Prosper

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 of medical bills, and it doesn't require doctor participation.

Prosper offers general personal loans that can be used for just about anything, including medical expenses. With a Prosper personal loan, you can borrow between $2,000 and $40,000 for either 36 or 60 months. Your APR will be somewhere between 6.95% and 35.99%. People with better credit and higher incomes will get lower rates, and you'll need at least a credit score of 640 to qualify at all.

Prosper charges an origination fee of 2.41% to 5%, but luckily it's just built into the APR range. So that range of 6.95% to 35.99% already includes those fees. Once you get your Prosper loan, you can use the funds to pay your medical expenses, then repay Prosper in equal monthly installments. You can also pay the loan off early if you'd like, with no penalty.

If you're interested in Prosper for healthcare lending, it's a good idea to pre-qualify first to estimate your approval odds and rates without affecting your credit. Keep in mind also that you'll need to be at least 18 years old and a U.S. citizen or permanent resident with an SSN to be eligible to apply. To learn more, check out WalletHub's full Prosper loan review.

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 any collateral, and you may be able to get funded in 6 to 9 business days.

Using a HELOC from Prosper to consolidate debt could enable you to borrow larger amounts, depending on how valuable your house is and how much you have left on the mortgage. But the loan is secured by your house and can take weeks to get.

Prosper Debt Consolidation Loan Options Compared

Aside from the collateral requirement, the biggest difference between the two types of Prosper debt consolidation options is how the money comes to you.

With a personal loan, you get all of the money upfront and must pay it back over 3 to 5 years.

With a HELOC, you have a certain credit limit that you're able to borrow up to at any time during the designated draw period. But you don't get any money until you actively choose to borrow.

You can borrow as many times as you want within Prosper's 10-year draw period, though, as long as you never exceed the credit limit. So after you're done consolidating your debt and paying that amount off, you could use your HELOC for other things like home improvements or medical bills.

Yes, Prosper personal loans are legit because Prosper is registered to do business in the states it services, which is a legal requirement to be a legitimate lender. Another reason why Prosper personal loans are legit is that the lender has a rating of A+ from the Better Business Bureau. The company also is accredited with the Bureau.

Why Prosper Personal Loans Are Legit

• Prosper is registered as a business in the states it services.
• Prosper has a Better Business Bureau rating of A+.
• Prosper has been around since 2005.
• Prosper has an average user rating of 2.6/5 on WalletHub.
• Prosper personal loans have a rating of 3.7/5 from WalletHub's editors.
• Prosper has a secure website, which you can tell by the fact that the URL has "https" in front of it.

While Prosper personal loans are legit, they may or not be the best choice for you. It's important to compare the terms and requirements of Prosper personal loans against your other options before submitting an application.