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Prosper Overall rating: ★★☆☆☆ 2.2 based on 10 reviews.
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Online Payday Personal Consumer Loans up to $5,000

Easy Application, Fast Processing, Quick Approval, Any Credit Score

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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,
Founded 2005
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

Bottom line

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.

Loan requirements

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:

  1. A US citizenship;
  2. A minimum credit score of 640;
  3. You must have an income;
  4. A Debt-to-Income (DTI) ratio below 50%
  5. No more than 7 credit bureau inquiries within the last half a year;
  6. No bankruptcies filed within the previous year;
  7. 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:

  1. 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;
  2. You must not have had any previous Prosper loans charged off.

Category: Online Loans

Tags: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Wisconsin, Wyoming

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Prosper Reviews

I applied for a Prosper about a loan 3 years ago and they offered me a sky high interest rate, over 20%. I refused a loan. Ever since that day they are still sending me junk mail. Worst lender ever.
- Amalia Ray

Prosper is the worst company I’ve ever dealt with. They have rejected my online payment 8 times. Then charge a late payment fee!!! They never told me they were rejecting the payments. Keep this in mind when making payments online!
- Gary Lewis

I’m sick of their spam email and calls! If I get another email or call from them with propaganda, I will start a case against them for harassment!!!
- Angel Hooper

- Vera Holcomb

They charge me more than was specified in the loan agreement! Worst mistake ever getting a loan through Prosper. DON'T GET A LOAN FROM THEM! WORST EXPERIENCE EVER!
- Alex Terry

I have had three loans with this lender and I have had no problems. The first time my APR was 15.9. When I applised for a second loan, my credit was improved and I received an APR of 11.5%. I have already paid my recent loan. I’m happy that they do not charge prepayment penalties and all the needed information is available on their website. I will probably use Prosper in the future if I need financial help.
- Felecia Forsyth

They took an “extra” payment out of my account this month for no reason. I have tried calling them 10 times to find out what is going on. They wouldn’t answer. Do not use this lender if you got used to good customer service.
- Ardith Hamilton

Great service and fast response. Very helpful customer support and transparent process. Received the cash in 4 days. Their offer was best for my budget.
- Irwin Smith

This is the worst online lender I’ve ever dealt with. Very high interest rates. Process is slow. Risky experience. Would not recommend them to anyone. There are much better lenders in this industry!
- Janie Powers

It was a fast and easy process. I definitely highly recommend this lender to anyone who needs a personal loan. The terms are very affordable. I received a three-year loan. I would definitely use this service again in the future if I needed some extra cash.
- Janet Saylor

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