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Prosper offers personal loans, home equity lines of credit, debt consolidation loans and home improvement loans. Prosper also lets you get specific about your loan needs and handles adoption loans, engagement ring financing and special occasion loans. You can also invest in its borrowing program, which gives you the option to diversify your portfolio beyond stocks and bonds.
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We’ve had four loans with Prosper, and the experience was 5 star rating—every time. Brianna, in particular, was very helpful! She made the process painless. It’s difficult to find good customer service nowadays. I believe it is the most important part of a company. Great job!
We found Prosper thru Lending Tree. It was a fast and friendly process. I definitely highly recommend them to anyone looking for a loan. The terms are very affordable for only three years. I would definitely use them again in the future if I needed another loan.
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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 request I was receiving multiple response from different lendings making it easy for me to decide with was best for my budget.
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 and was not interested in buying from a dealership at inflated prices, and I was also afraid of the risk of losing my means of transport if I lost my job or something else happened (sorry, grew up in the hood and saw it happen constantly). I was willing to pay a premium to be able to pay cash in hand and buy whatever I wanted from a private seller. The next time I had credit card debt and wanted to refinance it and buy a new car after my first one flooded while I was at work. No hiccups. Perfect process.
My last loan was a simple measure or refinancing all the old stuff. My credit score is finally over 800 and sure enough, the 6.59% APR Prosper offered me reflected this. 5 years of business and payments. No hiccups whatsoever. Extremely fast loan funding and disbursal every time (last time, I was funded within like 2 hours). Understand your interest rates, service fees, and timelines, and opt out of autopay (sorry, not doing it unless you give me a discount on my APR), and you should have no problems! (Reading through some of these reviews) Instead of being insulted by the APRs they offer you, work on fixing the reasons behind those APRs. No institution is obligated to give you a loan.
I have had two loans with Prosper and I have had no issues. The first time when my credit wasn't all that great and I got an APR of 15.9. I set up auto payments and was able to make additional payments as I could. Before I paid off the first loan I took out a second loan and since my credit has now improved I received an APR of 11.5%. I have since paid off both accounts. There are no prepayment penalties and all the information you need on your loan is available thru their website. I will probably use them again in the future.
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During Covid19 I received a call from Prosper with some offers they were offering their customers. I accepted one of the settlement offers which is $443 a month. I have not missed a payment. Well every month they report to the credit bureau that I am past due. They are showing on my credit 90-119 past due when I have not missed a payment. So they offer you help on your left hand and screwing you on your right hand. I have 6 more payments to go. I will never get a loan or do business with Prosper. Just don't make since in a Pandemic. Why are they doing that to people - when everyone is just trying to survive.
Here is what happened with loans I have made. I can NOT help but to believe loaners who has LOST money borrow money to get the money they lost back. IF everyone one I loaned money to repaid the loans, there would be more than $10,000 in my account at the bottom. I have indented losses to show what has happened in my account. I am drawing out the money I have left in the account and making no more loans to any more thieves !! The borrowers KNOW everyday folks are loaning them money with NO regards to how they hurt the loaners!! I am tired of being taken advantage of. I am sure anyone who keeps a record of their gains/losses could show the exact same results I have shown here.
BUYER BE WARE !!!Gain/loss Added Gains
Had the worst experience with the amount of misleading information required to apply for a loan. My current credit score across the board is 800 plus and I was told that some info wasn't showing on my report and that they would have to pull another Hard inquiry for the same loan but would have to wait 30 days so that they could pull another credit report and have not one but 2 Hard pulls on my report which is a blank move. Excuse my language. If a company runs a report on the same person within 30 days it's considered 1 pull. Doesn't matter if it's 1 pull or 5 pulls only 1 counts on your credit report. Now anything after 30 days is an additional pull and not only hurts your scores but stays on your report for 2 YEARS. I work too hard for good credit to let this company try to ruin it. This company gets ZERO STARS in my book.
Prosper is the worst online lender I’ve ever dealt with. Very inconsistent with interest rates and approval odds. Process is slow. Very risky. Would not recommend. There are much better platforms in this industry and prosper.
I invested in an IRA through Prosper. When I request a distribution it takes them weeks to send my money. This happens every time. Today is Feb. 27, 2020. I requested a distribution on Jan. 20 and I'm still waiting. When I contact them, either through email or a phone call, all I get is a lame "We're sorry, your money will be disbursed soon." It's not acceptable to make investors wait weeks to get their own money back.
Prosper author review by Barbara Friedberg
Prosper is the country's first peer-to-peer lending marketplace. The company has provided more than $2,000,000,000 in loans. Loan interest rates range from 5.99% for the most credit worthy borrowers to 36.00% APR for consumers with lower credit ratings. Borrowers can obtain loans from $2,000 up to $35,000.
Financial and social rewards: As a peer-to-peer lending site, Prosper allows individuals and groups to lend money to their peers. Lenders reap both social and financial benefits from lending as well as greater returns than they would receive from a bank. This encourages people to fund loan requests. Borrowers understand that their loan is funded by other peers, not a traditional banking institution.
Easy rate retrieval: Customers quickly find out their loan interest rate by providing basic information online. Those borrowers with higher credit scores typically receive lower interest rates.
Simple funding process: Customers quickly find out their loan interest rate by providing basic information online. Those borrowers with higher credit scores typically receive lower interest rates.
No collateral required: Borrowers from Prosper don’t need collateral in order to qualify for a loan. Their funding is based on credit history as well as a few additional criteria.
Reputation: Prosper is Americas first peer-to-peer lending company and has a reputation for being a trustworthy and dependable personal loan company.
Prosper Company Information
- Company Name:
- Year Founded:
- 221 Main Street, Suite 300
- San Francisco
- Postal Code:
- United States
- (866) 615-6319