Prosper Review

Prosper is a peer-to-peer lender you can use to secure fixed-rate personal loans. With ARPs ranging from 7.95% – 35.99% and terms of either three or five years, Prosper offers unsecured personal loans of up to $40,000. These loans can be put towards a variety of expenses, including debt consolidation, home improvement, and medical bills.

Since its founding in 2005, Prosper has facilitated more than $18 billion in loans to more than a million people. Behind Prosper is an all-star team of investors, providing extra assurance to borrowers. Specifically, the company is backed by Sequoia Capital, Francisco Partners, Institutional Venture Partners, and Credit Suisse NEXT Fund.

So, what does Prosper offer? In this review, we’ll answer that and dig into the pros and cons of its personal loans.

Pros and Cons of Prosper



What Does Prosper Offer?

Prosper offers fixed-rate personal loans from $2,000 to $40,000 with three or five-year terms. Prosper’s personal loans have fixed interest rates. ARPs range from 7.95% – 35.99%, depending on the specifics of the loan and your situation. These loans can be used for several purposes, from debt consolidation to big-ticket purchases. For example, you might put your personal loan towards consolidating credit card debt or buying a new refrigerator.

Since personal loans borrowed from Prosper are unsecured, you don’t need to put up any collateral to qualify for them. This is great if you don’t want to risk any of your assets, but it also leads to a higher credit score requirement. To take out a personal loan, you need a minimum credit score of 640. However, Prosper does offer joint loans. When applying with a co-applicant with better credit, you may qualify for more personal loan offers.

What To Expect on the Site

Prosper makes it very easy to get a loan suited to your situation and needs. Through a guided eligibility tool, you can quickly see what personal loan offers you qualify for without having to do research yourself.

After entering how much you wish to borrow, the tool guides you through a series of questions. You’ll need to provide the intended purpose of the loan, whether or not you’re applying with a co-applicant, your primary source of income, how much you make annually, and other details necessary to assess your financial situation. Since Prosper only runs a soft credit check at this point, checking your eligibility and rate won’t actually affect your credit score.

Prosper then shows you all available offers. After choosing an offer and successfully completing all other necessary requirements, you can expect to receive your money via direct deposit as quickly as one business day. Additionally, we should note that there’s no requirement to choose any of Prosper’s offers.

For a snapshot of Prosper’s personal loan requirements, we’ve compiled a brief list. You must have:


The costs associated with your personal loan depend on the specific details of both your loan and your financial situation. In total, your loan may be subject to four types of fees:

Fortunately, Prosper doesn’t charge a prepayment fee. So, there isn’t a penalty for making prepayments or paying off your loan early.

What People Are Saying About Prosper

On Trustpilot, Prosper has an excellent customer rating. Based on nearly 7,000 reviews, the average customer score is 4.6 out of 5 stars.

These Trustpilot ratings are up to date as of October 2021.

The Bottom Line

If you’re looking for the easiest way to find your best personal loan offers, Prosper could be a great solution. With generous terms, competitive rates, and support for co-applicants, the company accommodates a variety of financial situations and needs. Plus, thanks to their free eligibility tool, you can check what offers you qualify for in a matter of minutes.

So, as you compare the best personal loan providers, Prosper is a good option to consider.