A personal loan from Prosper is not hard to get approved for if you have a credit score of 640+, enough income to afford the loan, and a valid bank account. Approval by Prosperis never guaranteed, though, even if you meet all the requirements.
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.
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.
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.
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