MoneyGeek’s Take

Prosper Personal Loan Lender Review

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ByChristopher Boston
Edited byVictoria Copans
ByChristopher Boston
Edited byVictoria Copans

Updated: December 21, 2023

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Prosper, a pioneering peer-to-peer lender, offers personal loans ranging from $2,000 to $50,000 with flexible terms of 24 to 60 months. It's ideal for borrowers with fair to good credit and those needing quick funds. The online platform, which includes a mobile app, makes managing loans easy. However, fees for origination, late payments, check payments and insufficient funds are potential downsides.

  • Prosper

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

    Prosper is a peer-to-peer lending platform that offers several advantages for those seeking personal loans. It provides various loan amounts, typically from $2,000 to $50,000, catering to various financial needs. Whether you're consolidating debt, financing a home improvement or covering unexpected expenses, Prosper has options to fit your situation.

    The platform also offers flexibility in loan terms, with repayment periods ranging from 24 to 60 months. This allows you to choose a plan that aligns with your budget and financial goals, helping you manage monthly payments without straining your finances.

    Prosper's eligibility criteria include a minimum credit score requirement of 600 or higher. This transparency makes it easier for borrowers to understand if they qualify for a loan, saving time and reducing uncertainty.


    • Wide range of loan amounts
    • Flexible repayment terms
    • No prepayment penalties


    • Minimum credit score of 600
    • Has origination fees, late fees and check payment fees

Features of Prosper Personal Loans

When considering a personal loan from Prosper, understanding its offerings is key. You can use Prosper loans for various needs like debt consolidation, home improvements or medical expenses. Be aware of fees, including an origination fee, which is part of the loan's overall cost.

Prosper loan terms range from 24 to 60 months, giving you flexibility in how long you take to pay it back. This platform may provide relief if you have been affected by a natural disaster and need help with your monthly payment. By evaluating these features, you can decide if Prosper is the right fit for your financial needs.

What You Can Use Your Funds For

Understanding how you can use a personal loan is key, especially since some lenders set restrictions. With Prosper, you can use your loan for various purposes. These include:

  • Home Improvements: Invest in your home, whether it's for repairs or upgrades, adding value to your property.

  • Debt Consolidation: Combine multiple debts into one loan with potentially lower interest rates, simplifying your payments.

  • Emergency Expenses: Cover unexpected costs like medical bills or car repairs without the financial stress.

  • Major Purchases: Fund significant purchases, like new appliances or a car, without depleting your savings.

Prosper's flexible approach allows you to address various financial needs, tailoring the loan to your life goals and requirements. Whether it's improving your home, managing debts or financing a major purchase, Prosper supports your journey towards financial stability.

Loan Terms for a Prosper Personal Loan

Knowing the details of a personal loan, like loan amounts, repayment terms and APR (annual percentage rate), helps you plan your finances better. With Prosper, you can choose from various options to find what suits you best.

  • Loan Amounts: Prosper offers loans ranging from $2,000 to $50,000, depending on the information provided in the application form. The range means you can borrow just enough for small needs or more for bigger expenses, assuming you're approved

  • Repayment Terms: You can choose to pay back your loan over 24 to 60 months. A shorter term means higher monthly payments but less interest overall. A longer term lowers your monthly payments but increases the total interest.

  • APR Ranges: Prosper’s APR varies depending on your creditworthiness. A lower APR often reduces the overall cost of your loan.

Understanding these terms helps you pick a loan that matches your financial situation and goals. Prosper's flexibility in loan options ensures that you can customize your loan to fit comfortably within your budget and meet your specific financial goals.

Fees and Discounts for a Prosper Personal Loan

Knowing the fees involved in a personal loan is crucial, as they can affect the total cost. Each lender has different charges, so understanding Prosper's fee structure is important. While the platform does not charge fees for early loan payoff, which is a bonus if you plan to settle your loan ahead of time, it charges the following fees:

  • Origination Fee: This is a one-time fee deducted from the loan amount before you receive it, ranging from 1% to 7.99%

  • Late Payment Fee: If you miss a payment, Prosper charges either $15 or 5% of the unpaid amount, whichever is greater.

