Does Prosper call your employer?

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.

It is not very difficult to get a personal loan from Prosper because they offer personal loans for people with credit scores as low as 640. Other Prosper personal loan requirements include being at least 18 years old, having an SSN, and having enough income to afford monthly loan payments.

Prosper Personal Loan Requirements

• Minimum Credit Score: 640 credit score
• Age: 18+ years old
• Residency: U.S. citizen or permanent resident
• Identification Type: SSN

Once you make sure you've met all the requirements for a Prosper personal loan, you should have a good chance of approval. However, the exact interest rate you receive will depend on factors such as your credit score, income, and debt.

You can use WalletHub's free pre-qualification tool to see if you're likely to get approved and what rates you could get. Plus, it won't hurt your credit.

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.