company does not charge a prepayment penalty if you pay off the loan early.
- No prepayment penalty
- No collateral
- Lower interest rates
- Check your rate for free
- Minimum FICO score of 640
- High origination fees
Featured Reviews
What is Prosper loans?
Prosper offers multiple loan types, including debt consolidation, home improvement, student, vehicle, small business, medical, dental and special occasion. Prosper Loans also offers HELOC (home equity line of credit) loans and traditional home equity loans.
Prosper deducts monthly payments from your account. If you decide to pay the loan off early, Prosper does not charge a penalty.
How does Prosper work?
Prosper loans are available online. Before you apply, you can check your rate without impacting your credit score. You’re asked to provide personal information when you apply, including:
- Your name
- Your address
- Your date of birth
- Identity verification
After you’ve provided this information, Prosper matches you with traditional lenders or individual investors that fit your needs. You choose the offer that works best for your situation, which could involve several lenders to meet the full amount you want to borrow. Once you select your loan, you receive funds in your bank account through direct deposit. Since the loan is unsecured, your signature is all that is needed to get the money — no collateral is required.
For HELOC loans, Prosper offers flexible access to your money and monthly repayment terms. You can see your rate and credit limit online in seconds without impacting your credit score. Loan amounts are available up to $500,000.
» COMPARE: Best personal loan companies
Prosper loan rates
Prosper's interest rates vary based on the loan amount and your creditworthiness. Personal loan rates are fixed and range from 8.99% to 35.99%, and customers with higher credit scores typically get lower rates. Eligibility for personal loans up to $50,000 depends on your credit rating and the information you provide in the application form.
Origination fees vary between 1% to 9.99%. HELOCs are variable-rate loans based on the index rate (based on The Wall Street Journal prime rate) plus a margin.
Prosper FAQ
How long does it take Prosper to approve a loan?
The application review process takes up to five business days.
Is Prosper a good lender?
Prosper is a reputable lender that works with FDIC-insured WebBank. Personal loan interest rates are fixed and competitive with similar loan types from other lenders, although eligibility for personal loans is not guaranteed. They require a sufficient number of investors to commit funds to your account and that you meet credit and other conditions. Prosper charges an origination fee of 1%-9.99%, which can be higher than a traditional bank.
Does Prosper verify income?
Prosper verifies income for a subset of borrowers based on a proprietary algorithm. That means not every borrower’s income is verified, but some are. If you need to verify your income, Prosper asks for pay stubs, tax returns or bank statements.
How long do Prosper loans take?
Once approved, you could get your loan in as little as one to three business days. When your loan request is posted to the marketplace, it remains active for 14 days.
Can you pay off a Prosper loan early?
You can pay off a Prosper loan early with no prepayment penalty. You can also make additional payments on the principal amount during the month.
What credit score do you need for a Prosper personal loan?
Borrowers must have a credit score of at least 640 to qualify for a loan, but those with scores below this may be able to qualify by applying with a co-applicant.
Is Prosper a good lender?
Borrowers who want relatively fast access to cash at reasonable rates with no collateral might benefit from Prosper’s services. Though the online application process is convenient and can be completed without visiting a bank or physical location, the Prosper loans verification process could take up to five days, which might be too much of a wait for those who need emergency funds.
» MORE: Is Prosper legit?
Prosper Reviews
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- 4,659,924 reviews on ConsumerAffairs are verified.
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- We use intelligent software that helps us maintain the integrity of reviews.
- Our moderators read all reviews to verify quality and helpfulness.
Reviewed March 14, 2025
The company closes your account without your consent then lies and says you said to. The company then refuses to let you make digital payments and when you make paper payments via the mail they will lose them then make it as you never paid. The company doesn’t work with its customers. They literally ignored my plea for help when a family member passed.
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Reviewed March 11, 2025
The worst company ever. They have you apply and before you submit the documentation they run your credit impacting your score and then declining your application due to having the wrong documentation. So they do not give you the opportunity to provide the documentation and verifying the information before they run your credit. Not even credit cards do that.
Reviewed Feb. 15, 2025
I'm so disappointed with Prosper Loan. I was taken through so much pre-loan steps that didn't benefit me at all. After so many attempts at securing a loan, it ended up that my bank has charged me $457 for a returned check deposited by Prosper signed in my name to my bank account by Prosper then withdrew by Prosper. My online account has now been frozen for six months. I'm on a fixed income and this will hurt me as far as being able to pay my monthly bills. I reached out to Prosper and was told by one of their managers that it was my fault because I wouldn't go get another card and have it forwarded to them?
I'm already in the hole and you want me to go purchase another $400 card attach it to my bank account? I feel that Prosper should reimburse me the $457 that's coming out of my account. Like the elders would say, you live and learn from your mistakes. I feel this should be forwarded to the Better Business Bureau? At a loss from North Carolina.
Reviewed Feb. 3, 2025
This company is a waste of time and why I say that because I have applied many times and still get turned down for a loan or credit card. This company is not there to help you at all. Waste of my time. Keep on sending marketing email.
Reviewed Dec. 21, 2024
Stay far, far away and trust these reviews because I sure wish I did. Charged me over $7000 on a $12000 loan. Complete scam and they had the nerve to take out $500 of the $12000 loan. 14% my **. They'll e sign documents for you and put the money in your account and next thing you know you're stuck paying a large monthly payment. Luckily I only have 6k left on this crazy loan. Stay AWAY trust me
Reviewed Oct. 28, 2024
Got a loan though Prosper. It took a few days, but the only thing is that their interest rate is high and if I could do it all over I would right now. I cannot change what has been done right now. Next time I will do more research.
Reviewed Sept. 2, 2024
Prosper was great up until a few months ago. I renewed my military SCRA on my account to lower my interest rate. Submitted the documents requested and now Prosper is saying they are having system issues with lowering my interest rate and are charging me the higher rate completely disregarding the military SCRA law. I have reached out to them several times about the status of my request and they continue to say they are having issues and continue to take my payment at the higher interest rate! I will not be using them again!!!!
Reviewed July 26, 2024
I applied a for a 3000 dollar loan thru them and was told I was approved. They then told me to verify my bank account and they would send “ verification money” to make sure my account was good and active. Come to find out they went in my account and disputed several payments to Verizon from months past and my phone was cut off and I had to borrow money from my dad to pay back. I had to also switch banks since I was $1500 negative. No response whatsoever from these people since. I am trying to figure out how to sue these people.
Reviewed May 13, 2024
Prosper has the most incompetent employees I have ever dealt with. They can't schedule auto pay nor take your bank info to run a payment without making a mistake. When you ask for a manager they make you wait for over an hour then say they are busy. As soon as I pay them off the card gets canceled. Be careful with them.
Reviewed May 13, 2024
They are predatory lenders, the interest they charge should be illegal. They will not give you a statement that shows your balance. DO NOT USE THEM!!! SCAMMERS at best! I should have done my research before using them. Do not let Credit Karma sway you with these loans.
Prosper Company Information
- Company Name:
- Prosper
- Year Founded:
- 2005
- Address:
- 221 Main Street, Suite 300
- City:
- San Francisco
- State/Province:
- CA
- Postal Code:
- 94105
- Country:
- United States
- Website:
- www.prosper.com
