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
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.
|Apr||From 7.95% to 35.99%|
|Loan Purpose||Credit card & debt consolidation home improvements Large purchases, like vehicle medical & dental expenses|
|Loan Amounts||From $2,000 to $40,000|
|Credit Needed||At least a fair credit score|
|Terms||From 3 to 5 years|
|Origination Fee||From 2.4% to 5%|
|Late Fee||5% or $15, whichever is greater|
|Early Payoff Penalty||None|
All you need to know about the Prosper Loans
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.
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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.
- Requires at least fair credit score
- Good for home improvements and debt consolidation
- Flexible payment date
- No early payoff penalty
- Hardship program
- Charges origination fee
- No sign-up bonus
- Not available in West Virginia, Iowa and U.S. Territories
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!
About the author / Aline Augusto
Reviewed by / Aline Barbosa
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