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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
- 5 stars
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- No prepayment penalty
- No collateral
- Lower interest rates
- Check your rate for free
- Minimum FICO score of 640
- High origination fee
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.
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Prosper is a peer-to-peer loan company. Individuals helped finance the loan. It was a quick and easy process. Funds were available within 5 business days of my application. I recommend it to anyone with good to great credit.
Prosper is my "Go To" for a loan. They have been there for me (3 times) since 2016. The application is quite simple and their customer service is knowledgeable, friendly and reliable. I would highly recommend Prosper.
I got a 60-month loan which ends this month. I was laid off in December 2019 and after my severance ran out, I requested help and they gave me a one-month deferment for March. They said it would be added to the end of the loan. I understood this to mean the loan would end in September, not August. Then the pandemic happened. I had automatic debit and they didn't take the April or May payments, and didn't show it as past due. I thought the pandemic had thrown them off and let it ride because I thought it would simply extend my monthly payments. The payments resumed in June.
This month I looked at my Prosper account and the loan showed $1300 due Aug. 31. They had added all the deferred payments up and had it as all due at the end of August! I emailed them and they replied saying it had been made clear all the payments would be due on Aug. 31. It was NOT made clear! I checked my notes and it says "add to back end of loan". Prosper treats people this way during a pandemic and what's shaping up as the worst depression this country has ever seen. Yikes. Luckily I was able to save some of the federal money and I decided to pay it off instead of fighting them. Needless to say, I will never use them again.
I have two loans with them. The second one I took out I only had 1 payment left. And then in Feb 2020 I was affected by the covid virus pandemic!! Fix my account and update my 3 credit bureaus! Liars!!!!
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.
$2000 invested over 13 years yields $360, a little over 1%/yr. In 2007, I heard about Prosper and thought it was a great concept. A way to help out people that were looking for loans and making some money while doing it. I sent $2,000 over and carefully selected which loans to invest in based on credit rating and the person's story. I would monitor my account on a monthly basis to see how things were going. Quite a few of the loans ended up defaulting, but since I had very little invested in each loan ($15-25), I wasn't too concerned, thinking it would all even out in the end.
At some point, they released an automated bidder which would pick loan based on the criteria you select. I thought it was a great idea and signed up for the new feature. What I didn't realize is that this new feature would cause me to "set it and forget it" and I eventually stopped paying attention. Well, 11 years passed with the automated bidder doing its thing while some loans failed and other chugged along until they were fully paid. I honestly forgot to log in and check my balance for a number of years.
When I finally did some financial housekeeping and decided to take stock of my assets, I logged in to Prosper expecting to see that a small nest egg had built up. Surely after a decade of lending money out at 10-20% my money would have easily doubled (at 8%, it takes 9 years to double your money). Instead, I saw that the total value of my account had increased by a few hundred dollars. Well, this was really a waste for me, but not for Prosper, whose service fees for every micro-transaction have essentially swallowed up any gains I could have been realizing.
That's not the end of the story though. It was in 2018 that I realized how much I was being ripped off and turned off any automated investing. Taking my money out of Prosper has been an arduous process, as I have to wait for all my outstanding loans before I can retrieve my full principal (this was obvious from the start). In 1029 I took about half of my principal back, and have been checking the site periodically to transfer out any money that has become available. It will take until 2023 before I'm fully divested. Luckily, it was only a small investment and it looks like I didn't actually "lose" money. But buyer beware if you're planning on using this service to generate some income. It will take many years and in the end, the biggest winner will end up being Prosper.
On a final note, please be aware that if you do your own taxes, Prosper will be the investment that causes you the most grief. The tax forms that you receive are full of all these charge-offs and defaults that are fairly confusing to deal with. I would have been much better served putting that money into an index fund or a bond or even a high yield online saving account. Even if it didn't earn significantly more than 1% a year, I wouldn't have had all the headaches retrieving my money and dealing with taxes.
Credit Is not bad. Seems like my interest rate and what they charge interest wise is all over the place from month to month. Worst mistake ever getting a loan through them. What they charge in interest is half of my monthly payment. DON'T GET A LOAN FROM THEM! WORST MISTAKE EVER!
I have applied for personal loan on 01/01 from Prosper after receiving Pre-approval from them. After submitting my loan application, they run a hard inquiry which affected my credit score significantly. Further, I received email from them to provide my paystubs, W2 for verification. I received an email on 01/02 that your file is being reviewed and within an hour received another email stating my account is suspended. They did not provide me any reason as to why my loan application was declined.
I contacted customer representative to find the reason why my application got cancelled/declined, but all they did was to read me a script, which was 'Unfortunately, we cannot provide you that information. Unfortunately, I am not authorized to share that information'. It is a whole scam which is run in collaboration with Credit Karma and other credit reporting companies. If you need personal loans, please do not use these online lenders. They are fake, useless and all they do is hurt your credit score!!!
