Prosper is an online lending marketplace that offers personal loans, home equity loans, credit cards and more. Here are a few key things to know about Prosper:
2.4/5 average rating among users on WalletHub
A+ BBB rating
3.6/5 personal loan rating from WalletHub editors
Operates in all states (and Washington D.C.), except Iowa, North Dakota and West Virginia
APRs of 8.99% - 35.99% on personal loans
Keep reading to learn more about Prosper. You can also find more information in WalletHub’s full review of Prosper personal loans as well as the Prosper reviews from users below.... show more
Compare Personal Loan Rates from WalletHub Partners
Prosper will lend anywhere from $2,000 - $50,000, to be repaid over a period of 24 or 36 or 48 or 60 months. Plus, it’s not especially difficult to get a personal loan from Prosper. The minimum credit score required is 640, which is right at the start of their fair credit range and below the average American’s credit score. Prosper’s score requirement is also 20 points lower than what many other major lenders ask for.
Loans from Prosper, a WalletHub partner, have a relatively low minimum APR at 8.99%. But Prosper’s maximum APR is 35.99%, which is fairly high. So Prosper is more suited for people with excellent credit, who will be able to secure rates on the low end of the spectrum. At the same time, people with excellent credit can also find deals that are a bit better elsewhere. Prosper charges an origination fee of 1% - 9.99% of the loan amount. There are other lenders that offer both lower APRs and no origination fees.
Prosper Review Highlights:
Prosper interest rates: 8.99% - 35.99%
Origination fee: 1% - 9.99%
Loan sizes: $2,000 - $50,000
Loan lengths: 24 or 36 or 48 or 60 months
Late fee: 5% (min $15)
Prosper credit score requirement: 640
Other approval requirements: Applicants should be 18+ years old and a U.S. citizen or permanent resident. They should also have a Social Security number.
Pre-qualification: You can pre-qualify for a personal loan with Prosper.
Co-applicants: Allowed
Trustworthiness: Prosper has an A+ rating from the Better Business Bureau and an average user rating of 2.4/5 on WalletHub.
Prosper offers average terms but can’t compete with the best offers on the market. Below, you can see how WalletHub rates these loans in our three major categories: Terms, Requirements & Application, and Reviews & Transparency.
Prosper Ratings by Category:
Category
Editor’s Rating
Terms
3.3/5
Requirements & Application
4.3/5
Reviews & Transparency
4/5
Overall Score
11.6/15
These scores reflect how close a loan offer is to WalletHub’s definition of a 5-star loan. For more information, please read WalletHub’s full methodology.
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Prosper
Larry C Sr @lsgolfdaddy
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5 Star Rating
Verified Customer
Very satisfied with their service and approval process.
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Product: Prosper Personal Loans
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Prosper
eminasaletovic @eminasaletovic
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1 Star Rating
I got approved for 1300 i used 300 for something i had card for about maybe 4 months and like a few weeks ago my credit was decreased to a 500 credit limit with no previous notice if I could give them 0 star I will I’m so 😡
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Product: Prosper Credit Cards
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Prosper
Barry Massey @rokbarry
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1 Star Rating
Ended up canceling the card today. They reported my card as lost, or they suspected fraudulent activity—the agent couldn't decide which—so they issued another card without telling me. Didn't find out until I tried to use it and it was declined. Instead of getting a text to ask if I had made the purchase, they just shut it off. They gave me a temporary digital card number, but it didn't work either. So, they had to submit a ticket. As a result, I just canceled it. Poor service.
Prosper helped me get my finances in order. The interest rate was a bit higher than I wanted, but my credit rating was not their fault. My second loan's interest rate with them was much lower. I would not hesitate to use Prosper again.
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Product: Prosper Personal Loans
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Prosper
John Murphy @murphyj554
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5 Star Rating
Verified Customer
Good service
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Product: Prosper Credit Cards
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Prosper
degrawchuck @degrawchuck
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1 Star Rating
One of the worst ideas I ever had. Applied with a great credit score, was pre-approved, then it went south. Linked my bank account, then was told my application was on hold for 90 days. Money was then taken from my bank account. I'm currently filing a lawsuit.
