Reviews

Prosper Personal Loan review: how does it work and is it good?

Prosper's fast funding and large borrowing amount make them a good choice for those needing quick cash. Learn more about it in this Prosper Personal Loan review. Read on!

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Prosper Personal Loan: Perfect for bad and good credit

Prosper logo
Find out how a Prosper Personal Lon works. Read on! Source: Prosper

Are you looking for a personal loan to cover a big expense? If so, you may have come across Prosper as an option. In this Prosper personal loan review, we’ll closely examine what this lender has to offer.

Prosper logo

How to apply for Prosper Personal Loan

Find out how to apply for the Prosper Personal Loan and quickly get the money you need. Read on!

We’ll also look at this loan’s advantages and drawbacks to help you decide if Prosper is the right choice for you. Read on!

  • APR: From 6.99% to 35.99% variable APR;
  • Loan Purpose: Debt consolidation, home improvement, medical bills, financing a car, going on vacation, etc.;
  • Loan Amounts: From $2,000 to $50,000;
  • Credit Needed: 560 or higher;
  • Origination Fee: The origination fee ranges between 1% and 5%;
  • Late Fee: The late fee will be 5% of the monthly payment amount or $15, whichever is greater;
  • Early Payoff Penalty: It doesn’t charge an early payoff fee.

What is the Prosper Personal Loan?

Prosper is an online platform that offers personal loans for fair or good credit borrowers.

It considers the debt-to-income ratio and credit score when determining loan options for its applicants.

Also, Prosper Personal Loans offers joint loan options to add co-borrowers to the loan.

Then if you include a strong credit borrower, you might increase the chances of approval.

Prosper Personal Loan is available for various purposes, including debt consolidation, home improvement, and large purchases.

In addition, this platform promises fast funding in less than a business day after the deal is accepted. So, you’ll get the money you need to start your projects.

Finally, you can borrow from Prosper Personal Loan an amount between $2,000 to $50,000. That will depend on your financial circumstances.

Is the Prosper Personal Loan good?

3D Money concept. money bag, coins stack and banknotes. 3d render illustration
Learn the pros and cons of Prosper Personal Loan. Keep reading! Source: Adobe Stock

Prosper Personal Loan can be interesting depending on your goals.

To help you decide if Prosper Personal Loan is good for you, check out its advantages and drawbacks below.

Pros

  • Instant Approval: Get the money you need in as little as 24 hours;
  • Flexible Payment Dates: Choose a date that works best for you;
  • Joint Loan Option: Apply with a friend or family member and share the responsibility;
  • Wide Range of Loan Amounts: Get the loan amount that fits your needs, from $2,000 to $50,000.

Cons

  • There are origination and late fees; 
  • There aren’t options to make direct payments for debt consolidation loans.

Multiple personalized credit card offers

Applying won't hurt your credit score

You will be redirected to another website

Does the Prosper Personal Loan check credit scores?

Yes, it does. Prosper Personal Loan will do a hard credit check, so your score might temporarily decrease.

Want to get the Prosper Personal Loan? We will help you!

We hope the Prosper Personal Loan review has clarified your mind about how it works. Keep learning about it and how to apply for Prosper Personal Loan below.

Prosper logo

How to apply for Prosper Personal Loan

Find out how to apply for the Prosper Personal Loan and quickly get the money you need. Read on!

About the author  /  Suzana Brito

I'm a Language Studies graduate and have always been interested in writing and sharing knowledge. By creating content about finances and related products, I believe in contributing to people achieving financial freedom and their goals in life.

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