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 $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 & Cons

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

    Featured Reviews

    Phoenix, AZ

    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

    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 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.

    » MORE: Is Prosper legit?

    Prosper Reviews

    Stars Rating

    • 24%
    • 25%
    • 9%
    • 3%
    • 39%

    Popular Mentions

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      How do I know I can trust these reviews about Prosper?
      • 4,460,028 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.
      Page 1 Reviews 0 - 10

      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.

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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.

        Profile pic of the author.
        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!


        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.!!

        Customer ServiceStaffLoan Process

        Reviewed July 23, 2023

        I currently have a loan with Prosper and have had 4 others in the past. The same bank account was used on all loans. I applied for a second loan and was made to do a bank verification over the phone which took well over an hour to complete. During the call, Prosper reached out to my bank and did a 3 way call to verify bank details. After completing the bank verification, the representative from Prosper started to provide my full social security number to the bank representative when I had to stop her. This is completely inappropriate to provide that number to a stranger without my consent and even the bank representative was shocked.

        After terminating that call, she then said I would need to fax in a copy of my social security card for verification. Again, a very unsafe practice. Prosper needs to step up their security and I now regret working with them and my information being available, and no doubt, handled recklessly. Stay away from them and go with another lender.

        Customer ServicePunctuality & Speed

        Reviewed Oct. 30, 2022

        Like others on here, I was preapproved, mine was $8,000. My Credit Score WAS 815. For reasons known only to scammers like Prosper, they hard-pulled my credit THREE TIMES. No, they were not given permission. Said I was approved, "Just sign these loan docs, here's your rate, amount financed, oh wait, it MUST be paid from your personal bank account, so you have to supply us with that. Don't worry, we'll deposit the funds in that account." Sounds legit. Input my personal banking. I've got everyone on here beat! Not 2 minutes, but 5 seconds later! Email came thru, they couldn't verify who I was or where I work or some other made-up **. On a Sunday. I worked as a Fraud Analyst for MC, Visa, Discover - there is absolutely NO WAY for the system to verify, all by itself, anything about you, such as your employer or income, in 5 seconds! Not even 5 minutes.

        These are items that have layers and human input. I'd already provided all my personal info, my DL, my SS #, employer, address, phone, all contact, everything. As soon as they were provided my PERSONAL BANKING INFORMATION, they couldn't verify, um, something, it was not even specific. This seems to be some kind of a SCAM to STEAL our personal data. Plus, read all the POSITIVE REVIEWS online, something fishy there? None sound as if their first language is English, and there is an OVER abundance of positive reviews, for really no reason at all. Scam company, I never spoke to anyone, seems to be India. STAY AWAY. I will now get to sit and BABYSIT my bank account, waiting for them to try to STEAL from me.

        Punctuality & SpeedLoan Process

        Reviewed Oct. 14, 2022

        After spending over three hours going through technical glitches in the application process for a personal loan which I was preapproved for, I just got denied! I know I stated in in the preapproval process I had fair credit and I think I got denied because my score was below 640. Lucky I don't need their money but beware!!! You may not have a good chance even you're preapproved. I don't need their 35% APR so Prosper did me a favor actually. Strange with a good income and no late payments in 4 years or so. Just save money instead of trying to get a loan from sharks. Lesson learned.

        Customer Service

        Reviewed 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.

        Customer Service

        Reviewed 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.

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          Prosper Company Information

          Company Name:
          Year Founded:
          221 Main Street, Suite 300
          San Francisco
          Postal Code:
          United States