Prosper Personal Loans

With Prosper you can get a loan from 2,000 to 40,000$ to cover your personal needs. The repayment period for a Prosper Personal Loan is from 2 to 5 years. You can also use a co-borrower option to get a better loan offer with more favorable interest rates.

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Prosper Personal Loans

Author: 
Emma Jackson
Prosper Personal Loans

About Prosper

Prosper is a peer-to-peer lender that enables people with fair or good credit to get the loan they need to meet their personal needs such is medical treatment, car repair, big purchase and so on. The company was founded in 2005 and it has provided loans to more than 1 million people. These lenders use the risk-rating system to select candidates for a loan. The Prosper lender takes into account factors such as credit history, credit score, debt-to-income ratio, and so on. Once you are rated, you will receive a special Prosper rating. Investors use it to decide whether to provide you with a loan or not. Your application will expire if your loan request is not funded at least 70% within 14 days. However, the company claims that most loans are financed within a few days, so the chance of getting a loan is quite high.

In order to get a Prosper loan, you are advised to have fair or good credit. Therefore, your FICO credit score must be between 630 and 719.

Prosper Personal Loans

Personal Loans are one of the most popular ways to get financing from Prosper, as they give you the opportunity to get a large enough amount of money to cover your personal needs. Prosper allows borrowers to get from $ 2,000 to $ 40,000, which is often enough to cover any personal needs. Payment terms often vary: with Prosper you can get from 3 to 5 years. Remember that short repayment terms reduce the interest rate you pay. Note, however, that longer periods will reduce your monthly payment. The interest rates for obtaining a Personal Loan from Prosper also vary depending on many factors. Typically, you will receive between 7.95 and 35.99%.

Prosper Personal Loan advantages and disadvantages

In order to make sure that a Prosper Personal Loan is a good option for you, it is important to study the advantages and disadvantages of this offer. While the advantages will help you see if the loan meets your wishes and needs, the disadvantages will show if the offer is a good option for you or you should look for something else.

Benefits:

  • Prequalification. Prosper gives its borrower opportunity to go through a prequalification procedure in order to understand what interest rates and loan conditions they can get. What's more, prequalification only requires a soft credit check so it won't affect your credit history.
  • Possibility to improve credit. Since Prosper reports your payments to all three credit bureaus, you have the opportunity to increase your credit if you make payments on time. However, if you fail to do this, your credit score will be damaged.
  • Ability to change your payment date. With Prosper Personal Loan you can change the loan repayment date if necessary. This option is popular with many lenders.
  • Joint loan option. If you would like to apply with someone else, you can use a joint loan option while many other lenders do not have this opportunity.

Disadvantages:

  • Origination fees. Prosper charges an origination fee which can range from 2.41% to 5.99%. So be prepared to face additional costs if you want to choose Prosper as your lender.
  • Late fees. If you are more than 15 days late on your loan, you will also have to face late fees.
  • No discounts for autopayments. While many lenders offer discounts if you set up automatic payments, Prosper is not one of them.
  • No direct payments to creditors. If you take out a loan to consolidate your existing debt, Prosper will not pay the debt for you. The money will be transferred to your bank account.
  • Availability. Despite the fact that Prosper operates in almost all states, residents of IA and WV cannot get a loan.
  • Limited repayment terms. Borrowers can choose only three or five years for the loan repayment period. Thus, you cannot choose the term that is right for you.

What are the criteria for getting a Prosper Personal Loan?

First, review the eligibility criteria for approval of your application. This will help you understand if you are eligible to apply for a Personal Loan from Prosper.

First of all, you must be a US citizen or official resident who is over 18 years of age. You will also need to provide government-issued ID, social security number and US bank account.

Your minimum credit score must be 640 in order to apply. Prosper does not have a minimum income requirement, however you will need to prove that you are receiving regular monthly payments. The age of the minimum acceptable credit history is 2 years. The maximum acceptable debt-to-income ratio is 50%. So you must have at least three open accounts on credit report. Another important requirement is no bankruptcies filed within the past year. If you meet these requirements, your application for Prosper funding is likely to be approved.

Is it a good idea to apply for a Prosper Personal Loan?

If you have fair or good credit, then you can consider Prosper as an option. Be sure to use prequalification in order to understand what interest rates and credit conditions you can get. If the loan option is right for you, then apply. However, if the interest rates seem too high for you, you can find another lender. Also remember that you need to have a minimum credit score of 630 and you will also have to face an origination fee.

