Prosper

Prosper

 4.0/5 (166 ratings)
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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 $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.

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    Overall Satisfaction Rating

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    Pros

    • No prepayment penalty
    • No collateral
    • Lower interest rates
    • Check your rate for free

    Cons

    • Minimum FICO score of 640
    • High origination fee

    Bottom Line

    Prosper Loans provides convenient options for borrowers with good credit and has online applications, direct deposits, no collateral, and loans that can be used for many purposes.

    Top Prosper Reviews

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    Rated with 5 stars
    Verified

    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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    Rated with 5 stars
    Verified

    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 7.95% to 35.99%, and customers with higher credit scores typically get lower rates.

    Origination fees vary between 2.41% to 5%. 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. Prosper charges an origination fee of 5%, 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.

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    How do I know I can trust these reviews about Prosper?
    How do I know I can trust these reviews about Prosper?
    • 4,010,481 reviews on ConsumerAffairs are verified.
    • We require contact information to ensure our reviewers are real.
    • We use intelligent software that helps us maintain the integrity of reviews.
    • Our moderators read all reviews to verify quality and helpfulness.

    For more information about reviews on ConsumerAffairs.com please visit our FAQ.

    Page 1 Reviews 0 - 10
    Rated with 1 star
    Verified Reviewer
    Original review: Sept. 28, 2022

    Do not apply: very hard to understand the loan officer or customer service on the phone, they ask for all of these docs, and request for more docs & after denial, you're told to re-apply & upon trying to do so, they ask for more information than before. APR is so high & I'm glad I dodged this bullet of death. No one speaks good understanding English. Not worth it.

    Be the first one to find this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Sept. 1, 2022

    9/1/2022 Absolutely horrible. I sat and applied for the loan. Put my SS # and my bank info. I clicked submit. In less than 2 minutes I get an email saying my account was suspended and unable to obtain a loan. The reason was unable to verify my identity and employment.... How did this company even try to verify anything in under two minutes. My credit score is 720. AVOID THIS COMPANY. DO YOURSELF A FAVOR.

    Be the first one to find this review helpful

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      Rated with 1 star
      Verified Reviewer
      Original review: Nov. 19, 2021

      I was pre-approved for a loan. I filled out the paperwork and had the loan offer. I took two days to shop around for a lower rate. Upon returning to prosper I completed and signed my loan agreement. They ran my credit for a SECOND time and then denied me based on one issue: Too many credit inquiries in the recent year from similar companies. They were the ones who fill out my credit inquiry list. Web bank times 4 during the time I shopped for credit. This company needs to be avoided as they ruined my chance at receiving a personal loan from almost any company with all their extra inquires.

      6 people found this review helpful
      Rated with 2 stars
      Verified Reviewer Verified Buyer
      Original review: June 23, 2021

      I made a 0.8% return on my investment over a 3 year period when I first tried investing with Prosper. Many of the loans were sent to collections and I did not receive my investment back. I chose to mostly invest with lendees with at least a "B" rating, but even some of the "A" rated lendees did not pay and went to collections. I do not know how Prosper is investigating the lendees, but it does not reflect how likely they are to pay. The lender interface to view the investments is also misleading and make your investment return look better than it is. At the end of the 3-year period, the interface stated I made 3% on my money (still a horrible rate over 3 years), but when I did the calculation manually, I had only made .8%. You are much better off with traditional investments than trying to profit off of the debt of your fellow citizens.

      5 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: May 19, 2021

      Please let this sink in. You need financial assistance and you take your chance with Prosper. You apply, and after a hard pull on your credit, Prosper tells you, "approved". You allow them access to your bank account and then provide a copy of your driver's license electronically, per their request. You wait. Two days later your loan is cancelled and you receive an email saying, "We could not verify identity". It is a scam to get your information. They know everything about you now. And, the sad thing is, they get away with it. Read the negative reviews. They are real.

      20 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Dec. 25, 2020

      DO NOT APPLY! I applied for a personal loan and agreed to ONE hard credit pull and now I am getting alerts that my credit has dropped 15-20 points due to multiple hard credit pulls from Prosper. Additionally, the company definitely should be investigated for falsely advertising. They sent me an email saying I was "approved" for a loan. NOT "pre-approved" or "pre-qualified", "APPROVED". Then, after submitting all my documents and information needed for a hard pull, I find out I wasn't actually approved yet and that everything I submitted was not meant to verify my information, but instead meant to be used for a loan approval process. NOT OKAY!

      18 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Dec. 24, 2020

      A short 3-year $8,000 loan is costing me total $19,226. Contract didn't list that!? Scam. Confusing victimizing contract. Loan shark. Victimizes low income people. Contacted Attorney General. Now spending $1,000+ on a lawyer. VERY ANGRY!!!

      13 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Dec. 15, 2020

      I was pre-approved for a loan by Prosper - and immediately sent in all of the documents they requested - including bank account information, proof of income, and a copy of my driver's license. I had to email them because the Prosper website wouldn't upload my documents. I called customer service about the problem, and spoke with an agent who was completely clueless about what to do.

      Two days after I sent the requested documents - I received an email from Prosper stating that my application was canceled because I didn't provide sufficient proof of identity!! I immediately called customer service - and once again spoke to an inept, mentally vacant agent - who said Prosper couldn't prove that I was "a person." She said there was nothing she could do - and that my application and account were closed.

      I then emailed Prosper and asked why - specifically - the application was denied given I had provided all of the requested documents. I even offered to submit other government identifications. It has been several days - and I have not received a reply. TERRIBLE - TERRIBLE - TERRIBLE CUSTOMER SERVICE. There are dozens of other loan brokers - I have already gotten a loan with another company with much better and efficient customer service. So don't waste your time with a company who cares nothing about their customers.

      14 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Oct. 19, 2020

      Prosper Loan told me they were going to help me. They directed me to get an EBAY gift card for $200. I then called them with gift card code. When I got home I got a call saying they didn’t get the money, so I called EBay and they said the card had been redeemed. I confronted them and they denied everything. I lost $200 and didn’t get my loan.

      11 people found this review helpful
      Rated with 5 stars
      Verified Reviewer
      Original review: Oct. 1, 2020

      Easy application process. I used this service for my daughter's student loan. There have been no issues through the duration of the loan.

      2 people found this review helpful

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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