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Prosper Personal Loan March 2024 Review

Prosper personal loans are financed partly by mom-and-pop investors. That means Prosper might give more flexibility when you apply.
Gideon SanfordMar 1, 2024
Editor’s Note
Advertising Disclosures

At, we strive to help you make financial decisions with confidence. While many of the products reviewed are from our Service Providers, including those with which we are affiliated and those that compensate us, our evaluations are never influenced by them.

Best for consolidating higher-interest-rate debt

Prosper Logo
Overall rating:
4.2 rating
Fixed APR6.99% – 35.99%
Loan Amounts$2,000 – $50,000
Repayment24 to 60 months
FeesOrigination fee: 1-5% of loan amount
Time to fundAs quickly as one day after approval
Min. Credit Score600
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  • Fixed interest rates lower than many credit cards
  • Adding a co-signer can get you better loan terms
  • Loan amounts up to $50,000
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  • Fees can add up if you fall behind or pay by check
  • Not available in all states yet
  • Rates are not competitive for bad credit applicants
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Prosper personal loan top features

Quick cash. If you need quick access to cash to consolidate debt, make home improvements, or pay for unexpected expenses like medical bills or emergency car or home repairs, Prosper can fund your loan the day after you’re approved.

Low rates. Prosper offers personal loans between $2,000 and $50,000 with rates as low as 6.99% APR, depending on your credit score. You can choose to repay your loan over 2 to 5 years with monthly payments that fit your budget. 

Moderate to high fees: Prosper has an origination fee of 1-5% of the loan. They also have other fees including:

  • Check payment fee: lesser of $5 or 5% of your payment,
  • Late fee: greater of $15 or 5% of your monthly payment
  • Insufficient funds fee: $15 for each returned or failed payment

Fast funding: Prosper can fund as fast as one day after approval.

Who is Prosper?

Prosper is a peer-to-peer lending company that makes it possible for people to borrow money from each other instead of just from a bank. If you need money, you can go to the Prosper website and fill out an application for a loan. Then, other people who have some extra money can choose to give you some of it. Prosper also manages and services the loans. They make money by charging a fee to the people who borrow the money. Prosper has been around since 2005 and has helped many people get the money they need.

Qualifying for a Prosper loan

To qualify, it’s ideal for you to have a credit score of about 600. Negative marks on your credit report, like late payments on other loans, might keep you from getting approved for a Prosper loan. 

Suppose you have a lower credit score or have trouble proving your income. Prosper allows you to apply for a loan with a co-signer, which might help you get approved, get a higher loan amount, or be approved for a lower interest rate.    

How to apply for a Prosper loan

Prosper’s personal loan website lets you plug in some basic information to see what kind of loans you might be eligible for, even before providing any personally identifiable information. If you like the options you see, you can check your initial rate without affecting your credit score.

Then, Prosper will check your credit and verify the information you provided. Prosper will send you a preliminary offer and perform a hard pull of your credit report, which may temporarily reduce your credit score. If everything looks good to Prosper, they’ll offer you the official terms of your loan for you to review and sign.  

Loan approval and loan funding from Prosper

After you submit your loan application, Prosper may ask for more paperwork to verify your job, income, and other information you provided. Once Prosper reviews those documents and approves your loan, Prosper will send the amount of your loan (minus the 1%-5% origination fee) directly to your bank account.  

Prosper: customer service and customer satisfaction

For customer service issues, contact Prosper by phone at 866-615-6319 and by e-mail at Prosper customers are most satisfied with Prosper’s quick loan funding and the ability of people with lower credit scores to take out personal loans. The biggest complaints are with their fees for late and returned payments and for payments made by mail, which some borrowers still prefer.

When a Prosper personal loan might be the best choice:

Prosper personal loans are a great choice if you:

  • Want to consolidate other debt
  • Have unexpected medical bills, vehicle repairs, or other large expense
  • Need to make home repairs or improvements and pay them off over time 

The streamlined application experience, high maximum loan amounts, and potentially low-interest rates can save borrowers a lot of money in interest and fees over Prosper’s 2-5 year personal loan repayment period.

Compare To

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Half Star rating

Good for:Borrowers With Fair Credit

Fixed APR
8.99 - 35.99%%
Loan Term
2, 3, 4, or 5 years
Loan Amount
$5,000 - $50,000
Min. Credit Score
Full Star
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Half Star rating

Good for: Large Personal Loans

Fixed APR
7.99% to 23.68% APR (with .25 % auto pay discount)
Loan Term
24 to 84 months
Loan Amount
$5,000 - $100,000
Min. Credit Score
None listed
Full Star
Full Star
Full Star
Full Star
Half Star rating

Good for:Fast Funding

Fixed APR
6.5 to 35.99%. Average 5- year loan has an APR of 26.57%
Loan Term
36 - 60 months
Loan Amount
$1,000 - $50,000 Varies by state
Min. Credit Score
No minimum