Grace Enfield, Content Writer
@grace_enfield
Prosper may approve you within one day of your application for a personal loan or in less than five business days. After your application is approved and you accept the offer, it takes one to three business days to receive your funds, which Prosper will send to you by electronic bank transfer.
Key Things to Know About Prosper Loan Approval
- Minimum Credit Score: 640
- Approval Timeline: Within 5 business days
- Funding Timeline: 1 - 3 business days
- Fund Delivery Method: Electronic bank transfer
- Loan Amount: $2,000 - $50,000
- APR: 8.99% - 35.99%
- Repayment Period: 24 or 36 or 48 or 60 months
- Origination Fee: 1% - 9.99%
If you think a Prosper loan is right for you, check out the full Prosper personal loan review on WalletHub. You can also estimate your potential rates with our free pre-qualification tool.
People also ask
How long does it take to get money from a Prosper personal loan?
It takes 2 to 13 business days to get money from a Prosper personal loan, in most cases. The Prosper loan timeline includes around 1 to 10 business days to get approved for a Prosper loan and another as soon as the next business day to receive the funds after approval. Keep in mind that this is a typical applicant’s experience, and in some cases it could take longer.
How to Get Money From Prosper as Fast as Possible
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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...
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