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Prosper Healthcare Lending

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In 2009, Prosper Marketplace, a peer-to-peer lending agency, founded Prosper Healthcare Lending, a subsidiary intended to provide financial assistance for medical bills. This company has helped more than two million people and boasts to have funded more than four million dollars in loans through their healthcare lending services. 

Prosper Healthcare works to help each borrower find the right financing plan and is committed to helping consumers avoid long-term debt by making healthcare more affordable. The founders of this subsidiary have backgrounds in healthcare technology, as well as both direct lending and indirect lending. The company is growing very quickly and already works with about 2,000 providers across the nation. Primarily, Prosper is a loan provider, not a credit card or credit line provider, and it specializes in four medical industries: dental, bariatric, fertility, and cosmetic surgery. 

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The Good

  • Nationwide Lender
  • Free loan application
  • Low fees
  • Customer service resources

Nationwide Lender

As a nationwide brand and lender, Prosper already has more than 2,000 registered providers. The company is growing quickly and acquiring trusted partners along the way. This means that you could have a higher chance of working with a registered provider near you for your own Prosper personal loan.

Free Loan Application

Not only is it free to apply for a personal loan through Prosper; it's also fast and gives you even faster results. It takes about two minutes to submit a loan application, and you could be approved and receive a loan offer within 10 seconds of applying. What's more, there is minimal application eligibility criteria. 

In addition, your application will not affect your credit score because Prosper Healthcare lending will only perform a soft credit pull. 

Low Fees

In addition to a free application, Prosper does not charge any transaction fees, set up fees, or subscription fees. There is, however, a late fee of $15 which will be charged each time a late payment is made. This late fee is actually quite reasonable compared to other financing companies. 

Prosper Healthcare lending works with monthly payments established by the borrower and the personal loan provider. If you are in a tight spot with money, you can analyze your loan amounts, annual percentage rate, and other financing options in order to find the right financing plan for you. 

Customer Service Resources

This company makes it easy to contact customer service representatives and get answers. For starters, the website is intuitive and provides a lot of information you would want to know up front: industries covered, contact information, company background, loan limits, and account access. 

Prosper also makes it easy to look up your provider. All you need is the six-digit ID number of your provider to see if they are registered with the company. These resources make it easier for you to decide whether Prosper lending is the right financing option for you.

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The Bad

  • Credit Scores
  • Industries Covered
  • Time in Business
  • Registered Facilities Only

Credit Scores

Although a specific credit score requirement is not made clear on Prosper's website, it is generally understood that an excellent credit score is required for financing approval.

If you have poor credit history for any reason, that doesn't mean you can't qualify. Fortunately, Prosper encourages patients with poor credit to cosign a loan with someone who does have positive credit. In any case, the credit of the loan signers ultimately affects your APR rate, interest rate, and overall benefits of working with Prosper. If you do not know what your credit score is, you can check your fico score online.

Industries Covered

Unfortunately, Prosper doesn't cover all medical treatments. However, it does specialize in providing funds for four main (and expensive) industries: bariatric procedures, dental treatments, fertility treatments and medications, cosmetic surgeries, and behavioral treatments. 

Even though not all medical areas are covered, these four industries can be expensive and are not uncommonly needed. Prosper will cover up to $35,000 over a 60-month term for bariatric, dental, and plastic surgery, and it will cover up to $100,000 over an 84-month term for fertility treatments. Prosper also provides financing options for rehab facilities, weight loss clinics, and youth behavior schools and camps.

Time in Business

Prosper has only been in business since 2009, which may not seem like a long period of time. However, this is not necessarily indicative of the quality of its services and reliability.

Registered Facilities Only

Prosper only accepts applications through providers that are registered with the company, so if you prefer to work with a doctor or hospital that isn't registered, then Prosper's services are not available to you. Technically, once you borrow the funds, you can use them at any business or facility, but to qualify for the loan, your provider must be enrolled with Prosper.

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The Bottom Line

When it comes down to it, Prosper Healthcare Lending is easily a recommended option. If anything, the risks of applying for a loan with this company are small - it's free to apply, late fees are minimal, there is no origination fee, and your credit won't be affected by an application or a loan. Furthermore, customer service is very helpful, and the website is informative. 

That being said, Prosper is not for every customer. If you are looking to borrow and your credit score is low, benefits dramatically decrease. In addition, a Prosper loan only covers the bariatric, dental, cosmetic, fertility, and behavioral medical industries. If your medical needs lie outside of these industries, Prosper Healthcare Lending will not be an option for you. 

Prosper is a fast-growing, nationwide company with decent annual percentage rate pricing, flexible loan terms and loan amounts, and specialization in four very common medical industries. On top of that, its customer service is helpful and reliable, and you'll have easy access to your patient account. Factors like these make this company more trustworthy and convenient for a borrower-both attributes that are essential when it comes to your finances.

There are currently no Prosper Healthcare Lending reviews. If you have used this company as a financing option, please tell us about your experience by leaving a review.

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