Prosper Personal Loans: 2023 ReviewCheck Your Rate
Overview of Prosper
Pros and Cons of Prosper
Pros of Prosper
Cons of Prosper
Prosper Personal Loan Terms, Rates, and Fees
Who May a Prosper Personal Loan Be Right For?
Consumers who need to borrow a $2,000 personal loan Borrowers seeking a $4K loan for unexpected expenses Borrowers who need quick personal loans from a legitimate lender rather than a loan shark Consumers who need vacation loans to help cover travel-related expenses
Who Prosper May Not Be Right For
Consumers who need to borrow large personal loans of up to $100K Borrowers who don’t want to pay origination fees and daily simple interest on a personal loan Consumers who prefer open-end credit vs. closed-end credit Students enrolled in a postsecondary educational program
What to Watch Out for With Prosper Personal Loans
These quick personal loans may charge APRs as high as 35.99% Prosper personal loans cannot be used as private education consumer loans Failing to pay and defaulting on a personal loan can have a major impact on your credit score There’s no guarantee that your loan request will receive full funding from Prosper’s investors
Prosper Personal Loan Eligibility Requirements
At least 18 years of age Have a personal U.S. bank account Have a Social Security number Meet minimum underwriting standards (640+ credit score) Borrowers and co-borrowers must be U.S. residents in a state where loans through Prosper are available (not available to borrowers residing in Iowa or West Virginia)
Repayment Options for Prosper Personal Loans
Automated recurring payments Manual one-time payments online Payments over the phone Mailing a personal check, money order, or cashier’s check
How to Apply for a Prosper Personal Loan
Apply online. Get started by answering basic questions on a digital platform, including how much money you would like to borrow and your reason for the loan. Checking to see whether you prequalify for funding through Prosper’s platform won’t affect your credit score. Selecting and moving forward with a loan application, however, can trigger a hard inquiry that may cause your credit score to drop by several points. Verify information. Prosper may request applicants and co-applicants to provide additional supporting documents for verification purposes. You may need to provide proof of identity, such as a current driver’s license, passport, or other government-issued photo identification card. Prosper may decline your application if it is unable to independently verify the information in your documents. Accept the loan. Approved applicants may accept the loan offer at this stage. Borrowers may receive their Prosper personal loan funds within one business day. In some cases it may take up to three business days to receive funding in your bank account. It’s your choice whether to accept the loan or cancel the loan application.
Alternatives to Prosper Personal Loans to Consider
Bankers Healthcare Group (BHG Money) personal loans LendingUSA personal loans LightStream personal loans PenFed personal loans The Payoff Loan™ personal loans Upstart personal loans
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