It takes about two to three business days to get the money from a Prosper personal loan after you have been approved. The Prosper loan timeline includes around 1 to 10 business days to get approved for a Prosper loan and another 1-3 business days 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
Fill out the application carefully. You should make sure that all information you enter on the application is correct and complete. That will eliminate any potential delays from Prosper having to request additional information.
Check your credit report for errors. Before you apply, you should verify that everything on your credit report is accurate, as any incorrect negatives on there could impact your chances of approval. If you find any errors, you should dispute them right away to get them removed.
Get your credit score above the minimum. Ideally, you should only apply for a Prosper personal loan once your credit score exceeds the minimum requirement of 640. That will make it easier for Prosper to decide whether you qualify, which could lead to a quicker decision.
Apply online. Online applications have the fastest processing times since they are automated and streamlined.
Once you get approved for a Prosper personal loan, the money will be delivered through an electronic funds transfer to your bank account, which usually takes 1 to 3 business days.
You need a credit score of 640 or higher for a Prosper personal loan, according to the company, which means the Prosper credit score requirement is in the fair credit range. Applying with a co-applicant can also help you qualify for a Prosper personal loan if you don’t meet the credit score requirement. To put this in perspective, most other lenders' credit score requirements are similar to Prosper.… read full answer
Keep in mind that just having a 640 credit score is not enough to qualify you for a Prosper personal loan. Prosper will consider your entire financial profile, including things like your income, existing debts and recent credit inquiries, when deciding whether to approve you. It's also worth noting that some applicants might be able to get a personal loan from Prosper with a slightly lower score if it's offset by other factors like an especially high income. But it's best to wait to apply until your score meets the threshold.
If you're unsure of what your current credit score is, you can check it for free on WalletHub. You can also pre-qualify for a Prosper personal loan online to gauge your chances of getting approved with your current credit score.
To get a loan quickly, apply online with a personal loan provider that is known for fast approval and funding times, such as LightStream. Applying online will ensure the fastest possible application processing time, assuming that all information on the application is accurate and entered correctly. You could get your loan funded within 2-3 business days, if not the same day.… read full answer
Secured personal loans also tend to provide quick decisions, as the collateral they require greatly reduces the lender’s risk. Even people with bad credit can get approved relatively easily. Other ways to get a quick loan include borrowing from a family member or friend, using a credit card or tapping into home equity. There are also some non-ideal options, such as payday lenders, auto title lenders and pawnshops.
How to get a quick loan in 2023
Apply for one of the quickest personal loans.
The quickest personal loan provider, LightStream, can fund and approve loans as soon as the same day you apply. Many other lenders offer funding within 2 - 3 business days. For the fastest timeline, pre-qualify first, apply online, and fill out the application accurately.
Apply for a secured personal loan.
Secured personal loans require collateral for approval. This ensures that the lender can still recoup its money even if the borrower is unable to repay what they owe. This makes the approval decision easier for the lender.
Borrow from family/friends.
If you ask a family member or friend to borrow money, it’s possible you could get it pretty much instantly, since they won’t be performing a credit check or making you fill out an application. You should still take time to write down and sign a loan agreement, though.
Use a credit card.
If you have a credit card, you may be able to charge your expenses if they add up to less than the card’s credit limit. But credit card APRs are expensive, around 19% on average for new offers and around 15% for all existing accounts.
You could also withdraw cash against the card’s credit limit at an ATM, as long as you have a PIN. However, cash advances come with high fees and start accruing interest immediately, so they’re not ideal.
Use a HELOC.
It takes weeks to get approved for a home equity line of credit, so normally they’re not a quick way to get money. However, if you already have one open, you can use it to get a quick loan any time during its draw period. Keep in mind that a HELOC is secured by your house, so if you can’t pay, the lender can foreclose.
Things to Avoid When Trying to Get a Loan Quickly
There are a few things you should definitely avoid when trying to get a loan quickly. Don’t go to payday lenders, which lend a small amount of money until your next paycheck comes in. They charge sky-high fees (often a 400%+ APR). Auto title lenders are bad, too, as they charge high fees (up to a quarter of what you borrow) and use your car as collateral. Similarly, avoid pawnshops, as they charge up to 25% interest per month and can keep your items if you’re unable to buy the loan back.
A quick loan is a loan that offers both approval and funding within a few days of application, as fast as the same day in some cases. In contrast, many personal loans take 7 business days or more to get approved and funded.
Much like all loans aren’t quick, not all quick loans are the same. There are several main types – personal loans, payday loans, auto title loans and pawn shop loans. But personal loans are the only quick loans that are really worth considering because the other types are too expensive.… read full answer
TYPES OF QUICK LOANS:
Personal Loans: It’s possible to get some personal loans as soon as the same day you apply, but usually it takes up to a week. A personal loan is an unsecured loan (meaning there’s no collateral) that you can use for anything. They usually last for 12 to 84 months, offer amounts of $1,000 to $100,000, and have APRs of 6% to 36%. Major personal loans set their credit score minimums at 585 or higher, and you’ll need a score of 660+ to avoid an origination fee.
Payday Loans: You can get a payday loan the same day you apply. A payday loan offers a small amount (usually less than $1,000), which you pay back from your next paycheck in 2 - 4 weeks. You’ll also owe a fee that is equal to having a very expensive APR, often over 400%. Payday loans may not require a credit check.
Auto Title Loans: You can get an auto title loan the same day you apply. Auto title loans are secured by your car, so if you can’t pay them back, the lender will take ownership of your vehicle. They let you borrow 25% to 50% of your car’s worth for 15 to 30 days, in return for finance charges totaling up to a quarter of what you borrow. Auto title loans may not require a credit check.
Pawn Shop Loans: Pawn shops don’t require you to apply and will give you money for your valuable items the same day. You won’t get the item’s full worth, only 20% to 60%. But if you pay that amount back within a certain number of months, along with 2% to 25% interest per month, you’ll get your item back. If not, the shop will sell it.
Another way people get quick loans is by borrowing from friends and family. To get a loan from an individual, you will have to agree upon the terms of lending, such as the APR and payoff timeline. You might be able to get money faster than by submitting an application with a traditional lender. But you should still take time to draw up an agreement and sign it.
Moving forward, you should also start building an emergency fund by setting aside some money each month. That way, you can give yourself a quick loan the next time unforeseen expenses come up.
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