Yikes. Borrowers who want relatively fast access to cash at reasonable rates with no collateral might benefit from Prosper’s services. The company launched in 2005 and was the first of its kind to offer loans to individuals that companies or people provide. Flexible lending process: Multiple individual and corporate investors fund Prosper’s loans. Prosper allows borrowers to change due dates in most situations, but a loan can’t be extended, even for an emergency. Easy application process. Prosper Loans Review: Borrowing a Personal Loans. Didn't take more than a week. I would highly recommend Prosper. They directed me to get an EBAY gift card for $200. We also consider the number of complaints filed with agencies like the Consumer Financial Protection Bureau. "Different Types of Loans: Loan Types." You can expect funds within a few days. Those ratings are used by investors to decide whether to fund your loan. I had automatic debit and they didn't take the April or May payments, and didn't show it as past due. Very professional, start to finish. So if your credit is less than perfect, you may want to look elsewhere, since the interest rate you may be offered could be very high. Minimum credit history: Two years, but the average is 11. Our content is intended to be used for general information purposes only. Prosper.com. This methodology applies only to lenders that cap interest rates at 36%, the maximum rate financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. Prosper Loans: 2020 Personal Loan Review Prosper is a good choice for borrowers with good credit strong income. I definitely highly recommend them to anyone looking for a loan. that provides unsecured personal loans to borrowers with fair or good credit. : Personal Loan: Would applying for a joint loan increase my likelihood for approval?" I received call back and notifications. Enjoy reading our tips and recommendations. Any documents that are required must be either uploaded to your Prosper account or sent as an attachment to an email. These loans can be used for nearly any purpose, including debt consolidation and home improvement. Accessed April 30, 2020. 4/5. I found it to be a very simple process of filling out a very short form on a website, including how much money I wanted to borrow and how many months/years I wanted to pay it back. "How can we help? Once approved, Prosper says funds will be transferred to your bank account within one to three business days. How can we help: Personal Loan: What Types Of Fees Are Charged On Loans? Prosper handles all loan servicing on behalf of borrowers and investors. "Enjoy Peace of Mind With a Personal Loan: Footnote." Prosper Loans is an online peer-to-peer lender marketplace that offers fast loans funded by individuals and investors. Though the online application process is convenient and can be completed without visiting a bank or physical location, the Prosper loans verification process could take up to five days, which might be too much of a wait for those who need emergency funds. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. You choose the offer that works best for your situation, which could involve several lenders to meet the full amount you want to borrow. with someone who has strong credit could improve your chances of getting a loan or get you a lower rate on one. On average, Prosper takes three to five days to fund a loan. FAQ. After you apply and have been approved for a Prosper loan, you’ll set up banking details. We’ve had four loans with Prosper, and the experience was 5 star rating—every time. The contents of this site may not be republished, reprinted, rewritten or recirculated without written permission. Unlike some lenders, this lender doesn’t directly pay your creditors if you're consolidating debt. Enjoy Peace of Mind With a Personal Loan: Getting a Personal Loan Is Easy. I confronted them and they denied everything. Great customer service. It's a great way to get money without all the intrusive stuff you have to go through with a bank or standard loan company. Many or all of the products featured here are from our partners who compensate us. Prosper offers multiple loan types, including debt consolidation, home improvement, short-term, bridge auto, small business, baby, adoption and engagement ring loans. I thought the pandemic had thrown them off and let it ride because I thought it would simply extend my monthly payments. The bottom line: Prosper loans come with limited terms, but rates and fees that compare to other fair- and good-credit lenders. Every investor has their own risk standard, so borrowers with damaged credit, lower Prosper ratings, and longer repayment timeframes may still be approved to borrow. This is helpful for borrowers who are new to credit and don’t have much to their name. I used this service for my daughter's student loan. Prosper.com. I believe it is the most important part of a company. Before you apply, you can check your rate without impacting your credit score. Before Prosper will fund your loan, it will review your application, verify your statements (and those of any co-applicant), and might request additional supporting documents. How do I know I can trust these reviews about