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.
Partner Disclosure
Although we don't cover every financial product or company, we strive to offer a diverse selection of offers and objective editorial viewpoints from the Max Cash content team. Our partners and affiliates, which include some of the lenders we may recommend, have no bearing on our editors' opinions or ratings, which are dependent on internal opinion and derived from analysis and research. You can find a list of our partners here.
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
|
|
|
|
|
| Max Cash's Rating | |||
| Repayment Terms | N/A | Up to 84 Months | N/A |
| Funding Timeline | Receive funds in one to three business days | Receive funds on the same day or by the next business day | Receive funds by the same day if you apply by 4pm ET on a weekday or 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. |
Elevate uses data analytics and advanced technology for bad credit borrowers who need quick credit. Their innovative support for financial education and long-term well-being sets them apart from many other online platforms. |
Rocket Loans is known for its simple online application, easy documentation requirements, and instant approval for many. Get up to $45,000, if qualified, with no prepayment penalties, but at least a fair FICO score is required.5 |
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.
Ready to See if You Qualify for Funding?
Partner Disclosure
Although we don't cover every financial product or company, we strive to offer a diverse selection of offers and objective editorial viewpoints from the Max Cash content team. Our partners and affiliates, which include some of the lenders we may recommend, have no bearing on our editors' opinions or ratings, which are dependent on internal opinion and derived from analysis and research. You can find a list of our partners here.