Prosper

Prosper was founded in 2005 as the first peer-to-peer lending marketplace in the United States. The company has facilitated over $23 billion in loans to more than 1,400,000 people.

Prosper is a loan marketplace that matches borrowers with individuals and institutional investors.

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Program Variety

Prosper's personal loans are available from $2,000 to $50,000, depending on the client's creditworthiness. Personal loan repayment terms are typically from two to five years.

Products Available

Prosper's marketplace allows borrowers to take out loans for nearly any purpose:

  • Debt consolidation loans
  • Personal loans
  • Home improvement loans
  • Medical loans
  • Dental loans
  • Special purpose loans
  • Home equity loans
  • Home equity lines of credit (HELOC)
  • Business loans

Prosper's marketplace also offers a credit card.

Program Costs

Prosper charges a number of fees for facilitating personal loans through its platform.

APRs on personal loans offered through Prosper range from 6.99% to 35.99%. Loan origination fees vary from 1% to 7.99% of the full loan amount. Like most lenders, there are late fees (the greater of 5.00% of the unpaid installment amount, of $15, at 15 days past due) and failed payment fees ($15).

Industry Reputation

Prosper is somewhat of a pioneer in the financial technology (fintech) industry, having been founded nearly 2 decades ago. The company has generally positive feedback from employees, who rate it 3.4/5 on Glassdoor.

Benefits

  • Pre-qualify with a soft credit check that doesn't affect your credit score
  • No prepayment penalty, and next-day funding is possible
  • You can add a co-applicant to your loan application
  • Borrowers will generally need a fair credit rating of 600 or more to qualify for a loan
  • Prosper gives individuals the ability to invest and generate returns through peer-to-peer lending

Complaints

Prosper has been accredited by the Better Business Bureau (BBB) since 2012 and has an A+ rating. Their BBB profile shows 141 reviews with 1.04/5 stars.

On Trustpilot they have over 12,300 reviews and a 4.6/5 rating. Prosper's page on WalletHub shows a 2.4/5 rating from 260+ reviews.

State Coverage

Personal loans through Prosper are available to borrowers in all U.S. states except Iowa and West Virginia.

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