Mails me multiple "pre Approved" offers for up to 40k. Then says they will give your number out to whomever but cannot explain what that means exactly, why they would give it out. My credit score is Excellent, checked it after I called them. 751. I own multiple properties, no mortgages, good income. Said I do not qualify for any offer despite they said I was pre approved AND I have excellent credit, no loans out, and good income. Just collecting personal information. May have been a fake Prosper company. WILL NEVER use them nor suggest anyone do the same.
THIS WAS MY EXPERIENCE WITH PROSPER. DON'T TRY THEM; YOU WILL END UP PAYING MUCH MORE THAN JUST MONEY. Do not ever, and I mean EVER approach me with your pre-approved offers or anything at all. If I get another email or mail propaganda from you I will start a case against you for harassment.
You pre-approved the personal loan, I sent all the documents and then you have the audacity to tell me that the loan was cancelled because I don't have a long enough history with the bank PenFed. Well, news flash, of course I don't! The only reason I used Penfed was because your website pop-up a message saying that I will get $100 if I use PenFed instead. I have 23 years of history with UW Credit Union and I would have use UW if it wasn't for YOUR OWN suggestion to use another.
I'm furious. You hit my credit, damaged my credit score and then all you have to say in return is "We can't do anything about it for 60 days". Really??? Do not contact me in 60 days! Do not contact me period. I'm disgusted by your organization and what you did to my credit because of a mistake YOU DID. I'm contacting the BBB too and whatever organization have governance of organizations like yours.
I wish I had read these reviews before I tried using them, my experience was almost identical to one of the other reviewers here. I applied for a loan on Prosper in the early morning. Everything seemed to be going ok, until hours later I got 6 duplicate text messages in succession telling me that I was almost done, I just needed to log in and give more information. Well, it’s the middle of the day and I’m working, I’m not going to respond until I have time. Less than 24 hours after I applied, I log in and see a message that my account was suspended. I contacted Prosper, twice, and was told that I should look at my Adverse Action Notice to see why my account was suspended. Except I don’t have an Adverse Action Notice, and don’t know what it is. I was then told to wait 48 hours for it. That was over a week ago.
So to reiterate: Prosper said I was eligible for a loan, then did a hard inquiry, lowering my credit rating, then rejected me for not providing information that it didn’t ask for in the first place. They refused to tell me what information they wanted, they refuse to tell me why my account was suspended, and they refer to a me a document they never sent me. All this happened after I already provided them sensitive personal information. Oh, but they said I could try again in 60 days, LOL. At this point, it's more than just getting denied a loan. I would never, ever trust these clowns again.
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!
Preapproved for a $10000 loan. Go through the process and while completing the bank questions my account was suspended. On the phone for 2 hours trying to find out the reason. Every person I talked with told us an email was sent, which we didn't receive. We were switched from one department to another, from one boss to another (this place has more people in charge than the government) and they all just read from the same script. I didn't even finish filling out the application and got suspended, but they made sure to run my credit score. They said that it looked like there was further documentation needed (maybe like the documentation I was in the process of providing?). What a joke. Then after talking to last big kahuna and hanging up in disgust, we get an email stating that they have successfully connected to our bank account (Why!!!). Now I get to worry about them having my account number. Great.
Another update. We finally received our email stating that the account was suspended because they didn't have all of the documentation. (The same thing we heard ten times already). I can not state this strongly enough. Run. Don't walk. Run. I can't believe a company like this is in business. Another update. I can reapply in 90 days. I would laugh, but I'm too disgusted.
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.
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 had a loan with them establishing good credit with them. Paid off in full, in good standing. I kept getting cards in the mail to take out a new loan. Since my previous loan my income went up substantially with no lates on my credit report. I applied for a new loan, was denied, then re routed to AMOne, then they transferred my call to a "Debt Relief Company" and, since I have never been late on any of my Creditors and am not in a financial hardship, I told them I am not interested as these companies call you creditors to settle on a lesser amount, then close your accounts. All my credit accounts are and have been in good standing for many many years. Their goal would have been to damage my credit. Prosper should not be allowed to mislead Consumers by steering them to these companies. Stay away from this company.
They processed two payments. Which put me in a negative. Cost me 68$ in late fees threw my bank. Would not reimbursed. Because it was past the due date of the loan. But because of their mistake cost me money. Even received a emailed stating one payment was made. Then when I talk to customer service they told me emails are Courtesy. Could not explain why I only got one confirmation instead of two. Being they took two payments. Would not recommend to anyone.
