Prosper Personal Loans Review

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Prosper was the first platform for p2p lending in the United States when it was launched in 2006. It was an innovative company that, after the first setbacks, established itself as one of the two leaders in the industry. In this article, we provided a comprehensive review of the major financial company which allows you to take an inside look at the process of lending and information about the investors.

The way Prosper Loans Work

If you decided to apply to Prosper, you need to understand that it is possible to take a cash advance from 2000 to 40 000 dollars for almost any reason: repaying other debts, getting married, going on a trip abroad, renovating a bathroom or even purchasing a new motorbike. The minimum period of repaying a loan is three years while the maximum is five years without prior payment. If your credit history isn’t spoiled, the minimum rate of interest is 6.95%, but they rise to a whopping maximum of 35.99% per annum. Prosper offers such huge APRs only in those cases when the lender works with risky borrowers with HR grade. For the clients’ convenience, there is a possibility to check your rough rate of interest on the official website. This process doesn’t affect your credit rating. If the client has a stable income and his/her credit rating is not spoiled, there is a chance to receive a remarkably beneficial interest rate.

The handy guide to receive a Prosper personal loan

Prosper is a very reputable lending company which appreciates each client. That is why it made a process of floating a loan extremely easy and convenient. Nevertheless, if you have an intention to apply to the lender, you must be ready they ask you to provide necessary documents and even more. Follow these useful tips to receive additional funds with ease.

Tip 1. Check your pre-qualification

The first thing you should do before applying to the company is to see if you can meet the requirements of the lender and what your rate of interest will be. It is necessary to provide your credit info, and the competent expert will return the probable interest range. If you cannot receive approval, they will tell you it at once.

Tip 2. Request for a loan

It is necessary to create a personal account and submit a request. This process is quite easy so you can cope with it effortlessly. It is worth nothing and there is no financing commitment if your loan is not funded. Mind, you need to provide valid data and include your photo.

Tip 3. Look for the best lender

The greatest advantage of Prosper is that it works as an auction: moneylenders compete with each other to receive the most profitable advances. If they believe that you have an excellent credit risk, you will receive your funds as fast as possible. If you have a previous bad credit, the lender can reject your request.

Tip 4. Learn all the peculiarities of verification and funding

As soon as the listing was closed and my loan was given, Prosper will contact you to confirm your personal data. The verification procedure is strict. You will have to send your ID documents and two proofs of your current address. It might be a utility bill (gas and electric, water) or your bank account statement for the latest six months. Also, you need to get in touch with the company representative by phone and answer their questions. However, as soon as this process will be finished, the funds will be transferred to your personal account. Mind, the current origination fee is 2.4%-5% of your full loan amount. The better your credit score is, the lower the commission. The company takes away payments from your current account every month. This is very convenient because you do not need to go to any financial institutions and stay in lines to cover your monthly debt. It is worth mentioning that you can repay your loan ahead of schedule without any penalties, so you can save on interest.

Prosper lending requirements

In order to arrange a deal with a lending institution, you should be aware of its terms and conditions.
  • It is necessary to be the USA resident to qualify for a loan.
  • You will have to provide your Social Security number, a valid email address and telephone number as well as the information about your bank account.
  • The minimum credit score should be 640.
  • Provide real information about your income. It should be proved. You need to provide payment receipts and W-2 receipts if you work, copies of recent tax returns if you work for yourself, or third-party retirement documents or investment income.
  • It is prohibited to use your wife’s or husband’s income for qualifying purposes. It should be noted that Prosper offers personal loans, it is not possible to provide a joint application. The lender does not permit using the services of any guarantors or co-borrowers.

Everything you should know about the Prosper origination fee

When you take money, you will be charged a commission which is called origination fee. The charge depends on your risk level, as well as the duration of borrowing. Mind, that the final sum of your monthly payment will be the amount you should pay every month plus the origination fee.
  • AA risk grade - from 1% to 2% for a period of three years, 3% for a period of five years
  • A risk grade - 4% for a period of three years, 5% for a period of five years
  • B risk grade - 5% for a three-year or five-year period
  • Risk grades from C to HR - 5% for a three-year or five-year period


Prosper is a frontrunner in the lending industry. It has a lot of clients including the regular ones all around the USA. For the borrower, the service works like a classic bank: filing an application, checking documents, waiting for a verdict and, finally, receiving money to the account. The process takes from several business days to three weeks. The loan period is three to five years with the rate of interest from 6.95% to 35.99% depending on the results of the borrower's credit rating.
Borrower requirements
  • Age 18years or older
  • Have regular income
  • US citizen or permanent resident
  • Have a valid bank account
Obtaining methods
  • Bank account
  • Credit or Debit card
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