Prosper is a trailblazer for the "peer-to-peer" lending platform back in 2005 and can offer borrowers personal loans up to $50,000 by connecting them with individual investors with much more flexibility compared to more traditional loans.1 Use personal loans for debt consolidation, home improvements, or to help with a financial emergency. Apply online via an easy form to check loan rates and receive funds in your account in one to three business days, if approved.
Pros and Cons of Prosper
Prosper can be a convenient choice for those seeking quick and flexible financial solutions through personal loans.5
- Good credit borrowers may receive lower loan interest rates
- To increase chances of loan approval, co-signers are allowed
- No prepayment penalties or hidden fees3
- Receive funds in one to three business days, if approved and depending on the bank5
- Loans available in only fixed 3 to 5 year terms
- Minimum 640 credit score required
- No adjustment to payment schedule is allowed
- If insufficient interest from investors, funding and loan approval may take longer
How Prosper Compares
to Other Options
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| Max Cash's Rating | |||
| Repayment Terms | N/A | N/A | Up to 90 Days for Installment Loans |
| Funding Timeline | Receive funds in one to three business days | Receive funds on the same day or by the next business day | Receive funds on the same day or by the next business day |
| Bottom Line | Prosper’s peer-to-peer lending model lets borrowers relieve up to $50,000 directly from investors with better, more flexible terms.1 Prosper may not work for those with lower credit with a 640 FICO score required for loans. |
Check ‘n Go serves those needing quick cash without the fuss or hassle. With in-store and online options and quick approvals, funds can be available by the next business day, even if some borrowers have bad credit.5 |
Cash One is there for consumers needing fast, short-term loans and who may have bad credit. With a wide lender network, approval chances increase.5 Service availability varies by state, so borrowers should check their eligibility. |
Frequently Asked Questions about
Prosper
Prosper is a legitimate business that has been operating since 2005 and is also the first peer-to-peer lending marketplace in the U.S.
Speak to a Prosper expert at 866-615-6319, or email support@prosper.com.
Prosper has been accredited by the Better Business Bureau (BBB) and has an A rating.
