Pros Explained

• Low minimum credit score requirement: Some lenders require that borrowers have good credit to 澳洲幸运5官方开奖结果体彩网:qualify for a personal loan. By contrast, if your credit score is at least 600, which is considered a fair credit score, you might qualify for a personal loan with Prosper—provided you meet other eligibility requirements.
• Quick funding available: Once you qualify, accept a loan offer, and receive final approval, funds may be deposited into your bank account as soon as the next business day.
• Competitive starting APR: If you have a strong credit history and meet other eligibility, you could qualify for the lower end of Prosper’s APR range, which is lower than many lenders.

Cons Explained

• Limited repayment terms available: Prosper only offers repayment terms between two and five years. If you prefer a longer repayment period, you’ll have to choose another lender.
• Charges fees: Prosper charges an 澳洲幸运5官方开奖结果体彩网:origination fee ranging from 1% to 9.99% of your total loan amount for processing your loan. This amount is deducted from your loan proceeds. In addition, if you make a late payment, you’ll be charged $15 or 5% of the loan amount, whichever is greater.
• High maximum APR: Although you might qualify for a Prosper personal loan with a fair credit score, you could end up paying an APR as high as 35.99%.

Types of Personal Loans Offered by Prosper

Prosper offers a variety of personal loans that can b🎃e used 🔯for almost any purpose, including:

• Debt consolidation
• Home improvement
• Medical expenses

However, loan funds cannot be u🥂sed to pay for post-secondary education.

Debt Consolidation a Popular Reason for a Loan

According to 澳洲幸运5官方开奖结果体彩网:Investopedia’s 2023 Pe🍰rsonal Loan Bওorrower survey, debt consolidation♈ isꦗ the most common reason cited for getting a personal loan. Paying for home improvements and large purchases were the next two most common reasons.

Time to Receive Funds

Prosper indicates that the loan review and approval process can take five business days. After receiving 🅰final approval, you may receive your funds in one to three business days.

Borrower Requirements

• Must be 18 years of age and live in a state where Prosper offers loans
• Must have a Social Security number
• Minimum credit score: 600 (or lower if you have a creditworthy co-borrower)

Prosper Personal Loan Features

Pre-Qualification Option

When you pre-qualify, Prosper gives you an estimate of your rates and terms by performing a soft credit inquiry, which has zero impact on your credit score. This can be useful if you are 澳洲幸运5官方开奖结果体彩网:comparing loan options with different lenders to fin👍d🐻 the best rates and terms.

Adjustable Monthly Due Date

You can change your monthly payment due date once per year if your account is in good standing by logging into your Prosper account or calling customer service. This ಞcould help you avoid making a late payment.

No Prepayment Penalty

If you choosꦦe to repay your Prosper personal loan early, you can save money on interest🐼 without incurring a prepayment penalty.

Co-Signers and Co-Applicants

Prosper allowsꦑ you to apply for a personal loan with a co-borrower. Applying with a co-borrower who has strong credit could help you qualify for a personal loan at a lowe𓆉r interest rate.

A 澳洲幸运5官方开奖结果体彩网:co-borrower is different from a co-signer. A c꧟o-signer is someone who agrees to repay a loan if you default. By contrast, a co-borrower is someone who is equally responsible for repayin꧙g the loan and shares access to the loan proceeds.

Can You Refinance a Personal Loan With Prosper?

Prosper doesn’t offer personal loan꧂꧑ refinancing. However, you’re allowed to take out more than one personal loan with Prosper, provided that you meet these requirements:

• The total amount you borrow doesn’t exceed $50,000
• Your existing loan is current
• You’ve made six on-time payments

Customer Service

Prosper’s borrowers' service department is available by phone Monday through Saturday, or you can reach out via email.

Customer Satisfaction

Prosper received an cnjem.combi𝔉ned Consumer Review rating of 4.6 (out of 5 possible). This rating is an aggregate of consumer review ratings and the number of reviews on two consumer review websites: Trꦏustpilot and the Better Business Bureau.

It has an excellent 4.6 out of 5 star rating on Trustpilot based on more than 12,700 reviews. Several reviewers praise Prosper’s customer service, less stringent requirements, and streamlined lending process. However, negative reviews mention challenges with the approval process and high APRs. Reviewers on the Better Business Bureau are less impressed, giving Proper an average rating of 1.04 (out of 5) from 164 reviews.

How to Qualify For and Apply For 🦩a Prosper Personal Loan

To qualify for a Prosper loan, you’ll need to meet ce🅺rtain eligibility requirements. You’ll also need to pre-qualify before submitting your full loan application online.

After complet💝ing the pre-qualification process, follow these steps to apply online:

1. Complete the online loan application: To complete your loan application, you’ll need to share your personal and financial information, such as your Social Security number, loan purpose, and loan amount.
2. Wait for Prosper to review your loan application: If supporting documents, such as pay stubs, tax returns, or bank statements, are needed, a Prosper representative will contact you.
3. Review loan terms: If you’re approved, review your loan terms and sign your loan agreement.
4. Receive your funds: Funds are typically disbursed via direct deposit within one to three business days.

