Is Prosper a Good Loan for Your Financial Needs

Prosper loans can be a good option for those who need a personal loan, with interest rates ranging from 6.99% to 35.99% APR, depending on creditworthiness.

Prosper offers a range of loan amounts, from $2,000 to $40,000, which can be useful for covering unexpected expenses or consolidating debt.

The loan terms can vary from 3 to 5 years, giving borrowers flexibility to choose a repayment period that suits their financial situation.

Prosper's fees are relatively low, with an origination fee ranging from 1% to 5% of the loan amount, and no prepayment penalties.

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Prosper's debt consolidation loan program is straightforward. You start by going to their website and clicking the "check your rate" button.

Prosper's loan terms range from 2-5 years. You can borrow between $2,000 and $50,000, and you'll need to specify how you plan to use the loan.

You'll need to provide basic personal information, including your name and address, as well as questions about your income, employment, and housing costs. Prosper will also run a soft credit check before showing you your rates.

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Prosper's loan application process is relatively quick, with loan money in your bank account in 1-3 days. Once you're approved, you're approved, and the money is yours.

Here's a breakdown of Prosper's loan terms at a glance:

Prosper is a great option for businesses with low credit score requirements and no time in business or revenue requirements.

To qualify for a Prosper personal loan, you'll need to meet some basic requirements. You must be at least 18 years old and have a valid Social Security number. A credit score of 600 or higher is also necessary. Additionally, you'll need a personal U.S. bank account and a regular source of income. Your debt-to-income ratio should be under 50%, and you cannot have filed for bankruptcy within the last 12 months.

You'll also need to be a resident of a state other than Iowa or West Virginia. Prosper doesn't require a certain amount of time in business or revenue, but you'll need to have a source of income and no bankruptcies in the last year.

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Here are the specific qualifications to apply for a Prosper personal loan:

You may also be able to qualify for a higher borrowing amount by adding a co-borrower to your application, as long as they meet all the requirements outlined above.

Prosper's loan details are pretty straightforward. The minimum credit score required is 600, and the APR ranges from 8.99% to 35.99%. You can borrow between $2,000 and $50,000, and repayment terms are between 2 to 5 years.

The approval process is relatively quick, with some loans being approved as soon as one business day. However, Prosper is not available in Iowa, North Dakota, or West Virginia. There are no origination fees listed, but other fees may apply.

Here are the fees you can expect to pay for a Prosper loan:

Keep in mind that Prosper charges an origination fee, which is deducted from your principal before the loan is sent to you.

Prosper has a lot to offer, including a pre-approval option that lets you see what rates you qualify for without harming your credit score. This is a big plus for those who want to test the waters before committing.

One of the main advantages of Prosper is its lenient requirements, which open the door to a lot of consumers who may not qualify with other lenders. You can qualify even if you don't have good credit, with a minimum credit score to apply for a loan of 560.

Prosper also offers flexible loan amounts of $2,000 to $50,000, which is a wide range that can accommodate many different financial needs. You can use the funds for almost anything, from debt consolidation to home improvement.

Here are some of the key pros of Prosper loans:

However, Prosper also has some downsides to consider. One of the main cons is the fees, which can be expensive, especially for borrowers with low credit scores. You may also face an origination fee from 1% to 9.99%, which can add up quickly.

The application process is relatively fast and easy, but turnaround time may be up to 5 business days. Customer service is also helpful, which is a big plus for those who need support.

Here are some of the key cons of Prosper loans:

If you're considering Prosper for a personal loan, it's a good idea to compare quotes from several lenders to find the most affordable option. The origination fee is a big upfront cost that reduces the amount of funding you get.

You can also check out our guide to Prosper alternatives, which lists several options to consider. These include LendingClub, SoFi, and Upstart, among others.

To make a more informed decision, you might want to look at our comparisons of Prosper to other lenders, such as SoFi, Upstart, and Best Egg.

If you're considering Prosper, it's a good idea to compare it to other lenders to find the best fit for your needs. Prosper can be a great choice for borrowers with good credit, but if you need more flexibility with credit score requirements, you might want to explore other options.

