Prosper Personal Loans

Information verified correct on June 27th, 2017

Personal loans made easy | Prosper

Prosper is America’s first marketplace lending platform, with over $9 billion in funded loans. Prosper offers access to fixed rate unsecured loans from $2,000 to $35,000, with loan terms of three and five years.

Every loan application is assigned a Prosper Rating—a proprietary rating system that allows for consistency in the evaluation of applicants. Potential investors use Prosper Ratings to help decide whether to commit to invest in borrower’s loan listing.

Prosper Personal Loan Types

Debt Consolidation Loan: debt consolidation loans through Prosper have a fixed interest rate, and your loan principal goes down as you make your loan payments—so you can stop your high interest credit card debt from spiraling out of control.

Home Improvement Loan: Join as a borrower and we’ll walk you through the entire process of getting a home improvement loan. There’s no collateral required, and your rate will never change.

Short-Term Loan: Sometimes a short-term loan is exactly what you need—a loan you can pay back in three years or five years. A longer-term loan won’t work when you’re looking for a relatively small loan amount, no prepayment penalties, and a quick and easy application process. And, of course, you want all of this at a good rate.

Auto Loan: When you’re looking to buy a new or used vehicle, it can often be difficult to get the loan you want. Some lenders offer loans only if you buy a new car, or one with very low mileage. Other lenders may limit the type of vehicle you can buy.

Small Business Loans: Personal loans through Prosper are based on your credit score, and issued to you as an individual (not a business).

You can also get Baby & Adoption Loans, Engagement Ring Financing, Special Occasion Loans, Green Loans, Military Loans.

Product NameProsper Personal Loans
Min Loan Amount$2000
Max. Loan Amount$35000
Loan Term1095 - 1825 days
Turnaround Time1 business day(s)
Bad Credit LoansNo
Direct LenderNo
ProductsAuto Loans, Debt Consolidation, Personal Loans
RatesRates from: 5.99% - 35.99% APR
Contacts 221 Main Street, Suite 300, San Francisco, CA 94105
1-(866) 615-6319
[email protected]
Social Accounts

Is Prosper Available In Your State?

Prosper is available in the following states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, DC, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma, Oregon, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming.

How to Apply for a Loan from Prosper

A borrower must be a U.S. resident in a state where loans through Prosper are available, and must have the following:
  • a bank account
  • a Social Security number
  • a credit score of at least 640 (Prosper uses TransUnion to obtain credit scores.)
Depending on qualifications, approved borrowers can request unsecured loans from $2,000 to $35,000. After a borrower submits a loan application, Prosper first obtains a credit report from TransUnion to evaluate whether the applicant meets the underwriting criteria Prosper has established in conjunction with WebBank. As of December 23, 2016, applicants are subject to the following minimum eligibility criteria:
  • Minimum FICO credit score of 640 (TransUnion FICO 08 score)
  • Debt‐to‐income ratio below 50%
  • Stated income greater than $0
  • No bankruptcies filed within the last 12 months
  • Fewer than seven credit bureau inquiries within the last 6 months
  • Minimum of three open trades reported on their credit report
Repeat borrowers must meet several additional criteria:
  • No previous loans on the Prosper platform which have been charged‐off
  • Must not have been declined for a loan through Prosper within the last four months due to delinquency or returned payments on a previous loan through Prosper

Prosper Business Ratings has received 4.07 out of 5 stars based on 29 Customer Reviews and a BBB Rating of A+.

BBB Accreditation
A BBB Accredited Business since 11/30/2012
BBB has determined that meets BBB accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints. BBB Accredited Businesses pay a fee for accreditation review/monitoring and for support of BBB services to the public.
BBB accreditation does not mean that the business's products or services have been evaluated or endorsed by BBB, or that BBB has made a determination as to the business's product quality or competency in performing services.

BBB File Opened: 08/30/2006
Business Started: 03/22/2005
Business Started Locally: 03/22/2005
Business Incorporated: 04/14/2005 in DE
Type of Entity: Corporation
Business Management: Mr. Sachin Adarkar, General Counsel, Mr. Jeff Adkins, Voice of Customer, Mr. Joshua Twomey, Customer Advocate, Mr. Aaron Vermut, CEO
Business Category: Loans
Additional Information: Loan Types: Debt Consolidation Loans Home Improvement Loan Short Term & Bridge Loans Auto & Vehicle Loans Small Business Loans Baby & Adoption Loans Engagement Ring Financing Wedding Loans Friends & Family LoansGreen Loans Military Loans
Alternate Business Names: Prosper Marketplace, Inc., Prosper Funding,
Licensing, Bonding or Registration: This business is in an industry that may require professional licensing, bonding or registration. BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met.
Number of Employees: 439

Prosper Company Information

Prosper Marketplace is America's first peer-to-peer lending marketplace, with over $7 billion in funded loans. Borrowers request personal loans on Prosper and investors (individual or institutional) can fund anywhere from $2,000 to $35,000 per loan request. Investors can consider borrowers’ credit scores, ratings, and histories and the category of the loan. Prosper handles the servicing of the loan and collects and distributes borrower payments and interest back to the loan investors.

Prosper verifies borrowers' identities and select personal data before funding loans and manages all stages of loan servicing. Prosper's unsecured personal loans are fully amortized over a period of three or five years, with no pre-payment penalties. Prosper generates revenue by collecting a one-time fee on funded loans from borrowers and assessing an annual loan servicing fee to investors.

Prosper publishes performance statistics on its website and all market data is available to the public for analysis. All transactions are in US dollars; lenders and borrowers must be US residents. Prosper's 10.69% annualized seasoned rate of return, net of fees, for the period of July 1, 2009 through September 30, 2011 was independently audited by Ashland Partners & Company LLP in December 2011.

In 2016 Prosper Marketplace unveiled Prosper Daily, a mobile app. The app is designed to give consumers tools to make financial decisions, including viewing all their financial accounts in one place, budgeting and tracking spending by category, identifying questionable charges, and monitoring their free credit score, which is updated monthly.

Prosper Offices

Send loan payment to: Prosper Marketplace Inc., P.O. Box 396081, San Francisco, CA 94139–6081

Office location: Prosper Funding LLC, 221 Main Street, Suite 300, San Francisco, CA 94105

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