Prosper? You’re asked to provide personal information when you apply, including: After you’ve provided this information, Prosper matches you with traditional lenders or individual investors that fit your needs. Fewer than five credit bureau inquiries in the past six months. Investopedia requires writers to use primary sources to support their work. Accessed April 30, 2020. : Personal Loan: Would applying for a joint loan increase my likelihood for approval? Charges late fee of $15 or 5% of the unpaid loan amount. Loans are funded by individual investors, as opposed to banks or other credit companies. When evaluating offers, please review the financial institution’s Terms and Conditions. Minimum credit score: 630, but the average is 717. Luckily I was able to save some of the federal money and I decided to pay it off instead of fighting them. To wrap it up, Prosper is a much simpler way to get a personal loan. According to investor reviews… I was laid off in December 2019 and after my severance ran out, I requested help and they gave me a one-month deferment for March. Our Rating. Maximum debt-to-income ratio: 50% (excluding mortgage). Its location on this page may change next time you visit. When I got home I got a call saying they didn’t get the money, so I called EBay and they said the card had been redeemed. It only took about 1/2 of a day and I received the communication from Prosper that my loan had been funded. We’ll start sending you the news you need delivered straight to you. Once you submit the form, it somehow looks at your credit "picture" without actually pulling a credit report, and therefore not leaving an inquiry on your credit report. Prosper Loans provides convenient options for borrowers with good credit and has online applications, direct deposits, no collateral, and loans that can be used for many purposes. Commission & Fees - 8 Customer Service - 8 If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly. Annie Millerbernd covers personal loans for NerdWallet. The company has a separate product for medical loans as well. Very helpful and walked through the process in detail. Accessed April 30, 2020. Once you select your loan, you receive funds in your bank account through direct deposit. To qualify, you’ll need: Once you’ve applied, Prosper might contact you for more information about your employer, income, and credit history, if needed. See reviews below to learn more or submit your own review. HELOC rates start as low as 3.24% variable rate and range up to 10.35% after the introductory period. Read our editorial guidelines. The extra screening process could take a few days to complete before you’re approved for a loan. A couple days later the loan proceeds were transferred directly to my checking account. Compare lenders to make sure a Prosper loan is right for you before completing your application. We value your privacy. Banks and credit unions, by contrast, are more likely to have stricter lending standards. After submitting my request I was receiving multiple response from different lendings making it easy for me to decide with was best for my budget. The various fees could be a turnoff. I checked my notes and it says "add to back end of loan". The company says it has originated more than $16 billion in loans to over 980,000 people since it was founded in 2005. Accessed April 30, 2020. We collected over 25 data points across more than 50 lenders—including interest rates, fees, loan amounts, and repayment terms—to ensure that our content helps users make the right borrowing decision for their needs. Prosper is my "Go To" for a loan. Prosper treats people this way during a pandemic and what's shaping up as the worst depression this country has ever seen. It’s a way for people to invest in people, sometimes known as “social lending” or “crowdlending.”. By Kim Shackleton Leave a Comment. Unsubscribe easily. How can we help? Unlike some lenders, this lender doesn’t directly pay your creditors if you're consolidating debt. We publish unbiased product reviews; our opinions are our own and are not influenced by payment we receive from our advertising partners. If you decide to pay the loan off early, Prosper does not charge a penalty. Unsubscribe at any time. In a Nutshell Prosper is a peer-to-peer lender that uses a proprietary “Prosper Rating” to assess the risk of potential loans. I got a 60-month loan which ends this month. NerdWallet strives to keep its information accurate and up to date. Prosper.com was in fact the first to peer-to-peer (P2P) lending company in the United States, although they got an initially bad reputation from investors. You need a good credit score to qualify, but you don’t need a long credit history. The Bottom Line: Prosper makes personal loans easy. NerdWallet does not receive compensation of any sort for our reviews. Whether you're consolidating debt or remodeling your home, we have a solution for you. This may influence which products we write about and where and how the product appears on a page. Thank you, you have successfully subscribed to our newsletter! Prosper Loan told me they were going to help me. They said it would be added to the end of the loan. Loan amounts are available up to $300,000.