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
Prosper Reviews
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- 4,568,520 reviews on ConsumerAffairs are verified.
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- We use intelligent software that helps us maintain the integrity of reviews.
- Our moderators read all reviews to verify quality and helpfulness.
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.
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.
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.
Reviewed 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.
Reviewed 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.
Reviewed 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.
Reviewed 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!
Reviewed 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!!!
Reviewed 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.
Reviewed 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.
Reviewed 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.
Reviewed Sept. 19, 2020
Prosper is a newer type of loan company called a peer-to-peer lender. Loans are funded by individual investors, as opposed to banks or other credit companies. Prosper itself does not actually fund any part of the loan. I found it to be a very simple process of filling out a very short form on a website, including how much money I wanted to borrow and how many months/years I wanted to pay it back. Once you submit the form, it somehow looks at your credit "picture" without actually pulling a credit report, and therefore not leaving an inquiry on your credit report. Once you accept the loan and the loan terms, Prosper does pull an actual credit report that will show as an inquiry. If all looks good the loan is put out to the investors and the investors decide whether or not they want to invest enough to fund your loan.
It only took about 1/2 of a day and I received the communication from Prosper that my loan had been funded. A couple days later the loan proceeds were transferred directly to my checking account. I did not have to actually talk to anyone. All communication was done through email. They seriously could not make it any easier. It's a great way to get money without all the intrusive stuff you have to go through with a bank or standard loan company. I would give Prosper a perfect 10 out of 10. To wrap it up, Prosper is a much simpler way to get a personal loan. A quick web form to initially apply; a quick decision that does not initially affect your credit; a quick turnaround for funding the loan and dispersing the loan. Easy as 1, 2, 3!
Reviewed Sept. 18, 2020
Great customer service. Excellent friendly staff. Very professional, start to finish. You are treated with the utmost respect makes you feel like one of their family members. I would definitely recommend it to someone else especially Google reviews.
Reviewed Sept. 17, 2020
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.
Reviewed Sept. 16, 2020
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.
Reviewed Aug. 10, 2020
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.
Reviewed June 24, 2020
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!!!!
Reviewed May 29, 2020
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.
Reviewed April 22, 2020
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 GainsOr Loss
$4.91$3.00 $7.91
$1.30 $9.21
-$17.32 -$8.11
$1.32 -$6.79
$0.63 -$6.16
$0.00 -$6.16
$3.06 -$3.10
$2.53 -$0.57
$3.90 $3.33
$0.80 $4.13
$4.60 $8.73
$0.35 $9.08
$0.01 $9.09
$2.46 $11.55
$0.95 $12.50
$2.76 $15.26
$0.61 $15.87
$0.28 $16.15
$2.75 $18.90
$0.31 $19.21
$0.27 $19.48
$1.36 $20.84
-$0.04 $20.80
$2.35 $23.15
$0.60 $23.75
$1.05 $24.80
$1.54 $26.34
$1.61 $27.95
$0.55 $28.50
$1.14 $29.64
$2.49 $32.13
-$24.94 $7.19
$27.68 $34.87
$1.00 $35.87
$2.41 $38.28
$0.72 $39.00
$0.29 $39.29
$2.93 $42.22
$1.29 $43.51
$2.66 $46.17
$3.64 $49.81
$1.24 $51.05
$3.38 $54.43
$1.95 $56.38
$3.21 $59.59
$2.37 $61.96
$1.76 $63.72
-$17.04 $46.68
$3.41 $50.09
$1.39 $51.48
$5.82 $57.30
$2.84 $60.14
$1.94 $62.08
$0.77 $62.85
$2.72 $65.57
$1.67 $67.24
$1.39 $68.63
$6.62 $75.25
$2.63 $77.89
$5.09 $82.97
$2.71 $85.68
$1.03 $86.71
$5.94 $92.65
$1.28 $93.93
$0.83 $94.76
$0.07 $94.83
$3.32 $98.15
$0.72 $98.87
$0.44 $99.31
$1.67 $100.98
$1.81 $102.79
$3.33 $106.12
$4.38 $110.50
$0.47 $110.97
$0.13 $111.10
$1.67 $112.77
$3.00 $115.77
$2.49 $118.26
$1.30 $119.56
$1.06 $120.62
$1.99 $122.61
$4.25 $126.86
$1.14 $128.00
$0.00 $128.00
$1.44 $129.44
$0.41 $129.85
$0.93 $130.78
$0.00 $130.78
$0.21 $130.99
$2.70 $133.69
$2.02 $135.71
$0.00 $135.71
$1.92 $137.63
$0.71 $138.34
$0.44 $138.78
$0.80 $139.58
$2.18 $141.76
$3.07 $144.83
$0.44 $145.27
$1.46 $146.73
$1.18 $147.91
$0.87 $148.78
$2.19 $150.97
-$16.12 $134.85
$2.79 $137.64
$0.13 $137.77
-$20.88 $116.89
$2.20 $119.09
$0.96 $120.05
$1.12 $121.17
-$0.33 $120.84
$4.26 $125.10
$0.06 $125.16
-$23.74 $101.42
$2.88 $104.30
$0.36 $104.66
$0.03 $104.69
$0.79 $105.48
$3.70 $109.18
$0.46 $109.64
-$0.93 $108.71
$3.59 $112.30
$0.57 $112.87
$0.57 $113.44
$0.39 $113.83
$8.46 $122.29
$0.62 $122.91
-$19.48 $103.43
$0.29 $103.72
$4.55 $108.27
$0.32 $108.59
$0.33 $108.92
$0.28 $109.20
$2.07 $111.27
$0.39 $111.66
$0.81 $112.47
$1.06 $113.53
$0.56 $114.09
$1.87 $115.96
$0.45 $116.41
$0.63 $117.04
$0.22 $117.26
$0.93 $118.19
$1.99 $120.18
$0.42 $120.60
$0.50 $121.10
$1.85 $122.95
$0.61 $123.56
-$17.66 $105.90
Reviewed March 12, 2020
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.
Reviewed March 10, 2020
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.
Reviewed Feb. 27, 2020
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.
Reviewed Feb. 13, 2020
$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.
Reviewed Jan. 14, 2020
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!
Reviewed Jan. 3, 2020
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!!!
Reviewed Dec. 31, 2019
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.
Reviewed Dec. 20, 2019
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.
Reviewed Dec. 15, 2019
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.
Reviewed Dec. 9, 2019
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!
Reviewed Dec. 2, 2019
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.
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