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.
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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.
LOAN AMOUNT
$600 - $100,000
LOAN REPAYMENT TERM
2-7 years
MIN CREDIT SCORE
560
APR FIXED RATE
5.4% - 35.99%
FUNDING TIME
1-3 business days days
ORIGINATION FEE
None
PREPAYMENT FEE
None
OTHER FEES
Yes
SOFT CREDIT PULL
Yes
LENDER TYPE
Direct
Pros & Cons
Personal Loans Types
Loan Purpose
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%.
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.
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.
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.
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.
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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