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Prosper gives borrowers access to collateral-free, personal loans at low, fixed rates. Prosper was the first online lending marketplace to launch in the United States in 2006, and have helped facilitate over $9 billion in personal loans to date. Through Prosper, people with good credit can borrow up to $35,000 to help consolidate credit card debt and cover important life expenses, like remodeling their home or paying for medical expenses. With an easy online application, no hidden fees or repayment penalties, Prosper is a smart way to get the money you need and improve your financial well-being. 

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The Good

  • Easy Application Process
  • Competitive Interest Rates

Easy Application Process

The application process for receiving a Prosper personal loan is fast and simple. On the Prosper website, enter the amount of money you wish to take out (between $2,000 and $35,000).  After entering this information, you will be transferred to another screen where you will be asked to provide the purpose of your loan, your name, address, employment status, individual yearly income, date of birth, email address, and a new password to be used by you on the site. Select the box at the bottom of the page confirming your electronic signature and then click "View Your Offers." If approved, the following page will show you potential personal loan options to choose from. After selecting the desired loan amount and other related terms, Prosper may request additional verification documents. From start to finish, you should receive funds within seven days if your application is approved.

Competitive Interest Rates

For applicants with a good credit history, Prosper offers competitive interest rates. Its APR range is between 5.99 percent and 36 percent, with more qualified applicants being issued personal loans with rates closer to 10 percent. If you are wanting to get a lower rate, try applying for a smaller loan and having a shorter loan term. Loan amounts vary between $2,000 and $35,000, with loan terms varying between three and five years. There is also no penalty for paying off your loan early. 

The Bad

  • Not Ideal for Subprime Applicants
  • Fees Apply

Not Ideal for Subprime Applicants

Being approved by Prosper can be challenging for subprime applicants. While Prosper advertises a minimum credit score requirement of 640 in order to apply, this score may not always be high enough to get you approved. Prosper takes into account different factors when approving borrowers. These factors include, but are not limited to, credit score, annual income, state of residency, and how many lines of credit an applicant has open. Below is a description of the average Prosper personal loan borrower:

  • Average credit score is 703
  • Average annual individual income is $83,000
  • Minimum of three open lines of credit
  • Debt-to-income ratio under 50 percent (excluding mortgage)
  • Does not live in Iowa, Maine, or North Dakota

These averages don't always describe applicants who are looking to borrow money to consolidate debt or make a home improvement purchase. Prosper personal loans are better suited for those with prime credit and financial standing.

Fees Apply

Prosper charges borrowers a closing fee that ranges between 1 percent and 5 percent. The rate assigned depends on the grade the borrower has been given based on financial standing. Want to know which personal loan company is top rated? Click Here

The Bottom Line

Prosper is a great personal loan choice for prime credit applicants. Its rates are consistent with other top personal loan companies, and its ability to have funds in the borrower's hands in under seven days is competitive; however, if you have a subprime credit score or a debt-to-income ratio over 50 percent, Prosper may not be the best choice for you. View Top Rated Companies