Our rating is based on a combination of expert staff and user ratings.
- Longstanding Reputation
- Excellent Customer Service
- High-Interest Rates
- Origination Fees of 2.4% - 5%
|APR||6.95% – 35.99%|
|Loan Amount||$2,000 – $40,000|
3 to 5 Years
Prosper is one of the first marketplace lenders to exist. Since being founded in 2005, Prosper has worked with over 750,000 borrowers and facilitated over $12 billion in loans. With Prosper, you can get a personal loan for anything you need, from debt consolidation to home improvement.
You are a good fit for Prosper if you have a good to excellent credit score since the average credit score of a Prosper borrower is about 710. You should also have a substantial annual income; the average income for a Prosper borrower is about $89,000. Prosper is an experienced lender with a longstanding reputation, so you can expect quality service.
Personal loans at Prosper are best for debt consolidation, especially for borrowers with good credit. However, you can use your personal loan for nearly any large expense.
How to Qualify
You can apply for a personal loan on Prosper’s website. Prosper requires a minimum credit score of 640, minimum credit history of two years, and a maximum debt-to-income ratio of 50% (excluding mortgage). Prosper has no minimum annual income.
There are no pre-payment fees, but there is an origination fee of 2.4% – 5%. There is also a late fee of $15 or 5% of the unpaid amount (whichever is greater) and an insufficient funds fee of $15.