Prosper Review
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Prosper Reviews

Andrew Omalley


Andrew Omalley

Loans for lower credit scores
Loans for lower credit scores
About Prosper

Prosper is a peer-to-peer lending marketplace that issues personal loans to borrowers with a fair or good credit score. It was founded in 2005 in San Francisco, California. Prosper operates in a fashion where it enables individuals to take out a personal loan for a variety of reasons.

The company’s main selling point is being the first peer-to-peer lending emporium in America. Prosper stands out from the competition through its ability to provide fast funding and a wide range of loan amounts.









Prosper Personal Loans Review

Every conceivable requirement is met by the vast array of loan types that Prosper offers. Its personal loan program is particularly adaptable and borrowers can choose from a wide range of terms and structures. The Prosper personal loan selection offers loan options to almost every prospective customer.

Prosper Personal Loans Highlights


$600 - $100,000


2-7 years




5.4% - 35.99%


1-3 business days days











Pros & Cons

  • Fast funding
  • Reputable company
  • Most inclusive credit score of all lending companies
  • Joint loan option
  • Late fees
  • Reputable company

Personal Loans Types

  • Secured Personal Loans
  • Unsecured Personal Loans
  • Fixed-Rate Personal Loans
  • Variable-Rate Personal Loans
  • Co-singer / Joint loans

Loan Purpose

  • Debt Consolidation
  • Home Improvement
  • Medical Expenses

Prosper Personal Loans Terms & Requirements

Prosper offers personal loans that can be used for a variety of different purposes. You are permitted to borrow anything from $2,000 to $50,000. The normal repayment periods range from two to five years. Usually, consumers must have a credit score of at least 560 to be approved.

Your loan’s APR will vary depending on a number of criteria, such as your credit history and current income level, but it typically ranges from 6.99% to 35.99%.

How to Apply

Qualification Requirements

  • At least 18 years old
  • US citizen or permanent resident
  • Able to provide a verifiable bank account – checking or savings account accepted
  • Minimum credit score of 560
  • Maximum debt-to-income ratio: 50%, excluding mortgage

Required Information

  • Social Security Number
  • Bank account information
  • Current address
  • Loan amount required
  • Bank account information

Application Steps & Time Frames

When you apply for a personal loan online at Prosper, the team will ask you three questions; how much are you borrowing? For what purpose? What is your credit score? After providing this information you will be asked to fill out some personal information.

Once this has been completed you will be given your interest rate and monthly payments based on the information you have given Prosper. You will then be asked to fill out more personal information and provide certain documents.

When this has been completed you will get a contract of the loan terms. The money will then be processed into your bank account within 1-3 business days.

State Availability

Available - Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Wisconsin, Wyoming.

Not Available - Iowa, West Virginia.

Privacy & Security

Prosper is a trusted financial services institution that abides by state and federal regulations for all investing and loan services in their marketplace. It has facilitated nearly $15 billion in loans during its time in business.

Prosper protects user data through the use of physical, electronic, and operational safeguards. Their servers all come with Extended Validation and Secure Socket Layer certificates to ensure safe connections through their website.

Customer Support

Prosper has phone lines that are open six days a week. The phone lines are open at 6am which allows people to contact the support team with queries before they begin their working day which is an advantage Prosper holds over its competitors.

Additionally, email support is also offered and the response time is within a few hours along with multiple email accounts relating to the type of query a prospect has.

Unfortunately, Prosper does not offer a live chat. However, the phone line representative is clear and concise with their response in order to help resolve any issue for their prospective customers.

Phone Support
6am-5pm PT
6am-2:30pm PT

In Conclusion

In conclusion, Prosper is a reputable peer-to-peer lending marketplace as it offers fast funding once loans are granted. It offers a lot of versatility when it comes to granting loans to prospects as it is inclusive to people with a range of credit scores and offers a joint loan option. These factors make them seriously competitive in their market.


Will there be any fees associated with a personal loan from Prosper?
Your loan is subject to four types of fees such as origination fees, check payment fees, late fees, and insufficient funds fees.
Where can I find the policies for Prosper?
There is plenty of useful information on the Prosper website that showcases the various policies that are in place.
Can I submit an application for a joint personal loan?
Yes, you and a friend or family member can apply for a joint loan. It might improve your chances of getting a loan offer and even cut your rate if you add a second candidate with excellent credit.

Prosper Disclaimer

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.

What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.

1) Eligibility for personal loans up to $50,000 depends on the information provided by the applicant in the application form. Eligibility for personal loans is not guaranteed, and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions. Refer to Borrower Registration Agreement for details and all terms and conditions. All personal loans made by WebBank.

2) You may receive your funds one business day after your acceptance of the loan offer, completion of all necessary verification steps and final approval. One business day funding is also dependent on your bank’s ability to quickly process the transaction.


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Andrew Omalley

Andrew is a freelance writer who has been crafting valuable pieces of content relating to personal finance for more than five years. Previously, he studied Economics & Finance at university and he has professional qualifications relating to financial advice.