Grace Enfield, Content Writer
@grace_enfield
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.
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.
People also ask
Does Prosper do a hard inquiry?
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...
read full answer by Rick Bormin, Personal Loans ModeratorHow do I apply for a Prosper personal loan?
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.
How to Apply for a Prosper Personal Loan
- Check for pre-qualification. Pre-qualification is a way to check your approval odds and potential rates before...
Does a Prosper personal loan affect your credit score?
Yes, a Prosper personal loan does affect your credit score, both when you apply and during the entire time that you are paying the loan off. Initially, a Prosper personal loan will affect your credit score in a negative way, but the long-term impact can be very positive, assuming you repay the loan on schedule.
How a Prosper Personal Loan Affects Your Credit Score
Hard pull: When you apply for a Prosper personal loan,...
read full answer by Rick Bormin, Personal Loans ModeratorDid we answer your question?
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