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 | 12 to 36 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 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. |
Tower Loan will work with borrowers from all different kinds of credit backgrounds, offering personal and installment loans up to $20,000.1 Loans come with flexible repayment terms, but some are available only in select states.4 |
Heights Finance offers personal loans to help borrowers needing funds quickly, despite bad credit or bankruptcy. Debt consolidation loans are also offered to help consumers better manage their finances |
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.
