Does Prosper offer medical loans?

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.

You may be able to find places that advertise medical loans with no credit check, but none of them are very good options. They include payday loans, auto title loans, pawn shop loans and borrowing from friends or relatives.

Payday loans. These types of loans often have no credit check and let you borrow a small amount of money (usually $500 or less) against your next paycheck. But they are not big enough to serve as medical loans most of the time, and they charge huge fees that are often equal to a 400% APR.... read full answer

Auto title loans: Some lenders let you borrow a portion of the value of your car, using your car’s title as collateral, and may not do a credit check. But these loans are meant for short periods of time, usually 15-30 days, and they charge fees that can be as much as a quarter of the amount you take out.

Pawn shop loans: You can “pawn” an item for 20% - 60% of its value, then reclaim the pawned item by paying back the amount you got plus 2% - 25% in interest. If you don’t reclaim the item within a certain amount of time, the pawn shop can sell it.

Borrowing from family/friends: Your family and friends don’t have the power to do a hard pull of your credit, but can still lend you money. That means drawing up a binding contract yourself and figuring out how to pay the other person back.

There are online lenders that advertise loans with no credit check specifically for medical use. But many of these sites don’t openly disclose their rates and fees online, which is a big red flag. There are also lots of scams that masquerade as no credit check loans. Don’t even consider lenders that don’t have a secure website or that ask for any kind of payment up front.

Instead of getting a medical loan with no credit check, consider personal loan providers that work with people who have bad credit, such as LendingPoint and Avant. LendingPoint’s minimum credit score is 585, and Avant’s minimum score is reportedly 600.

It takes 7 business days or less to get a personal loan in most cases. The fastest you can get a personal loan is the same day you apply. The longest the process can take is over 30 business days. There are many factors that go into a personal loan decision and how long it takes to come. Two important ones are your creditworthiness and the accuracy of the information on your application.... read full answer

The better your credit history is, the more confident issuers will be in approving your personal loan application. Higher income may also speed up the approval process. The accuracy of the information you submit is important, too, because if you make a mistake on your application – entering the wrong address or SSN, for example – the issuer may not be able to verify your identity or creditworthiness right away. They will have to contact you to request additional info.

How long it takes to get approved for a personal loan and how long it takes to get the money are likely to be different timeframes. In most cases, it’s going to take at least one business day after approval for you to receive your funds. Some online lenders may be able to get you the money the same day.

Probably the most important factor in the personal loan timeline is where you’re getting the loan from. WalletHub reached out to some of the biggest lenders to see how long it takes to get approved for their personal loans and when funds are paid out.

How long it takes to get a personal loan by issuer:

If you want to get approved for a personal loan as quickly as possible, there are a few steps you can take in order to speed the process along.

Tips to Get a Personal Loan Faster:

1. Check your credit report for any errors and dispute them. Incorrect or fraudulent information can hold your score back and prevent you from being approved.
2. Only apply for loans with credit requirements that you meet or exceed. This will give you the fastest decision timeline, as it will be easier for the lender to determine you qualify.
3. Check for pre-qualification before applying. If you receive pre-qualification, you’re not guaranteed approval but your odds are very high.
4. Apply online for the fastest processing. Applying online immediately plugs your application in to the lender’s automated system – you might even get a decision instantly.
5. Make sure all the information on the application is accurate. If you accidentally put the wrong address, SSN, etc., the lender will have to hold up your application and contact you to clear it up.

In addition to issuers’ timelines for approval and funding, you should also include the preparation process in your time estimate. Before getting a personal loan, you should check your credit and compare offers from various lenders to find the best one available for your situation. You can check your credit for free in minutes. But you shouldn’t rush through your research. Take as much time as you need to come to a decision, keeping in mind the length of the loan, estimated monthly payments, APRs and more.

You’ll also want to take the time to check for pre-qualification if the lenders you’re interested in allow it. Pre-qualification will give you a better idea of your approval odds. While you won’t always be approved if you pre-qualify, your chances are extremely high. It only takes a few minutes to check for pre-qualification and it doesn’t hurt your credit, so be sure to take advantage of it.