Prosper

Prosper Reviews

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 $40,000, and terms range from three 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.

Pros
  • No prepayment penalty
  • No collateral
  • Lower interest rates
  • Check your rate for free
Cons
  • Minimum FICO score of 640
  • High origination fee

Featured Reviews

Phoenix, AZ
Verified purchase
I've taken 3 loans from Prosper over the last 5 years and have had a perfect experience every time. The first time I was buying my first car… The next time I had credit card debt ...

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Houston, TX
Verified purchase
Great service and response. Very helpful and walked through the process in detail. I received call back and notifications. Didn't take more than a week. After submitting my reques...

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What is Prosper loans?

Prosper offers multiple loan types, including debt consolidation, home improvement, short-term, bridge auto, small business, baby, adoption and engagement ring loans. Prosper Loans also offers HELOC (home equity line of credit) loans and green loans for financing solar energy or water conservation systems in your home.

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 $300,000. The bank pays closing costs on your HELOC (above $10,000) with Prosper.

Prosper loan rates

Prosper's interest rates vary based on the loan amount and your creditworthiness. Personal loan APRs 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 the information you provide in the application form.

Origination fees vary between 1% to 9.99%. HELOC rates start as low as 3.24% variable rate and range up to 10.35% after the introductory period.

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 works with FDIC-insured WebBank. Personal loan interest rates are fixed and competitive with similar loan types from other lenders. Note that 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.

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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    • Our moderators read all reviews to verify quality and helpfulness.
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    Customer ServiceLoan Process

    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.

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      Loan Process

      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

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      Rates

      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.

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      Rates

      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!!!!

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      Customer ServiceStaff

      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.

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      Staff

      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.

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      Rates

      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.

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      Reviewed April 16, 2024

      Prosper is not a lender, it's a marketplace broker that shops your application around for private investors to grant you a loan. Website advertises up to 2 business days time to receive funding after approval. It's been 3 business days and Prosper representatives says it take up to 5 business days to be fully approved and up to 14 business days after that to actually receive the funds. No guarantee as they again, ARE NOT A LENDER.

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      Customer ServicePunctuality & SpeedLoan ProcessRates

      Reviewed April 8, 2024

      Prosper is a very disgusting and shady lender!! They lied about the interest rate and they processed a loan I did not give them permission! I was only looking around. I made ALL my payments on time and even paid the loan early. They dinged my credit score 1st lying and said since they sent me an offer it wouldn’t be a hard inquiry and it was! Then they refused to help when you call because no one speaks English and hang up on you! They reported my loan as “closed” instead of paid off and it dinged my credit score -13 points because they wouldn’t fix it, very poor customer service and bad business!

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      Staff

      Reviewed April 2, 2024

      This place is beautiful, exceptionally professional, and does great services. I am looking forward to receiving all services that they provide at this place of business. When I went to consult the consultation representative was super nice and sweet and thoroughly went over all the details for me. I’m very appreciative for the help and I looking forward to work with them regarding all of my body goes. I am exceptionally happy I found them.!!

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      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