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The origination fee is a significant upfront cost that reduces the amount of funding you get, so be sure to factor that in when comparing rates and costs. You might find that other lenders offer better rates for those with great credit.

Our research suggests that Prosper compares favorably to some lenders, but not all. For example, SoFi and Upstart may offer better rates for borrowers with excellent credit. On the other hand, Best Egg and Ondeck might be more suitable for those with lower credit scores.

Here are some key comparisons to keep in mind:

It's also worth noting that there are other lenders that might be similar to Prosper, such as LendingClub and Upstart.

Avant caters to applicants with a 580 credit score, but most borrowers have credit scores between 600 and 700.

Loans range from $2,000 to $35,000.

APRs for Avant loans are 9.95-35.99% for terms of 12 to 60 months.

There is no minimum income requirement, but proof of income must be verified.

An "administrative fee" of up to 4.75% is charged when the loan is approved.

A $25 late payment fee is also applicable.

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Lending Club is a great alternative for those who need a debt consolidation loan. It offers loan amounts ranging from $1,000 to $40,000 for terms of either 36 or 60 months.

Lending Club has a 3-6% origination fee, which is relatively standard in the industry. This fee can vary depending on the borrower's credit score.

The interest rates offered by Lending Club are quite high, ranging from 9.57% to 36% APR. This is because the lower the borrower's credit score, the higher the fee and interest are.

A key feature of Lending Club is that it allows borrowers with bad credit to have a co-borrower. This can be a big help for those who are struggling to get approved for a loan on their own.

Lending Club also has a debt-to-income ratio cap of 40%, which is a reasonable limit for most borrowers.

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LightStream offers low-interest debt consolidation loans for borrowers with good-to-excellent credit ratings, typically 680 or higher.

If you have assets like savings or a retirement account, it can work in your favor when applying for a loan.

Rates are capped at 20.49%, much lower than some other online lenders.

However, there's no prequalification option, so applying counts as a hard credit pull.

This means you'll want to be sure your credit history will qualify you for a loan before applying to avoid damaging it further.

Prosper has received an A rating from the BBB, where it has been accredited since 2012. It has closed over 150 complaints in the last year.

The lender fares much better on Trustpilot, where it holds a rating of 4.6 out of 5 (based on 13,000+ reviews), as well as on Credit Karma, where its rating is 4.7 out of 5 (based on 3,100+ reviews). This suggests that many customers have had positive experiences with Prosper.

However, not all reviews are glowing. Some customers have reported issues with customer service, such as difficulty getting in contact with representatives. Others have been frustrated with the application or repayment process.

Here are some common complaints and issues that customers have reported:

Despite these issues, some customers have reported positive experiences with Prosper, including a quick application process, transparent advertising, and helpful customer service.

To apply for a Prosper loan, you'll need to provide some basic information online, including the amount you want to borrow and your Social Security number.

You'll also need to share details about your employment status, income, and current debts. This will help Prosper determine your debt-to-income ratio and overall creditworthiness.

Here are the specific details you'll need to provide:

This process usually takes around five days, and once you're approved, you'll receive offers for loans with different repayment terms and interest rates.

Prosper is a solid option for borrowers who want to rate shop with no credit impact and are okay with slower funding. It's ideal for those who want to compare rates and terms without affecting their credit.

You can expect to find out what rates and terms you might qualify for by filling out a quick online form. This process won't impact your credit score.

Prosper's rates start relatively low, but they can top out on the higher side at 35.99%. That's a significant range, so be aware of the potential costs.

The origination fee can reach up to 9.99%, which is something to consider when borrowing. If you need money fast, Prosper may not be the best option due to its slower funding process.

It can take up to five business days to receive money, which is a bit longer than some other lenders. However, Prosper's streamlined application process can save you valuable time and effort.

If you're a business owner with a strong credit score, you may be able to get better rates at a bank. But for qualified entrepreneurs who can't yet get a loan based on the strength of their businesses, Prosper is worth considering.

Prosper loans are easy to apply for and to pay off, barring minor technical or verification problems. Overall, Prosper earns a solid rating of 4.1 out of 5 stars for its personal loans for business.

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