Prosper Personal Loan Review 2022 | Get $40,000 Personal Loan

Prosper personal Loan website with loan amount button

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Prosper loans are for those who have a fair credit score like 640 and who want a small amount of loan like $2000.

Prosper is not a bank auto credit union pier to pier landing platform that can lend you money. Prosper allows borrowers to apply for many types of loans at fixed rates and fixed terms. 

Many investors backing up to a spur such as Sequoia capital Francisco partners and industrial venture partners. 

Prosper was founded in 2005 and since then they are lending money to thousands of people.

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Pros

  •  Loan amount starting from $2,000 to $40,000
  • Prosper loan doesn’t ask you for any minimum income requirement.
  • Prosper doesn’t penalize you for prepayment{alertSuccess}

Cons 
  • Prosper can charge you high-interest rate than others.
  • You will get the limited loan repayment terms
  • Prosper can charge you an origination fee and late fees. {alertError}

What is the APR of Prosper loan? 

The APR (Annual Percentage Rate) for Prosper’s personal loan is in the range of 7.95% to 39.99%. It always depends upon your creditworthiness which determines how much APR you will get on applying for a personal loan.

What Is the Minimum Score Requirement of Prosper Loan 

To get approved for Prosper personal loan you will need a credit score of a minimum 640. But remember on this type of credit score you will get a high APR as high as 39% based on your credit history and creditworthiness. If your credit score is excellent like above 700+ then you will get a big amount of personal loan with very low APR as low as 8%.

What Is the Loan Amount Prosper Loan Is Offering?

The loan amount Prosper personal loan is given to you is between the range of $2,000 to $40,000, which may be sufficient if you are borrowing a few thousand dollars for your car repair or medical bill or any other emergency need. 

What Is the Duration of the Loan Payback Period?

The maximum duration of the loan payback period is up to 3 to 5 years. Prosper says that borrowers can borrow money for up to 3-5 years with fixed monthly payments. 

How Long Does It Take to Get a Prosper Loan?

On Prosper’s website, they have stated that after the completion of all verification steps and final approval they send the fund to your bank account within a business day. It also depends upon your bank’s ability to quickly process the loan amount transaction. 

What Are the Prosper Loan Requirements & How to Qualify?

  1. You will need a credit score of 640 
  2. minimum credit history of 2 years 
  3. there is no minimum requirement of income maximum debt to income ratio is 50% required 
  4. there should be no bankruptcy filed within the last year 
  5. At least three open trades reported on the credit report
  6. You must be 18 years old 
  7. you must have social security number and for us bank account

Documents needed for Prosper personal loan

As per the Prosper website, You will need 
  • Identifying Documents for verifying name, address, and date of birth of borrower. They can also ask for Driving Licence and other verifying documents. 

Example of the loan 

A three-year $10,000 personal loan would have an interest rate of 11.74% and a 5.00% origination fee for an annual percentage rate (APR) of 15.34% APR. You would receive $9,500 and make 36 scheduled monthly payments of $330.90. 

A five-year $10,000 personal loan would have an interest rate of 11.99% and a 5.00% origination fee with a 14.27% APR. You would receive $9,500 and make 60 scheduled monthly payments of $222.39.

Fees and Charges

Origination fees vary between 2.41%-5%. Personal loan APRs through Prosper range from 7.95% to 35.99%, with the lowest rates for the most creditworthy borrowers. The rate offered is based on Prosper Rating and other factors, and your actual rate may differ.

How To Apply For Prosper Personal Loan 

Here is the full guide of how you can apply for a personal loan on Prospers Website. First, go to www.prosper.com then Click on Products after that click on Personal Loans,

prosper loan website with kids playing on and arrow showing to click on products option

Then you will be taken to this page as shown below. Just enter the personal loan amount you want like $2,000 and click on Check your rate, 

prosper personal loan amount choose page

Now Select the reason behind you are taking this personal loan like debt consolidation, car repair, or other options. 

Prosper personal loan reason choose page

Now on this page, you have the option of adding another person to your loan-taking process. But remember that another person will also be responsible for your loan so think wisely. 

prosper personal loan information page

Then just add your personal information here and send the application for the pre-approval process.

personal information fill page

 After that you will get a call from Prosper to confirm your loan and after you confirm it. Your Prosper personal loan application will be final approved. 

Prosper loan Customer Reviews 

Here are some of the reviews by Prosper loan consumers. There are more than 7000+ reviews of the prosper loans. These reviews are from the website Trustpilot. Which is very well known for reviews of the different companies. 

Its reviews are considered as best reviews in the online loan market. 

So you can trust their reviews and see what customers are saying about these loans and how they are experiencing while taking and paying the loan back.

I was pleasantly surprised by Prosper’s speed and professionalism. I had a prior business relationship with Prosper, and they made it a four-business-day process from application to money in the bank. They kept me informed of my application throughout the process, and I could not have asked for any more. Thank YouJoseph James

First of ALL, I really want to thank the PROSPER TEAM for making me reach my gold, words are not enough to thank everyone. This was unbelievable, Now I am smiling, I am going to pay for these BULL credit cards. and the money was Godsend because it came when I have to pay for my wife’s surgery. Once again Thanks to PROSPER TEAM. – V. Austin

Being an already established customer the process was easy and no pain to submit. I would recommend to anyone – I have never had any issues and making extra payments is sooo easy . I have had numerous approved loans. Absolutely am a fan of Prospect. Thank you for everything.Vienna vogt

The app it’s self, is easy to utilize. Most and foremost I love that my credit score was July and take it into account because it gave me the opportunity to show that I am a good borrower. Additionally, interest rate and time frame to receive a response were made by scoring what it is. – W king

I got approved for $10,000 with a credit score of 636. I had an old repossession from 2015 and 2 collections and a 30 day late which was over two years old. It’s high interest (29.99%) but it’s lower than my other outstanding debts because my credit used to be around 550 and I only qualify for very high-interest loans. I recommend it for people who can’t obtain credit elsewhere but have at least a 630 Transunion.

Frequently Asked Questions

What credit score is needed for a Prosper loan?

To get approved for Prosper’s personal loan you will need a credit score of a minimum 640. But remember on this type of credit score you will get a high APR as high as 39% based on your credit history and creditworthiness. If your credit score is excellent like above 700+ then you will get a big amount of personal loan with very low APR as low as 8%.

Is prosper personal loan legit?

Yes, it is legit. As this company is A+ by BBB and was established in 2005 since then they are providing loans to thousands of people. So yes, Prosper’s personal loans are legit.

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