
Prosper Personal Loans: 2021 Review
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Updated February 14, 2022
Overview of Prosper
Pros and cons
Pros
Loans can be used for a wide variety of purposes Can apply with joint applicant No fee for paying off loan early
Cons
Charges origination fees and other fees High credit score requirements Loan term cannot be changed once set
Prosper Personal Loan Terms, Rates, and Fees
Other Lenders
What Types of Loans Does Prosper Offer?
Important to Keep in Mind
a check payment fee up to $5 if you opt out of digital payments a late payment fee equal to the greater of 5% of the unpaid installment amount or $15 if your full monthly payment is not made within 15 days after its due date an insufficient funds fee of $15, unless a lesser amount is required by applicable law
Applying for a Prosper Personal Loan
Requirements for a Prosper Personal Loan
640+ credit score Fewer than five credit bureau inquiries in the past six months Debt-to-income ratio of 50% or less At least three open trades reported on credit report No bankruptcy in last 12 months
The Prosper Loan Application
The Bottom Line
Frequently Asked Questions
About the Author
Susan Guillory is the president of Egg Marketing, a content marketing firm based in San Diego. She’s written several business books, and has been published on sites including Forbes, AllBusiness, and Cision. She enjoys writing about business and personal credit, financial strategies, loans, and credit cards. Follow her on Twitter @eggmarketing.
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