Our experts answer readers' personal loan questions and write unbiased product reviews (here's how we assess personal loans). In some cases, we receive a commission from our partners; however, our opinions are our own.
Who Is Prosper Best For?
Prosper is best for borrowers with less-than-stellar credit scores who would like to add a co-borrower to their loan application. Not all lenders allow co-borrowers, and Prosper is a solid option for those who need one. This could be a useful feature if you and your partner are looking into home renovation loans, for instance. Prosper is also a top pick in our guide to the best low-interest personal loans.
Additionally, borrowers who don't need their money as quickly may be ok with the lender's funding speed, which can sometimes be slower than other comparable lenders.
Prosper Details
Prosper loan amounts range from
You will receive an APR between
You can take out a loan for either two, three, four, or five years. Most loans from
You may pay multiple kinds of fees with a Prosper loan, including an origination fee, a check payment fee, a late fee, and an insufficient funds fee. Prospoer does not charge a prepayment fee if you pay off your loan early.
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Prosper Personal Loan Pros and Cons
| Pros | Cons |
Ability to add a co-borrower to your account. If your credit score isn't in the best shape, you can apply for a joint loan to get a better rate. | May be difficult to qualify. You may have trouble meeting all of Prosper's qualifications for a personal loan, particularly if your finances aren't in great shape. These include a debt-to-income ratio below 50%, and fewer than nine credit bureau inquiries (excluding duplicate inquiries) within the last six months. |
Many ways to use your loan. Prosper allows you to use your loan funds for anything from home improvement to taxes to adoption. | Prosper may not find an investor for your loan. If your loan does not receive at least 70% funding from an investor after 14 days, Prosper will deny your application. The company says more than 99% of loans receive funding within the 14-day window. |
How to apply for a Prosper personal loan
1. Decide how much you want to borrow. Choose your desired loan amount, as well as your loan's purpose. You'll also enter your name, Social Security number, and income history. You'll get an estimated monthly payment and APR range.
2. Formally send in an application and await approval. When submitting a formal application, you may need to send in proof of income, like a W-2, tax returns, or other financial documents.
3. Wait for an investor to fund your loan. For you to get your money, a Prosper investor must choose to fund your loan. Prosper is a peer-to-peer lending company that connects borrowers and investors. Per the company's website, investors usually will agree to offer funding before the approval process is completed (in three days or less). But they have up to two weeks to invest in your loans. If your loan does not garner at least 70% funding after 14 days, then the company will deny your application.
4. Make a plan to repay your loan. Work your monthly payments into your budget, and make sure you have the financial standing to pay back your debts.
Prosper Frequently Asked Questions
Is Prosper legit?
Is it hard to get a personal loan with Prosper?
To get a personal loan with Prosper, you'll need a minimum credit score of at least 640. This isn't too high — though you might find it easier to qualify for a bad credit lender if your history is in worse shape.
How long does it take to get a personal loan with Prosper?
You'll usually get your money within three days or less — though the process can take up to a couple of weeks in some circumstances.
What credit score is needed for a Prosper personal loan?
You'll need a credit score of at least 640 to qualify for a personal loan from Prosper.
Prosper Personal Loans Competitors
Prosper personal loans vs. LendingClub personal loans
Both Prosper and LendingClub will charge you an origination fee. Prosper's origination fee varies between
You may get your funds marginally faster with Prosper than LendingClub. Prosper will often take between one to three days to send you your money, while LendingClub may take between two to four business days. However, keep in mind that Prosper will not send you any money until they have an investor to back your loan.
Prosper has a minimum credit score requirement of 560 to qualify for a loan, while LendingClub's requirement is unspecified. If your credit score is below 560, you might decide to add a co-borrower with Prosper or pivot to LendingClub.
Prosper personal loans vs. Avant personal loans
Prosper has a minimum credit score requirement of 560, while most of Avant's customers have a credit score between 600 and 700. Both companies offer loans to people with fair credit, but if your score is on the lower end of the "fair" threshold, you may have better luck with Avant.
Prosper doesn't have a mobile app for borrowers, while Avant does. So if you want to manage your personal loans on the go, you might consider choosing Avant.
Why you should trust us: How we rated Prosper
We rate all personal loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:
- Interest rate (20% of rating)
- Fees (20% of rating)
- Term lengths and loan amounts (15% of rating)
- Funding speed (15% of rating)
- Borrower accessibility (15% of rating)
- Customer support (7.5% of rating)
- Ethics (7.5% of rating)
Each category's weighting is based on its importance to your borrowing experience. Rates and fees have the most direct impact on the overall cost of your loan, so we weigh those the most heavily. Customer support and ethics are still very important parts of the borrowing experience, but do not directly tie to a personal loan's terms, so they have less of an impact on the overall rating.
See more on how we rate personal loans »