| Representative APR | Amount | Term | Type |
|---|---|---|---|
| 8.99–35.99% | $2k–$50k | 24–60 mo | personal |
Best For
Individuals with fair credit scores (600+) looking for personal loans between $2,000 and $50,000.
Borrowers with fair credit seeking personal loans for debt consolidation or significant purchases.
Prosper offers fixed-rate personal loans ranging from $2,000 to $50,000 with APRs between 8.99% and 35.99%, and loan terms of 3 to 5 years.
Pros & Cons
Watch Out
High APR rates can significantly increase the total repayment amount, especially for longer terms.
Full Review
Prosper's personal loans are appealing for their flexible borrowing amounts and the ability to receive funds quickly, sometimes within one business day. However, the APR ranges from 8.99% to 35.99%, which may lead to high costs for borrowers at the upper end of that scale. The application process is entirely online, which is convenient, but users should be aware that a minimum credit score of 640 is required for approval.
the company does not impose prepayment penalties, allowing borrowers to pay off their loans early without extra fees. Some users report issues with customer service responsiveness, particularly during times of high volume. It's crucial for potential borrowers to understand that while the process is approval is not guaranteed, especially for those near the credit score minimum.
For detailed information, visit Prosper's official site at Prosper.com.
What Borrowers Say
Users appreciate the quick funding process but express concerns about high-interest rates and customer support.
