Not in partnership with Financer.com. 
(Edited)
UpsidesThe overall process was easy and quick
DownsidesNot the lowest rate or fees
Review of Prosper
Apply for loans between $2,000 and $4,000.
Repayment terms of up to 5 years.
APRs range from 7.95% – 35.99%
They have facilitated over 17 billion in loans.
Summary
What Is Prosper?
Prosper is an online loan servicing company that connects lenders and borrowers together and facilitates the process.
Launched in 2005, Prosper was the first of its kind as a peer-to-peer lending marketplace. They have facilitated over 17 billion in loans in the U.S.
Today, peer-to-peer lending is becoming more popular than applying for a loan at your local bank. Prosper is the perfect example of this, offering low rates because it isn’t an actual bank.
Prosper’s motto is to “Make Loans Simple” by offering low-interest rates, fixed terms for three or five years, a single monthly payment, no hidden fees, and no prepayment penalties.
Products Offered
Prosper offers the following:
- Personal loans
- Home equity lines of credit
Personal Loans
Personal loans from Prosper range from $2,000 to $40,000 and borrowers can apply online with a quick application process.
HELOCs
Prosper also offers home equity lines of credit with rates starting at 7.95% APR. Pre-qualification takes only a few minutes and won’t affect your credit score.
Prosper offers access to a home equity line of credit for borrowers in Alabama, Arizona, Colorado, Florida, New Mexico, and Texas.
How Prosper Works
Prosper provides unsecured loans to individuals with reasonable to good credit.
Borrowers can apply for a loan through Prosper’s online portal between the value of $2,000 and $40,000 at a fixed term and rate. Investors can invest in the same way their excess money to make a return.
Loan applications get rated through the company risk-rated system. It rates you on over 100 data including your FICO credit history.
Once those ratings are displayed to lenders who can decide if they want to accept funding your Prosper loan.
If they do not accept a total of 70% within 14 days your application is rejected. Loans are offered with fixed rates and fixed periods between 3 and 5 years.
Loan Requirements
Here are the requirements to qualify for a Prosper loan:
- Must be at least 18 years old
- Have a Social Security number
- Have an active bank account
- A minimum credit score of 640
- A maximum debt-to-income ratio of 50%
- At least three open accounts on your credit report
- No bankruptcies in the past year
Rates & Fees
APRs range from 7.95% – 35.99% and are calculated heavily depending on your credit history.
Example: A $15,000 loan with a five-year repayment and 17.4% APR would cost you $376 per month in payments and you’ll pay a total of $7,560 in interest.
Payment Terms
Borrowers can choose between a three- or five-year repayment plan. You can’t choose a shorter term to reduce interest, or a longer term to reduce payments.
How to Apply for a Prosper Loan
Step 1
Visit Prosper’s Website
Visit Prosper online and start your application. Choose the amount you need, and what you need it for.
Step 2
Submit Your Details
Submit your personal details, such as your contact information, employment information, and Social Security number.
Step 3
Review Your Rates
After reviewing the rate you could qualify for, you can accept the offer and register as a borrower.
Step 4
Wait for Approval
After submitting your loan request, investors will review and decide if they want to fund. Investors have up to 14 days to fund your loan.
Step 5
Receive Funds
After your loan is approved, it can take up to three business days to have the funds deposited into your account.
Our Prosper Review
You can change your payment date
Offers a wide range of loan amounts
Offers joint loans
Pros
No discounted rate for AutoPay
Charges late fees and origination fees
Only two repayment term options available
Cons
Reputation
Prosper is known to be a reliable online peer-to-peer lending marketplace. Many of their customers use them more than once.
Many customers from building their credit receive lower APRs the next time they apply for a loan.
Their no prepayment penalties are enticing for those that need funds but have a reliable source of income and are able to pay the loan back faster.
One thing to consider when signing up to apply for a loan is the application will not be accepted overnight.
Because it is a peer to peer lending you may have to wait up to 14 days to get confirmation and your funds. However, funds are usually distributed within five days.
There are mixed Prosper reviews with the time frame it takes those investing in Prosper to receive their investment money back into their personal accounts.
However we have not found there to be an issue in receiving funds back, just the time frame it took to receive them.
Be sure to read the fine print about the loan you are lending to and what returns you are expected to receive.
Prosper.com Website and Functionality
Based on our experience and the customer feedback we have received the Prosper website is easy to navigate and full of clear information.
They have a login for lending and for borrowing. Their APR information is on their main page and they offer a clear overview of hour lending and borrowing works.
Their login site is easy to navigate and clear to comprehend. You do need to read the fine print when it comes to fees etc but it is all on their site to go over and evaluate if it is the right lender for you.
Prosper Customer Service
Our experience with Prosper has been positive. They respond to emails in a timely manner. Their site doesn’t offer live chat but they do have a contact phone number and you will get put through to a real person 1-(866) 615-6319.
Does Financer.com Recommend Prosper.com
Yes, Financer.com has had a good experience with Prosper for personal loans. It is a straightforward company that should be considered when you are looking for the right loan.
It has fair APRs especially for those with higher credit scores. Their no penalty early payment is a bonus.
We will say when comparing Prosper to other lenders it is important to ensure you are taking all fees into consideration.
Always read other Prosper loan reviews when comparing lenders.
As Prosper does have late payment penalty fees and origination fees. However, they are still reasonably priced and easy to deal with as an online lender.