  • Insufficient Funds Fee: A $15 fee applies if your payment method doesn't have enough funds.

  • Check Payment Fee: Using a check to make payments incurs an additional fee of 5% of your payment or $5, whichever is less.

Understanding these fees helps you calculate the true cost of your loan with Prosper, ensuring you make an informed financial decision.

Prosper Personal Loan Repayment Assistance

When you take out a personal loan, consider the support you might need if you hit a rough patch financially. Prosper understands that life can throw curveballs, like natural disasters, which can disrupt your finances. In such cases, it may work with you to provide relief. This kind of support can be a lifeline during tough times, reducing stress and giving you time to get back on your feet.

Choosing a lender like Prosper, which may offer assistance during hardships, means you have a safety net, making your financial journey more secure and less stressful. This is something to carefully consider when selecting a personal loan lender.

Prosper Customer Service

Good customer service is critical, especially when you have questions or face issues with your loan. Prosper offers several ways to reach out, making it easier for you to get help when you need it.

  • Phone Support: Talk directly with its team for immediate assistance at 866-615-6319 from Monday to Friday, 5 a.m. to 5 p.m. PT, and Saturday, 7:30 a.m. to 4 p.m. PT.

  • Email: Send your queries and get detailed responses at

Having different ways to contact Prosper means you can choose what works best for you. This variety in customer service options ensures you're never left in the dark about your loan, making your borrowing experience smoother and more reassuring.

Prosper Personal Loan Online Resources

The resources that your personal loan lender provides can make your financial journey smoother. Prosper does more than just lend money; it also offers tools and information to help you make smart decisions.

On Prosper's website, you'll find:

  • Educational Resources: Learn about personal finance, loans and managing money.

  • Online Calculators: Plan your loan with an online calculator that helps you understand repayments.

  • Mobile App: Manage your loan conveniently from your phone.

These resources can help you better understand your loan and finances, making you more confident about your decisions. A lender that offers these extras shows it cares about your financial health, not just your loan payments.

Qualifying for a Prosper Personal Loan

Understanding the eligibility criteria for a Prosper personal loan is crucial before applying. It helps you gauge if you’re a good fit and increases your chances of approval. When assessing your application, Prosper considers:

  • Minimum Credit Score: Generally, a credit score of 600 or higher is required. This score shows Prosper you have a history of paying back debts.

  • Income Requirements: The lender will verify your income level to ensure you can afford the loan repayments.

  • Debt-to-Income Ratio: Your debt-to-income ratio measures your monthly debt against your income. Prosper prefers a lower ratio, indicating you're not overloaded with debt.

It’s worth noting that Prosper also allows co-borrowers on its personal loans. Adding a co-borrower with a strong financial background can improve your chances of approval and possibly get you better loan terms. However, it also means shared responsibility for repayment, so both borrowers need to be committed to paying back the loan.

Is a Prosper Personal Loan Right For You?

Deciding if Prosper is the right lender for you involves evaluating whether its loan terms, fees and services align with your financial needs and goals. Thoroughly evaluating Prosper can prevent future issues and ensure you're comfortable with your loan choice.

Who Can Benefit From a Personal Loan From Prosper

Prosper, like any lender, isn't a one-size-fits-all solution. It has specific features that might make it a great fit for some borrowers but not for others. Understanding who benefits most from Prosper's offerings can help you decide if it aligns with your financial situation.

  • Homeowners with Substantial Equity: Prosper's higher loan amounts, up to $50,000, are ideal for homeowners planning significant improvements or renovations.

  • Those Seeking Quick Funds: Prosper's streamlined online application and quick funding process can be a big advantage if you need money fast.

  • Individuals with Good Credit: Prosper requires a minimum credit score of 600, making it a good option for those with decent credit histories.

  • Technologically Savvy Individuals: With a user-friendly website and mobile app, Prosper appeals to those comfortable managing their finances online.

Understanding Prosper's specific features and requirements is key in determining if it's the right lender for you. You can make a more informed decision by matching your financial situation and needs with what Prosper offers.