I have called Prosper every week for a month and a half now trying to get my investment funds transferred to my checking account. Each time they have a different story and different date to when the funds will arrive, but they never do. I have been using them since 2012 and they have done nothing but go downhill. They are most likely about to shutdown. You should not borrow or invest with them. They may sound polite when you call them, but they are absolute liars. AVOID Prosper! Do not invest and do not borrow. They are the devil.
Invested $10K with Prosper in 8/2017. Set up balanced profile of auto investments at $100 each with mostly high-end rated loans. Average rate 13+%. 130 loans of $100 each, 7 of which defaulted. That $700 investment resulted in $2300 of write-offs (losses). Huh? And on two 1099 interest statements over the last 2 years I paid $600 in taxes on "interest" of $1500 I never received or could see reflected on my account. Now 2+ years later my account is $10,200 (I stopped investing in new loans), a -.42% return by their calculation, but closer to -1%. I can get a better return on my checking account.
What's with this average 5-10% return with Prosper? Based on my experience, seems like it might be a scam. Helpful customer service agent couldn't answer my questions, and was unable to access historical data. Hmm. But sent me a pdf of thousands of numbers apparently listing all the info. Not willing or able to spend the time to decipher it. Not that many reviews online about Prosper, but I would be VERY VERY WARY. Sincerely, Tom **
Someone used my info to apply for a loan with Prosper. After confirming that this was a fraud - and me filing a case with FTC, Prosper would not tell me how much the loan was for?! I am trying to file a police report for heaven's sake! The rep was totally clueless and when I asked for a supervisor, he came back to say no one was available to provide me information. Whose side is this company on??! AVOID.
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.
This is the worst company I’ve ever dealt with. They have rejected my online payments 7x now. I have emails and was told over the phone, "Your loan is PIF." Then it is pending for 10 days. They reject the payment and ask for a check that will take at least 10 days to process. They never told me they were rejecting the payments. I can see the payments taken out from my Wells Fargo acct then returned. Mind you they get to charge extra interest that way.
I have now sent in 3 new emails to find out why the check I sent in on 8/20 has yet to be processed or any returned correspondence to say they did or didn’t get it. Why do the customer service agents tell people and send out emails things are paid off when they reject payments? Why don’t they accept the payment from my bank? They should be marked a scam since they don’t know how to respond to clients or accept payments. Every time they rejected my payment I got late fees since I could not make a payment since the account said PIF. No loan to pay... DON'T USE THIS COMPANY UNLESS YOU LIKE THROWING AWAY MONEY! Very unprofessional “company”.
I own a home and I inquired about a loan over 5 years ago and offered me a ridiculously high interest rate, over 20%. I declined. Ever since that day I haven't stopped getting junk mail since, 2-3 a week. They even followed me when I moved.
I called them today for a second loan. First time interest rate was 5.65%. Today, my credit is above 750 plus so I called them again. They approved an 18,000 dollar loan within minutes and quoted me an interest rate of 19.5%. They are nothing but loan sharks. Borrowers BEWARE!!!
I've been an investor on the Prosper platform now for about 4 years, and I've got a bit over $25k invested. I never expected stellar results, but wanted to beat generic HYSAs, so it was good enough. I brushed aside the hidden smarmy fees, the high rate of defaults, and petty annoyances like dealing with the tax reporting, for a return of 3-6%, depending on the year.
But. I'm taking all my money out now, because I'm livid about the absolute stupidity of their decision to gimp the investor website. They've removed the overview of account, showing previous years, and summing deposits, defaults, etc. Sure, the information's still there, and there's likely a way to use their API to display it yourself... if you want to spend the time doing it. And, if you have that time? Why not put that effort into something that's gonna make more --- and not hand out free money to people who realize there's no real penalty defaulting.
This may seem like a petty reason to "take my money and leave", but the final straw is the exasperating rocket ship animation when you click on 'classic view', to be told it's been removed but, "Please leave feedback on what you'd like to see in the new interface we're working on!". That's right. They removed a perfectly working interface (ever used internally by Prosper reps, according to the ticket I opened about this!) that wasn't broken, without any replacement. That just makes me incredibly livid.
From what I've gathered, the reasoning behind is they were caught 'fudging' the return numbers, and this way, since they no longer display those numbers, they're no longer liable. It's just --- no. I don't know if the other P2P lenders are this devious or unconcerned about their investors, but Prosper's lost my confidence. And my money.
As an investor, they take 1% off the top. I knew of this as they advertise it. What they don't advertise is that they take about 10% of what you earn in "Service Fees". When your $25 fraction of the loan gets a payment, you might get 0.20 - 0.30 cents in interest for that month, but when they "deposit" it back to you, they charge you $0.02 "Service Fee" FOR EACH AND EVERY NOTE!!! Once I'm paid back, I'm out.
Prosper Company Information
- Company Name:
- Year Founded:
- 221 Main Street, Suite 300
- San Francisco
- Postal Code:
- United States
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