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Product: Prosper Personal Loans
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spotlightsarasota @spotlightsarasota
I am literally dealing with that right now… I am going to effing handle it to my credit score actually decreased by like 50 points. I was looking at other opportunities. I declined other offers. I mean it’s just so egregious and completely illegal so I’m definitely gonna dive into that later and expose it on a larger scale than obviously it has been. I’ve already reached out to this CEO and a few others with that intent.
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Prosper
Sean Fo @seannbrady4277
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1 Star Rating
I thought I was making a good decision to accept this card. They initially gave me a $1,800 credit line. I used it sparingly throughout the year and always paid on time. I went to use it last year for school clothes for my children but checked the app before buying; my limit had dropped from $1,800 to $500. I didn't use the card that day. Then, three months later, it went up randomly to $1,600. This month, I used it to pay a bill, and then I received a notice that my limit had once again dropped, this time to $600. They can do whatever they want, even if you're a customer with outstanding credit and usage. Luckily, I didn't use the card enough to make me go over the limit when they decided to randomly decrease my limit. If I could close this account, I would today. Unfortunately, I need to pay my balance of $380 first, and then I'm done with their business and nonsensical tactics. My credit history is excellent, with payments always on time and 33% usage on all cards. They have no reason to just randomly take away what they offered.
You can cancel that card now just keep making your payments until it payed off. I'm doing that with a card now. I had a $2500 limit on it with $142 balance they knocked it down to $500 for no apparent reason.
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eminasaletovic @eminasaletovic
@wojofam7431 you right I got approved for$1300 in few weeks ago they decreased my credit limit to $500 for no reason
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Prosper
chrisscottpacetti @chrisscottpacetti
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1 Star Rating
I just closed my account today out of sheer frustration. I'd say about one-third of transactions were declined without reason. My card was also frozen approximately every two to three transactions out of ten. Today I tried to buy a gift card for my secretary from a major retailer, and it was declined. When I tried to process the transaction again, the card was frozen. This happens about once a month with Prosper. It is a horribly unreliable credit card.
I, too, am like everyone else here. STAY AWAY! This card will just give you future heartache when you least expect it. Their fraud department is just that, a fraud. They don't investigate anything and place the blame on you for being scammed.
I opened the account and couldn't use it, so a couple of months later I canceled it. Worst credit card ever
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Product: Prosper Credit Cards
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Prosper
dyanna_archer @dyanna_archer
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1 Star Rating
I do not recommend this card to anyone. Imagine being on your vacation and receiving a letter that took them thirty days to write, stating your credit limit was adjusted from eighteen hundred to five hundred. Can you imagine that? You've never been late on a payment. You've only charged ninety dollars the entire time you've had the card. What is their deal? Their deal is out of my wallet. In fact, it's one step better; every card related to them is getting out of my wallet. Destiny, Avant, and anyone else who wants to play the same game are out.
Look at the reviews. They all say the same thing: "lowered my credit limit," "never late on a payment," just junk. Nothing you can rely on. You had that previously. Why would you want it now?
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Product: Prosper Credit Cards
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Prosper
Stacie SS @SStacie
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1 Star Rating
Getting the loan went as expected. Then the government shut down and I stopped receiving paychecks. Prosper worked with me for the first month. I called back the second month and the agent could not verify my identity. They asked me to email them a copy of my driver's license and social security card. I requested a secure method to submit my documents. They said they only have email. I refused to send my identification documents via unsecured email to a company that recently had a data breach. Now I can't even turn off autopay until the federal government begins paying me again. I had to request a stop payment through my bank. Any company that deals with identification documents should have a secure way for customers to submit those documents.
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Product: Prosper Personal Loans
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Prosper
Richard Britt @brittrichard46
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5 Star Rating
Verified Customer
Great, but a little slow on credit line increases even with an excellent credit score!
