Loans (US)

Prosper Personal Loans full review

Are you searching for a loan that makes it possible to do a home improvement or a debt consolidation? Then, check out all about the Prosper Personal Loans!

Prosper Personal Loans to accomplish some purchases

Learn more about Prosper Personal Loans. Source: Prosper Facebook.
Learn more about Prosper Personal Loans. Source: Prosper Facebook.

Prosper Personal Loans is an option if you need to borrow money to pay off some expenses. Such as home improvements, credit cards, debt consolidations, vehicle purchases, medical expenses, and more.

It offers amounts from $2,000 to $40,000, with terms that vary from 3 to 5 years. Also, it accepts fair credit scores. But, note that it charges an origination fee from 2.4% to 5%. See the summary right below.

AprFrom 7.95% to 35.99%
Loan PurposeCredit card & debt consolidation home improvements Large purchases, like vehicle medical & dental expenses
Loan AmountsFrom $2,000 to $40,000
Credit NeededAt least a fair credit score
TermsFrom 3 to 5 years
Origination FeeFrom 2.4% to 5%
Late Fee5% or $15, whichever is greater
Early Payoff PenaltyNone

How to apply for Prosper Personal Loans?

The Prosper Personal Loans make it possible for you to improve your home or pay off medical expenses. See how to apply for it!

All you need to know about the Prosper Loans

See what are the benefits of Prosper Personal Loans. Source: Pexels.
See what are the benefits of Prosper Personal Loans. Source: Pexels.

Although Prosper doesn’t require a perfect credit score for the application, it requires a credit history without bankruptcy in the past year.

Also, if you are looking for a small amount to borrow between $2,000 and $40,000, this loan might be for you. 

But, you have to pay attention to the fees charged. For example, Prosper charges an origination fee and APR starting at 7.95%. 

Moreover, there is no sign-up bonus or a discount.

The late fee is charged when borrowers make payments after 15 days from the due date. On the other hand, there is no prepayment or payoff penalty fee.

Finally, Prosper features some perks, such as flexible payment dates once a year and the Hardship program, where the company assists borrowers impacted by the pandemic.

Prosper benefits and more

Prosper is an option if you are searching for a small amount of loan in the short term.

Also, it is good for you if you have a fair credit score and don’t apply for loans with better amounts, terms, and fees.

Plus, you can check the rate without impacting your credit score. 

Pros

  • Requires at least fair credit score
  • Good for home improvements and debt consolidation
  • Flexible payment date
  • No early payoff penalty
  • Hardship program

Cons

  • Charges origination fee
  • No sign-up bonus
  • Not available in West Virginia, Iowa and U.S. Territories

Pre-approved credit cards for low credit score available now

We analyzed your profile and found some offers that you can apply for today.

You will be redirected to another website

Why apply for Prosper Personal Loans? 

The Prosper Loans are good for you if you have a fair credit score, need a small amount of money in the short term.

It is best for home improvements, debt consolidation, and medical expenses.

Who can apply for a loan at Prosper?

You need to fulfill some requirements for the application, as follows:

  • Be 18 years old or more;
  • Have a Social Security Number;
  • Have an active checking or saving account;
  • No bankruptcy in the past year;
  • Earn more than $0 as annual income;
  • Have a debt-to-income ratio of less than 50%;
  • Have at least 3 open trades and no more than 5 inquiries in the past 6 months on the credit report.

Credit score recommended 

The credit score recommended for the application starts at a fair (about 600). 

Learn how to apply for Prosper Loans

If you accomplish all the requirements above, you can apply for a loan at Prosper. Then, check out how to do it now!

How to apply for Prosper Personal Loans?

The Prosper Personal Loans make it possible for you to improve your home or pay off medical expenses. See how to apply for it!

About the author  /  Aline Augusto

My name is Aline Mesquita; I'm a writer here on the blog, where I write about finance in general and other subjects. I have been working with content creation for ten years. Also, I'm post-graduated in Project Management, with expertise in SEO practices. Currently, I am studying finance, market trends, and cryptocurrencies.

Reviewed by  /  Aline Barbosa

Senior Editor

Trending Topics

content

Upgrade Visa® Card with Cash Rewards application

See how you can easily apply for an Upgrade Visa® Card with Cash Rewards and learn how to earn great rewards on purchases!

Keep Reading
content

What are credit-building and bad credit credit cards?

If you're struggling with bad credit and looking for ways to improve your score, read on to learn about credit-building and bad credit cards!

Keep Reading
content

How to apply for the QuicksilverOne Cash Rewards credit card?

The QuicksilverOne Cash Rewards credit card offers you cash back with modest fees. Learn how to apply for it and enjoy its benefits!

Keep Reading

You may also like

content

Discover it® Balance Transfer Credit Card application: how does it work?

Learn how to easily apply for the Discover it® Balance Transfer Credit Card today! Get 0% intro APR and other additional benefits! Keep reading!

Keep Reading
content

What is a private loan for students? Learn how to get one.

Paying for college education is not easy, but you can count with a private student loan to help you. Is it a good idea? This content will clarify this question.

Keep Reading
content

First Digital Mastercard® application: how does it work?

Achieving a great credit score doesn't have to be difficult, and the First Digital Mastercard® can help you get there. So if you're ready to take your finances to the next level, keep reading to learn how to apply!

Keep Reading