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best-personal-loan-companies.com is not a lender and does not provide any financial products or make credit decisions. This website is a referral advertising service. And its aim is just providing verified up-to-date information. Still, it may differ from what you will see on other companies' sites. So before applying for any item, check the details of the deal at the lender's website reading their Privacy Policy and Terms of Use.

Besides information we offer real customer reviews double checked by e-mail and phone verification. By submitting your information through this site, you agree to have it shared with third parties for the purpose of matching your request with a potential borrower.  In some cases this is our affiliated partnet and we may receive some compensation from them for featured placement of their products or services. In others, we just give you information and let you compare this company to their competitors. All products on our website are presented without warranty. When evaluating offers, please review the financial institution’s Terms and Conditions.

APR Disclosure. Some states have laws limiting the Annual Percentage Rate (APR) that a lender can charge you. APRs for cash advance loans range from 200% and 1386%, APRs for installment loans range from 6.63% to 225%, and APRs for personal loans range from 4.99% to 450% and vary by lender. Loans from a state that has no limiting laws or loans from a bank not governed by state laws may have an even higher APR. The APR is the rate at which your loan accrues interest and is based upon the amount, cost and term of your loan, repayment amounts and timing of payments. Lenders are legally required to show you the APR and other terms of your loan before you execute a loan agreement. APR rates are subject to change.

Here's a quick example:

You borrow $1,000 with an APR of 3% over 3 years (assuming an annual APR calculation).
Year 1 interest: 1,000 x 0.03 = 30 and 30 + 1,000 = 1,030
Year 2 interest: 1,030 x 0.03 = 30.9 and 30.9 + 1,030 = 1061
Year 3 interest: 1,061 x 0.03 = 31.83 and 31.83 + 1,061 = 1,092.83 In total, you'll pay back $1,092.83 at the end of the finance period.

For peace of mind, and to ensure you know what you're going to pay, ask your lender exactly what fees are included in the APR figure they offer you.

Material Disclosure. The operator of this website is not a lender, loan broker or agent for any lender or loan broker. We are an advertising referral service to qualified participating lenders that may be able to provide amounts between $100 and $1,000 for cash advance loans, up to $5,000 for installment loans, and up to $35,000 for personal loans. Not all lenders can provide these amounts and there is no guarantee that you will be accepted by an independent, participating lender. This service does not constitute an offer or solicitation for loan products which are prohibited by any state law. This is not a solicitation for a particular loan and is not an offer to lend. We do not endorse or charge you for any service or product. Any compensation received is paid by participating lenders and only for advertising services provided. This service and offer are void where prohibited. We do not control and are not responsible for the actions of any lender. We do not have access to the full terms of your loan, including APR. For details, questions or concerns regarding your loan please contact your lender directly. Only your lender can provide you with information about your specific loan terms, their current rates and charges, renewal, payments and the implications for non-payment or skipped payments. The registration information submitted by you on this website will be shared with one or more participating lenders. You are under no obligation to use our service to initiate contact with a lender, register for credit or any loan product, or accept a loan from a participating lender. Cash transfer times and repayment terms vary between lenders. Repayment terms may be regulated by state and local laws. Some faxing may be required. Be sure to review our FAQs for additional information on issues such as credit and late payment implications. These disclosures are provided to you for information purposes only and should not be considered legal advice. Use of this service is subject to this site’s Terms of Use and Privacy Policy.

Exclusions. Residents of some states may not be eligible for some or all short-term, small-dollar loans. Residents of Arkansas, New York, Vermont and West Virginia are not eligible to use this website or service. The states serviced by this website may change from time to time, without notice.

Credit Implications. The operator of this website does not make any credit decisions. Independent, participating lenders that you might be connected with may perform credit checks with credit reporting bureaus or obtain consumer reports, typically through alternative providers to determine credit worthiness, credit standing and/or credit capacity. By submitting your information, you agree to allow participating lenders to verify your information and check your credit. Loans provided by independent, participating lenders in our network are designed to provide cash to you to be repaid within a short amount of time. The short-term loans are not a solution for long-term debt and credit difficulties. Only borrow an amount that can be repaid on the date of your next pay period. Consider seeking professional advice regarding your financial needs, risks and alternatives to short-term loans. Late Payments of loans may result in additional fees or collection activities, or both. Each lender has their own terms and conditions, please review their policies for further information. Nonpayment of credit could result in collection activities. Each lender has their own terms and conditions, please review their policies for further information. Every lender has its own renewal policy, which may differ from lender to lender. Please review your lender’s renewal policy.

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By submitting my information, I acknowledge I have read, understand, and agree to the terms of the Privacy Policy and the Terms of Use,I understand that by submitting my information, I may be contacted by telephone by one lender.