Other Ba🌠nking Services and Loans Offered by Prospe𒀰r

I♓n addition to pe🦄rsonal loans, Prosper also offers:

• Home equity loans
• Home equity lines of credit
• Credit cards

⛎ Compare Prosper With Other Personal Loan Lenders

The Bottom Line

Prosper is a peer-to-peer lending platform that offers personal loans to borrowers. To qualify, you need a credit score of 600 or above. Prosper's flexible requirements make its personal loans more accessible to borrowers with less-than-stellar credit histories or minimal income. 

However, Prosper might not be the bওest option for everyone. It charges origination fees and late fees that can increase your borrowing costs. If you choose a lender that doesn’t charge these fees, you could potentially save money.

Also, since Prosper relies on investors to fund your loan, there’s no guarantee you’ll receive fu🐭nds quickly. Some other lenders offer same-day disbursement of l🤪oan funds after approval. If you need funds quickly, Prosper may not be your best option.

How to Apply For a Personal Loan Online

When applying for an 澳洲幸运5官方开奖结果体彩网:online personal loan, first see if there is a pre-qualification option. This allows you to see the rates and terms you should qualify for without impacting your credit. Once you’re ready to apply officially, have your identification and financial documents ready ♑to upload, and follow the application instructions carefully.

What Credit Score Do Yoꦦu Ne♛ed for a Prosper Personal Loan?

Prosper personal loans generally require a credit score of 600 or above. H📖owever, if you have a score below that, 🃏you can apply with a co-borrower. 

Are Prosper Loans Legitimate?

Prosper has been around for close to two decades and is one of the first and best-known peer-to-peer lenders. It has strong customer reviews from Trustpilot and an A rating with the Better Business Bureau.

How Long Does It Take to Get Approved By Prosp🀅er?🐠

Prosper approval can take up to five d൩ays. Timing varies depending on if addition🍌al documentation is needed during the application process. 

Companies We Reviewed

Below are the lenders we researched to determine the best personal loan lenders, along with ✱li🍌nks to individual company reviews to help you learn more before making a decision:

Achieve, Affinity Federal Credit Union, 澳洲幸运5官方开奖结果体彩网:Alliant Credit Union, 澳洲幸运5官方开奖结果体彩网:American Express, Avant, Axos, Best Egg, FourLeaf Federal Credit Union, BHG Financial, Blaze Credit Union, Blue Federal Credit Union, Boeing Employees' Credit Union, Citibank, Connexus Credit Union, Discover, ENT Credit Union, Fig Loans, 澳洲幸运5官方开奖结果体彩网:First Tech Federal Credit Union, Greenstate Credit Union, Happy Money, 澳洲幸运5官方开奖结果体彩网:Lake Michigan Credit Union, Laurel Road, 澳洲幸运5官方开奖结果体彩网:LendingClub, LendingPoint, LendingUSA, Liberty Federal Credit Union, 澳洲幸运5官方开奖结果体彩网:LightStream, Mariner, Money Key, Mountain America Credit Union, 澳洲幸运5官方开奖结果体彩网:NASA Federal Credit Union, 澳洲幸运5官方开奖结果体彩网:Navy Federal Credit Union, Netcredit, Old National Bank, OneMain, OppLoans, 澳洲幸运5官方开奖结果体彩网:Patelco Credit Union, PenFed, Personify Financial, PNC Bank, Prosper, Reach Financial, Regions, Reprise, Rocket Loans, 澳洲幸运5官方开奖结果体彩网:Santander, Service Federal Credit Union, SoFi, 澳洲幸运5官方开奖结果体彩网:Summit Credit Union,TD Bank, Teachers Federal Credit Union, Truist, 澳洲幸运5官方开奖结果体彩网:U.S. Bank, 澳洲幸运5官方开奖结果体彩网:Universal Credit, Upgrade, Upstart, USAA, 澳洲幸运5官方开奖结果体彩网:Wells Fargo, Zable.

Methodology

To evaluate and rank personal loan providers, we collected and scored over 2,600 data 🐲points from 59 lenders, including traditional banks, credit unions, fintechs, and finance companies. We researched and evaluated 45 criteria, such as APRs, loan amounts and terms, fees, customer♔ experience, and more. Research and data collection occurred from July 23 to October 18, 2024. 

We organized the 45 criteria into four categories and weighted 26 (involving more than 1,500 data points), using the others for background and editorial richness. We then scored and weighted each criterion to develop our overall star rating for each lender. The categories and their weights for this🌌 project are:

• Borrowing Requirements: 24.00%
• Lender Features: 24.00%
• Loan Costs: 30.00%
• Loan Terms: 22.00% 

Learn more about how we evaluated personal loans in 澳洲幸运5官方开奖结果体彩网:our complete methodology.