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 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, 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
3.3/5
Requirements & Application
4.3/5
Reviews & Transparency
3.8/5
Overall Score
11.4/15
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
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.
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Product: Prosper Personal Loans
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Prosper
aepilot @aepilot
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1 Star Rating
Invested with them and they do not screen their applicants well. Even people with an AA rating default. I have lost thousands because people keep defaulting on their loans. Not worth it. Invest in the stock market instead.
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Product: Prosper Investments
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Prosper
ekarnakar @ekarnakar
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1 Star Rating
I keep receiving "pre-approved" loan offers from Prosper, but every time I apply, the application is ultimately declined. This feels misleading because the mailers and emails create the impression that approval is likely, yet the outcome is consistently the opposite. It wastes time and creates unnecessary inquiries on my credit profile.
A lender should be more transparent and avoid advertising "pre-approval" if they do not intend to follow through. Customers deserve honesty and clarity when it comes to financial products.
I would not recommend Prosper to others based on this experience.
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Product: Prosper Personal Loans
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Prosper
kelly labree @kwesterling3
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1 Star Rating
I have one payment left, and they claim that I am late because I changed the due date. However, I was not informed that I had to pay extra in the same month they took a payment out. So don't change your due date unless you receive a notification. I have never been late on any of my payments with them for a $5,000 loan until now. I would not borrow from them again.
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Product: Prosper Personal Loans
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Prosper
Tony Chas @TonyfromCali
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1 Star Rating
This has been one of the worst experiences I've had with a company. They come across as dishonest, and the returns were shockingly poor—in some cases, even negative. On top of that, they offer no real support or advice on investments, which makes the whole experience even worse. Save yourself the trouble and stay far away from this company.
My experience with this company was extremely disappointing. The returns were far below expectations, at times even negative, and there was no useful guidance offered on loans. I found the lack of transparency and support very concerning. Based on my experience, I would not recommend this company to others.
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Product: Prosper Investments
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Prosper
Gunther Gonzalez @gunthericeman
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1 Star Rating
So don't send me applications. I had $9.4K and $6.4K with Citi credit cards, no annual fees, less interest, but you still send me pre-approvals that are a lie, up to $3K, higher interest, and annual fees. Take me out of your list and never send me publicity.
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Product: Prosper Credit Cards
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Prosper
peter pierce @peterpierce0531
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2 Star Rating
Verified Customer
I have had this card for nearly two years and I really liked it until I used most of my available credit. I found out that they decreased my credit limit from $1500 to $1300 even though I had a 100% on-time payment record, and they didn't even send an email to notify me that they lowered my limit. I only owe about $200 and I will be paying it off very soon and closing my account.
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Product: Prosper Credit Cards
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tools @tools
Lenders periodically check your credit rating, they lower available credit when they consider you a risk, due to bad credit. Closing your account will negatively impact your credit score because you'll be lowering your available credit. It's better to keep the card with the available credit, use it once every few months for a small purchase and pay off the balance asap. Will help build credit.
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Prosper
Jesse Valentin @Vjesse1125
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1 Star Rating
I was pre-approved by Prosper but chose not to accept at first. Over the next couple of weeks, I received repeated calls and emails from them. Eventually, I agreed to move forward with the pre-approval process.
As part of that process, Prosper required me to link my bank account. They pulled my two most recent bank statements, giving them full access to review my financial transactions and personal information. After going through my finances, the representative then asked if I had another bank account I would be willing to provide. This felt unnecessarily invasive and as though they were attempting to dig even deeper into my personal and financial life before providing me with a decision.
In the end, despite all of this, Prosper declined my application. To make matters worse, they also performed a hard credit pull, which negatively impacts my credit score, even though they ultimately did not approve me.
I feel this process was misleading, pushy, and invasive. Prosper should not pressure applicants with repeated calls and emails, require unnecessary access to sensitive financial information, and perform hard pulls if they are not going to approve the loan. I do not recommend this company.
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Product: Prosper Personal Loans
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israelrico50 @israelrico50
Soo don’t get a personal loan from them
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Prosper
Jason Roy @jasonr_121
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1 Star Rating
Verified Customer
Credit Card Shark Warning! This is the worst credit card I've had in 39 years. They don't even seem to be aware that they're running a bank when you call. They start you out with a decent limit and then systematically and continually reduce your limit until you end up at 100% utilization. The only answer they give is: that “it's in the fine print that you should have read…” i think that kind of practice is Despicable! They are a credit card shark!
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Product: Prosper Credit Cards
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Prosper
sticky_subnets_0q @sticky_subnets_0q
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1 Star Rating
The worst company. I applied for a loan and after receiving an immediate rejection, I wrote to complain. I thought my application was valid as I have fully repaid a loan with the company a few years ago. I paid every single monthly payment on time. I even repaid $3000 on a $7000 loan. Once I complained, without even issuing a response, they took measures to reduce my credit score. A few days after I respectfully complained, arguing that their algorithms were wrong to deny my application, my credit score decreased by 100 points. This was premeditated and unfair. I have a history of paying all my bills on time for years. Only because I have a high student loan, which I've paid on time for 20 years, they are able to deny my loans. This is acceptable, but why also add insult to injury and negatively impact my score? Terrible business practice and quite frankly, they are just taking advantage of people in less fortunate financial situations.
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Product: Prosper Personal Loans
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mechelle13_ks @mechelle13_ks
You need to talk to an attorney because that is illegal to mess with your credit score
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tools @tools
No way they impacted your credit score, they do not care that much about you lol. You obviously had some issues since they declined your loan, probably coincidence.
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Prosper
ralph baker @oshkosh4504
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1 Star Rating
Verified Customer
Got this card and they gave me a $1400 limit, great for about 1 year. After that, they lowered my limit to $900 because they said my score had lowered—ah, no it didn't. It was up 45 points since I received this card. When they lowered the limit, their actions lowered my score by 50 points. Now, they've lowered my limit again to $700, and my score dropped by another 45 points, even though my score had returned to where it was a year earlier. Yet, they still lowered it. The letter they sent me says that they are looking out for my financial future, but the only time my credit score drops by 45-50 points is when they lower my limit. That's not what I would call looking out for my financial future when they're the ones that are damaging it. I'm paying this card off and telling them what I think of their card and their customer service. Not that they'll care. Stay away from this card.
Horrible company. I paid my credit card in full each month for a year, never got a credit limit increase, and they decreased my spending limit for no reason at all. I'm canceling this card; it's a complete scam.
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.
Prosper® Card pre-approval does not affect your credit score, as it's done...
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...
The starting credit limit for the Prosper® Card is at least $500. Everyone who gets approved for this card is guaranteed this limit. However, depending on your credit standing, you could get a much higher credit limit. The higher an applicant's credit score and income are, the higher the starting credit limit is likely to be.
Keep in mind that you can ask to get a credit limit increase by calling the Prosper customer service at the...
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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