Prosper is a personal loan pioneer. The company was the first firm to provide peer-to-peer loans when it launched in 2006, They offer unsecured loans to customers with a minimum credit score of 640. The lender is officially known as Prosper Funding LLC, it is a wholly-owned subsidiary of Prosper Marketplace, Inc. Prosper is headquartered in San Francisco, California.
|Company name||Prosper Funding LLC,|
|Address||221 Main Street, Suite 300, San Francisco, CA, 94105|
|Phone number||1 (866) 615-6319|
- Fast turnaround
- No collateral required
- Good online experience
- Prequalification option
- Multiple usages
- Adjustable monthly due date
- Joint applications
- Minimal credit history
- No prepayment penalty
- Origination fee
- Check fee
- Late payment fee
- No break on interest
- Bad credit is not ok
- Limited repayment terms
Prosper seems a good choice if you need some extra money for debt consolidation. If you have a good credit and no current loans, you can get lower interest rates. Besides, they offer a fixed payoff schedule which helps you make payments automatically. Their personal loans may be useful for other purposes, too, such as a home improvement, a special occasion, or starting a business.
Nevertheless, Prosper might not be the best option for some borrowers. They charge various fees that other lenders do not charge, so these fees can inflate your loan amount.
But if you need your cash right away and there are other lenders who can help you, Prosper can really help.
Types of loans
Prosper offers the following products:
- Debt Consolidation;
- Home Improvement;
- Small Business Loans;
- Baby and Adoption Loans;
- Special Occasion Loans;
- Short-term and Bridge Loans;
- Auto and Vehicle Loans (for purchase or refinance);
- Engagement Ring Financing;
- “Green” Loans (financing for installing renewable energy systems);
- Military Loans.
Loan amounts range from $2,000 and up to $40,000 with fixed annual percentage rates (APRs) ranging from 7.95% to 35.99%. You can choose between three- and five-year terms.
To get approved for a Prosper personal loan, you must be at least 18 years old. When you apply, the lender will check your credit score using TransUnion.
The minimum eligibility criteria are:
- A US citizenship;
- A minimum credit score of 640;
- You must have an income;
- A Debt-to-Income (DTI) ratio below 50%
- No more than 7 credit bureau inquiries within the last half a year;
- No bankruptcies filed within the previous year;
- A minimum of three open trades reported on your credit report.
If you have already applies for a Prosper loan in the past, there are 2 additional requirements:
- Your previous application with Prosper must not have been rejected within the last 4 months, due to late payments or return payments on a previous Prosper loan;
- You must not have had any previous Prosper loans charged off.
Category: Online Loans
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