Prosper offers personal loans for different purposes, including home improvement, vacation, debt consolidation, big purchases or financing a business. You can borrow $2,000 up to $40,000 with payment terms ranging from 36 months to 60 months. Prosper charges an origination fee and late payment fees, but there is no prepayment penalty for early loan payoff.

At a Glance: Prosper Personal Loans

  • Prosper

    • 7.95% to 35.99%APR Range
    • 640Minimum Credit Score
    • $2,000 to $40,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Same DayTime to Receive Funds


MoneyGeek Breakdown - Prosper Personal Loan Details and Requirements


Personal loans from Prosper have an annual percentage rate (APR) ranging from 7.95% to 35.99%.

Credit Score Requirements

Prosper has a credit score requirement of at least 640.

Income Requirements

To qualify for a Prosper loan, you do not need to make a certain amount of money.

Loan Amounts

Personal loans ranging from $2,000 to $40,000 are available via Prosper.

Loan Terms

Prosper offers personal loan terms of three to five years.

Permitted Uses

You can use a Prosper personal loan for a variety of things, including debt consolidation, adoption fees, major bills and tax payments.

Prohibited Uses

Prosper does not allow using loan funds to pay for post-secondary education.

Time To Receive Funds

Prosper typically funds loans on the same business day of your loan application approval.

Origination Fees

You pay an origination fee of up to 5% of your total loan to Prosper.

Late Fees

If you miss a payment after the grace period, Prosper charges you a $15 or 5% late fee. In addition, there is a $15 fine for insufficient funds.

Prepayment Penalty Fees

Prosper personal loans do not have a prepayment penalty.

Co-signers and Co-applicants

Prosper does not accept co-signers; however, it does allow co-applicants.


A borrower may have up to two Prosper loans open at any given time if they meet the eligibility requirements.

Mobile Application

You can manage your personal loan via Prosper's mobile app.

Is Prosper Right for You?

When it comes to analyzing your application and making you a loan offer, personal loan providers use various criteria. Therefore, there are a number of things to think about when selecting a lender. Our Prosper personal loan review helps you determine if it is right for you.

Who Prosper Is Perfect For

Because its personal loans demand a minimum credit score of 640, Prosper is appropriate for borrowers with fair to excellent credit. Plus, this lender is only a good choice for those who need a loan of up to $40,000.

Furthermore, Prosper is ideal if you don't mind paying a loan origination fee and are confident in your ability to make on-time payments. While Prosper restricts payment durations to three years or five years, you can modify payment dates every 365 days to help you if you're having trouble paying on time.

Because Prosper is an online lending solution, its services are great for those who prefer digital banking and don't require in-person help at a physical location.

Who Should Not Choose Prosper

It's vital to consider Prosper's drawbacks when choosing whether it's the ideal personal loan lender for you. For example, if you want a large loan for debt consolidation, it may not be the best option because it only enables you to borrow up to $40,000.

If you want to avoid paying extra fees like origination and late fees, Prosper is not an option. Those with weak credit ratings must also seek an alternative lender, not to mention that the APR might be quite high if you have a low credit score and you only have short repayment terms.

How to Apply for a Prosper Personal Loan

You can start your loan application online once you decide Prosper is the ideal personal loan lender for your circumstances. MoneyGeek has outlined the procedures you may take to apply for a personal loan from Prosper.



To prequalify, you must first determine how much money you require, your chosen loan term and the loan's purpose. Don’t worry, it won’t impact your credit score. A debt-to-income ratio of 50% or less and at least three open accounts listed on your credit report are some of the fundamental prerequisites for loan qualification. After completing this step, you receive a pre-approval offer right away.


Fill Out Application Form

You complete the application on Prosper’s website by providing personal details, income, and employment history.


Wait for Approval

Prosper's underwriting staff examines your application. In most cases, you get a loan decision in 3 to 5 days.


Review Loan Agreement

After you receive the loan offer, have a look at it. The loan amount you're given may differ from what you requested. Also, check the details about fees, the term, and read through everything carefully to make sure you understand and agree to it all.


Sign Loan Agreement

You can sign the loan agreement once you read and comprehend all of the information in your loan package.


Receive or Direct Funds

Prosper deposits the money straight into your bank account. It normally happens on the same business day as your loan application approval.


Make Payments

You make a single monthly payment to Prosper for the duration of your loan. For whatever reason, you can amend your payment due date every 365 days. You can make payments online or over the phone. Autopay is also an option.

What to Do if You Are Rejected From Prosper

Personal loan applications are sometimes turned down. That might be due to a poor credit score, lack of income, lack of credit history or incomplete application. If this happens, try to uncover what circumstances influenced Prosper’s decision. Try to call and ask Prosper about its decision to determine areas that could use improvement.

Keep in mind that even if your application was refused, you could still apply in the future. But, when you do, have a good credit score, verifiable income, and any other requirements Prosper needs you to meet.

When you're refused a personal loan, it's tempting to try again with a new lender, but you risk damaging your credit score. Before pursuing another application, MoneyGeek highly advises that you work on your weak areas first.

Frequently Asked Questions About Prosper Personal Loans

Your specific demands, as well as your credit score and income, will decide the ideal personal loan provider for you. MoneyGeek answered the most commonly asked questions regarding Prosper personal loans to help you decide if this lender is right for you.


The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.

Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about our editorial policies and expert editorial team.