Who Shouldn’t Secure a Personal Loan From Prosper

Certain borrowers may need to consider other options due to Prosper's specific features and requirements:

  • Individuals With Poor Credit: Prosper requires a minimum credit score of 600, making it less accessible for those with lower credit scores.

  • Residents of Non-Serviceable States: Prosper does not operate in Iowa and West Virginia, so residents of these states cannot access its personal loans.

  • Those Seeking Small Loan Amounts: Prosper's loans start at $2,000, which might be more than needed for borrowers seeking smaller loans.

If Prosper's offerings don't match your profile, exploring other lenders that cater more closely to your unique situation might be beneficial.

How to Apply for a Prosper Personal Loan

Knowing the steps to secure a personal loan from Prosper before you apply is beneficial — it prepares you for what to expect and helps streamline the process, making it less daunting and more efficient.

Check Your Eligibility

Start by visiting Prosper's website to check if you're eligible for a loan. This involves a simple online tool where you input basic information like your income and credit score. This preliminary step doesn't impact your credit score and gives you an idea of the loan terms you might get.

Complete the Application

If you're eligible, the next step is to fill out the full application form. This will require more detailed information, including your employment history, financial status and the purpose of the loan. Be accurate and honest in your responses, as this information helps Prosper assess your loan request.

Review Loan Offers

Once Prosper processes your application, it’ll present you with various loan options. These offers will have different interest rates and repayment terms. Take your time to compare these options, considering what fits your financial situation best.

Verify Information and Finalize the Loan

After selecting a loan offer, you'll need to verify your information. This step may involve submitting additional documentation, like bank statements or pay stubs. Once Prosper verifies your details, you'll finalize the loan agreement by signing it. Ensure you understand all the terms and conditions before signing.

Following these steps makes securing a personal loan from Prosper straightforward and manageable.

What to Do If You’re Denied

Having your personal loan application denied by Prosper can feel discouraging, but it's not the end of your financial journey. There are several steps you can take to understand and improve your situation:

  • Understand the Reasons for Denial: Prosper will provide reasons for the loan denial. It could be due to a low credit score, a high debt-to-income ratio or insufficient income. Knowing the exact reason can guide you on what to improve.

  • Boost Your Financial Profile: Work on improving the factors that led to your denial. This might mean paying down debts to lower your debt-to-income ratio or improving your credit score by making timely payments and reducing credit card balances.

  • Consider a Co-Borrower: Adding a co-borrower with a stronger financial profile can increase your chances of approval. This person shares the responsibility for the loan, so make sure it’s someone you trust.

  • Look for Alternative Financing Options: If Prosper isn’t an option, explore other lenders who may have different eligibility criteria. Credit unions, other online lenders or even a secured loan might be viable alternatives.

  • Seek Professional Financial Advice: A financial advisor can provide personalized guidance. They can help you understand your financial situation and plan steps to improve it.

Remember, being denied a loan by Prosper is just a temporary setback, not a permanent roadblock in your financial journey. Use this experience as a learning opportunity to assess and improve your financial health.

FAQ About Prosper as a Personal Loan Lender

MoneyGeek answered common questions about Prosper personal loans to help you decide if the lender fits your needs.

Does Prosper have restrictions on how you can use your funds from a personal loan?
What is the minimum credit score requirement for a Prosper personal loan?
How long does Prosper take to approve a personal loan?
Does Prosper have a mobile app?
Is a Prosper personal loan secured or unsecured?
How much can I borrow using a Prosper personal loan?
What fees will I encounter with a Prosper personal loan?
How does applying for a Prosper personal loan affect my credit score?
Does Prosper offer an autopay discount for personal loans?
Can you have co-signers on a Prosper personal loan?

About Christopher Boston

Christopher Boston headshot

Christopher (Croix) Boston was the Head of Loans content at MoneyGeek, with over five years of experience researching higher education, mortgage and personal loans.

Boston has a bachelor's degree from the Seattle Pacific University. They pride themselves in using their skills and experience to create quality content that helps people save and spend efficiently.

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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.