Prosper Loan

Prosper Loan

  • FICO Range 640+
    Origination Fee Yes
Company Description

(5.99% – 36.00% APR) Prosper is one of the leading “marketplace lenders” who is fast, offers unsecured loans for various reasons, and typically serves borrowers with good credit profiles.

Loan Size

$2,000 – $35,000

  • · 640+ FICO
  • · Credit Report.
  • · Proof of Income.
How Prosper Works

After you enter your basic information, Prosper checks your credit score using a soft credit check (this is basically a credit pull that does not impact your credit or FICO score). Based on their credit model, if you are eligible for a loan, you will be pre-approved. As soon as the loan is “funded”, the money will be transferred to your bank account. This entire process could take as little as 2 days. Once the money is in your bank account, payments are automatically withdrawn from your account until the loan is paid off.

All borrowers have access to Prosper Daily, a personal finance management app to view their credit scores (updated on a monthly basis) and keep track of their spending habits.

Bottom Line

Prosper is definitely one of the best places to start when looking to take out a loan for consolidating your credit cards, or taking out a loan for home improvements, a special occasion, or a car. They are fast, have competitive rates, and offer personal loans for a variety of purposes.