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
3.7/5 personal loan rating from WalletHub editors
Operates in all states (and Washington D.C.), except Iowa and West Virginia
APRs of 6.99% - 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 rage 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 6.99%. 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% - 5% of the loan amount. There are other lenders that offer both lower APRs and no origination fees.
Prosper Review Highlights:
Prosper interest rates: 6.99% - 35.99%
Origination fee: 1% - 5%
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, but you’ll have to create an account on their website first.
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
3.5/5
Requirements & Application
4.3/5
Reviews & Transparency
3.8/5
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
epkelly72 @epkelly72
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1 Star Rating
DO NOT USE THIS COMPANY- HORRIBLE AND THEY DONT CARE YOU. I HAVE GOOD CREDIT- Never any missed payments in my 13 active accounts on my credit report. Took an 8k loan from them in october 2022 Always paid ontime. My monthly payment was approx $250. In february 2023 i even sent them a $2000 payment because i had some extra money. They reported to credit agency that i missed a payment. My score dropped over 60 pts. I called and they said there was nothing they can do. I hope people see this and take my advise to NOT TAKE A LOAN FROM THIS COMPANY. I am in the process of buying a second home and then i find out about this. HORRIBLE COMPANY THAT DOES NOT VALUE THERE CLIENTS!!!!!!!!!! Not many people who take these loans will EVER send a 2K payment. I thought I would have been treated much better than this. DO NOT USE THIS COMPANY- I CAN NOT STRESS THIS ENOUGH TO THE PUBLIC- I WILL ALSO REPORT THIS TO THE BBB
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Product: Prosper Personal Loans
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Prosper
torenzo4410 @torenzo4410
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1 Star Rating
Can’t stress this enough. Do not use this company. Amazing how much a companies get away with the same stuff we see on the streets lol. Never been late on payments. Even paid lump sums. Still customer service treats those who pay on time terrible. They’ll only call when they need money. Sounds like a street gang right lol? Good luck with this company. As well the one star was not my choosing. No stars is prosper ;)
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Product: Prosper Personal Loans
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Prosper
Kyle @kylew7
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1 Star Rating
Verified Customer
Worst case scenario loan provider. They up charge their interest right away. The first 12 months of payments is typically just interest. I even have a decent rate at 5.5%. You won’t be paying any money down on the actual borrowed amount for awhile (and that still collects interest for later parts of the loan albeit lower than the first 12 months). I do NOT recommend prosper and their products UNLESS it is a worst case scenario. I had to pay for my child’s heart surgery so I went wherever.
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Product: Prosper Personal Loans
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Prosper
howard_2431 @howard_2431
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1 Star Rating
I have used Prosper a couple of times. They used to be a decent company. I paid off my loan the beginning of March. I over paid. They agree that I over paid by $296. I asked them to send me a check was told to expect it 5 to 10 business days. Here it is may 11 still no check.
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Product: Prosper Personal Loans
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Prosper
taylor_vignali @taylor_vignali
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1 Star Rating
Avoid this company. It's a scam. Their staff is rude and there verification department struggles with basic concepts. Worst experience I've ever had with a company of this nature. There's a reason they have 2.4/5 star reviews and it's because they are not a real company. They are scam artists.
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Product: Prosper Personal Loans
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Prosper
ksedwards1307 @ksedwards1307
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1 Star Rating
Just made my first payment, so I wanted to post this so others can be aware BEFORE getting into an agreement with this place. They charge a per diem fee for everyday you have a "balance" with them. So I pay $444 a month and only $80 dollars goes towards the actual balance. It's a complete scam! Please learn from my mistake, because I am sadly paying for it now.
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Product: Prosper Personal Loans
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Prosper
Chester Oliver @OllieTamale
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5 Star Rating
I got a $10k debt consolidation loan to pay off my credit cards. The process was quick, easy, almost effortless. There was no hard pull on my credit for the loan. I guess they somehow get what they need from Credit Karma.
Day 0 = Application (Monday) Day 3 = Approved (Thursday) Day 7 = Money in my Account (Monday)
Transunion Score = 650 Credit Card Debt = $10,000
I applied for $10,000- loan. They take $500- origination fee. Net proceeds = $9,500 Interest Rate = 15% Monthly Payment = $346.65
My cards are all paid off and cut in half so I don't do this again. Happy that with low balance on my credit cards my score will start going up. The interest rate on the loan is lower than the cards which were all 23% to 29%. And only one payment per month. Yes the origination fee is a bit high, but I am very happy with this deal. I recommend them to anyone with an average credit score.
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Product: Prosper Personal Loans
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Prosper
Danavndl @Danavndl
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1 Star Rating
Worst customer service I have ever encountered Applied for a loan thru them . Was Approved Put in all my Bank info. Then account got suspended and loan canceled. Why ? Because I left my browser open . Now I am suspended 90 days. Talk to customer service. They are worthless and of no help I don't know what leaving your browser open has to do with anything. They said it happens all the time ? ?? Really I must have missed that on my credit report as closing browser was important to your credit score. . Don't use this company unless you like poor service and questionable people I only gave them 1 star because I had to give them something on this site
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Product: Prosper Personal Loans
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Prosper
jaldurham92 @jaldurham92
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1 Star Rating
Verified Customer
WHATEVER YOU DO DO NOT USE THIS COMPANY! I have paid about $2000 toward my $4500 loan and its only 1% paid. This company will eat your money alive in interest fees. Im convinced I will never pay this loan off no matter how much I pay it. GET A CREDIT CARD! PERSONAL LOANS ARE A SCAM!!!
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 Prosper is never guaranteed, though, even if you meet all the requirements.
It is fairly easy to get a personal loan from Prosper because you'll need a fair credit score of just 640+ to qualify. Other requirements to get a loan from Prosper include being at least 18 years old, having a bank account and having enough income to afford the loan.
Requirements to Get a Loan from Prosper
Minimum credit score: 640+
Minimum income: Not disclosed
Age: 18+
Citizenship: U.S. citizen or permanent resident
Residency: All states
Identification: SSN
You should have a good chance of approval if you meet all the requirements, but it is never guaranteed. The exact APR that you receive will depend on factors like your credit score, debt and income, too.
Yes, the Prosper® Card does have pre-approval. Prosper actually 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.
Prosper® Card pre-approvals do not affect your credit score, as they're done using a soft “pull,” or inquiry. But if you decide to submit an application for the Prosper® Card, Prosper will conduct a hard inquiry, which will lead to a slight but temporary decrease in your credit score.
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 Requirements for Borrowers
Credit Score: 640
Income: Not disclosed
Age: 18+
Citizenship: U.S. citizen or permanent resident
Identification: Social Security number
Bank Account: Verifiable bank account
Residency: All states
Before you apply for any personal loan, it's a good idea to pre-qualify. While meeting all of the requirements gives you a good chance of approval, it's never guaranteed. To pre-qualify with multiple lenders at once, check out WalletHub's free pre-qualification tool.
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 legitimate is that the lender has an A+ rating with the Better Business Bureau and it is BBB accredited.
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.