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Product: Prosper Credit Cards
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Prosper
Victor Buda @victorvalentinb
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1 Star Rating
I was looking for a loan with Prosper; they were advertising that only a soft credit check would be done, only to find out they did a hard inquiry and later told me I'm not eligible. Be very careful with this company/collection agency; they are saying one thing and doing another. Later, I found out that all the information I gave them was being shared with other companies without my consent. I called them and requested that my information not be shared with anyone and for it to be deleted from their server. The customer service representative told me to send an email requesting for my information to be deleted. This company is deceiving people into applying by telling them their credit won't be affected and then sharing their information with other companies without their consent. Do yourself a favor and stay away from deceiving Prosper.
Get answers to your questions about Prosper below. Editorial and user-generated content is not provided, reviewed or endorsed by any company. Please keep in mind that it is not a financial institution’s responsibility to ensure all posts and questions are answered. In addition, WalletHub independently collected information for some of the cards on this page. Ad Disclosure
Is not hard to get approved for a personal loan from Prosper if you have a minimum credit score of 640, enough income to afford the loan, and a valid bank account. Even if you meet all the requirements, approval by Prosper is never guaranteed.
It is easy to get a personal loan from Prosper because you only need a credit score of 640 or higher to qualify. You will also have to meet other common requirements to get a loan from Prosper like being at least 18 years old, having a bank account, and having enough income to afford the loan.
Yes, the Prosper® Card does have pre-approval. Prosper requires applicants to check for pre-approval before they can apply, so you will have a good idea of your approval odds if you choose to apply. Getting pre-approved for a Prosper® Card means that your chances of being approved for an account are very high if you apply, but it does not mean that approval is guaranteed.
Keep in mind that Prosper® Card pre-approval does not affect your credit...
Prosper's requirements include being at least 18 years old, having enough income or assets to make the monthly payments and having a Social Security number. You will also need to have a verifiable bank account to qualify for a Prosper personal loan.
Prosper is a legit company because it has an A+ rating from the Better Business Bureau, and it has been BBB-accredited since 2012. Also, Prosper personal loans received a 3.6/5 rating from WalletHub's editors because they have competitive interest rates and no prepayment fees.
Why Prosper Is Legit
Prosper has a Better Business Bureau rating of A+.
Prosper has two debt consolidation options: personal loans and home equity lines of credit. Both options allow you to borrow money for any purpose, including paying off old debts, but there are some key differences that make each option appealing to different types of borrowers.
Using a Prosper personal loan for debt consolidation allows you to combine up to $40,000 in debts (after factoring in the origination fee). The loan is not secured by...
To talk to Prosper® Card customer service, call (800) 903-4697 and then enter you 16-digit card number and press the pound key (#). This process will get you in contact with a live representative who should be able to answer your questions or direct you to the appropriate department.
How to Talk to Prosper® Card Customer Service by Phone
Call the Prosper® Card customer service department. You can even use the number on the back of your...
The Prosper® Card credit limit is $500 or more. Everyone who gets approved for Prosper® Card is guaranteed a credit limit of at least $500, and the most creditworthy applicants could get much higher limits. The higher an applicant's credit score and income are, the higher the starting credit limit is likely to be.
The Prosper® Card credit limit that you receive upon approval isn't necessarily permanent. You can ask to get a credit limit increase by calling the Prosper customer service number on...
Prosper offers medical loans through its “Healthcare Lending” division, which works with doctors to provide loans to their patients. But patients can't apply for one of those loans unless their doctor is part of the program. Prosper doesn't really give details on terms, and they only work with doctors in bariatric surgery centers, cosmetic dental offices, cosmetic and plastic surgery centers, and fertility clinics. However, there is a good alternative for people with all kinds...
You will know if Prosper approved you for a loan because you will receive an application decision via email. Prosper may approve you as early as one business day after you apply, or within 26 days, on average, depending on the type of loan. You can check your loan status online in the meantime.
You should receive the funds up to 11 days after approval, depending on the type of loan. Just keep in...
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