To apply for a Prosper personal loan, first check for pre-qualification and decide which way you will apply (online or by phone), then enter your personal and financial information on the application. Next, verify the accuracy of the information, submit the application and wait to receive a decision.
Check for pre-qualification. Pre-qualification is a way to check your approval odds and potential rates before applying for a Prosper personal loan. It doesn't hurt your credit. You can check for pre-qualification on the Prosper website or WalletHub's pre-qualification tool.
Decide which way to apply. You can apply for a Prosper personal loan online or by phone. Applying online is the best way because it typically offers the fastest decision.
Enter your personal information on the application. Prosper requires the following personal information on the application: your name, date of birth, email address, home address and phone number and Social Security number.
Enter your financial information on the application. Prosper requires the following financial information on the application: your primary source of income and annual income.
Double check the application for accuracy. To ensure that your Prosper personal loan application gets processed as quickly as possible, make sure that all the information is correct and complete before you submit it.
Submit your application. Prosper will typically provide a decision on your application within 5 business days.
If you are approved for a Prosper personal loan, you will generally receive the funds within 1 to 3 business days after approval. After that, it's your responsibility to make monthly payments until you have fully paid back your loan, including interest.
Yes, Prosper does a hard inquiry when you apply for a loan. This credit report inquiry will likely drop your credit score by about 5 to 10 points, but you'll be able to get back on track with a few months of on-time payments.
Prosper's hard inquiry will stay on your credit report for two years, but it won't affect your credit after one year, and the impact may subside before then. To see how your individual credit score may be affected by a hard inquiry, you can use the … read full answercredit score simulator on WalletHub.
It's worth noting that some people may be uncertain about whether Prosper does a hard inquiry because there's only a soft inquiry during the pre-qualification process. Soft inquiries do not impact your credit score. But that's just the first step, and a hard inquiry is required when you officially apply.
If not having a hard inquiry is important to you, lenders that don't do a hard pull at all include Integra Credit , NetCredit and Opploans.
Yes, Prosper will verify your income when you apply for a personal loan. If you do not have any income, you can apply for a Prosper personal loan with a co-signer, and Prosper will verify that person's income instead.
Prosper may verify income by requesting financial information like pay stubs, bank statements, or W-2 forms. In other cases, they'll just use credit report information. Either way, you will also have to meet other Prosper requirements to be considered for loan approval.… read full answer
Prosper Personal Loan Requirements
Be at least 18 years old
Be a US citizen or permanent resident
Have a Social Security number
Have a credit score of 640 or higher
You have a good chance of getting approved for a loan from Prosper if you meet all of these requirements.
If you want a better idea of what other personal loans you may qualify for with your income, you can use WalletHub's free pre-qualification tool.
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