Get a $750 Welcome Deposit for eligible new customers who open an 
Prosper Funding LLC is a peer-to-peer online lender offering investor-funded loans with a quick online application for a wide range of uses.
Borrowers with good to excellent credit who need up to $40,000 in funds, and have the ability to pay the money back over three or five years, are welcome to apply.
In order for your loan to be approved, investors need to chip in at least 70% of the amount you’re requesting. If the loan is not funded at the 70% mark within 14 days, your listing will be cancelled, but you can always reapply.
Borrower Averages
| Credit Score | 710 |
| Credit History | 11 years |
| Annual Income | $89,000 |
The Good
- No collateral required. Don’t own a house? It’s not going to be an issue here.
- Simple application process. Just head over to Prosper’s website and apply online.
- Soft credit check. The initial credit check won’t affect your credit score, but if your loan is approved, a hard inquiry will show up on your report.
- Quick funding. It takes about 1 to 3 business days after approval.
- Flexible fund use. A personal loan through Prosper can be used for debt consolidation, small business needs, home improvement, special occasions, medical bills and much more.
- No rate hike or payment increases. With excellent credit, your APR could be as low as 6.95%, and that won’t budge for the entire duration of your loan term.
- No prepayment penalty. Choose to make additional payments whenever you can afford it. There are no extra fees for paying off your loan ahead of time.
- Compatible with Clarity Money. In partnership with Prosper, this app analyzes your financial situation and works to improve it with the use of artificial intelligence, machine learning and data science.
- Rebuild your credit. Prosper reports your payments to major credit reporting bureaus, so you can rebuild your credit by making on-time payments.
The Bad
- Not available in all states. You can’t apply for a Prosper personal loan if you live in Iowa or West Virginia. *The minimum loan for state of Massachusetts residents is $6000.
- Only 2 fixed term lengths. You’re limited between either a 3 year term or a 5 year term.
- The fees. Before receiving your funds, an origination fee of 2.4% to 5% will be deducted. Both the late fee and the check processing fee is $15 or 5% of the amount due. If your payment is returned due to insufficient funds, it’ll cost you $15.
Eligibility Requirements
All applicants must have a minimum credit score of 640. There is no minimum annual income requirement, but you must have a minimum credit history of two years and a maximum debt-to-income ratio of 50%.
Prosper Terms & Fees
| Loan Amounts | $2,000 – $40,000 |
| Loan Terms | 3 or 5 years |
| Repayment Options | Monthly |
| Origination | 2.4% – 5%* |
| APR | 6.95% – 35.99%* |
| Prepayment Penalty | None |
| Check Processing | 5% or $15 |
| Late Payment | 5% or $15 |
| NSF/Returned Payment | $15 |
Disclosure: *For example, a three-year $10,000 loan with a Prosper Rating of AA would have an interest rate of 5.31% and a 2.41% origination fee for an annual percentage rate (APR) of 6.95% APR. You would receive $9,759 and make 36 scheduled monthly payments of $301.10. A five-year $10,000 loan with a Prosper Rating of A would have an interest rate of 8.39% and a 5.00% origination fee with a 10.59% APR. You would receive $9,500 and make 60 scheduled monthly payments of $204.64. Origination fees vary between 2.41%-5%. APRs through Prosper range from 6.95% (AA) to 35.99% (HR) for first-time borrowers, with the lowest rates for the most creditworthy borrowers. Eligibility for loans up to $40,000 depends on the information provided by the applicant in the application form. Eligibility is not guaranteed, and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions. Refer to Borrower Registration Agreement for details and all terms and conditions. All loans made by WebBank, member FDIC. |
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The Breakdown
With Prosper, you can get an unsecured personal loan for up to $40,000 with rates as low as 6.95% APR for qualified borrowers. The quick and easy application process requires a soft credit check, which won’t hurt your credit score. You can use your funds for just about anything. Your rates are fixed for the entire length of the term, and there’s no penalty for early payment of your loan. Budgeting is simplified with Clarity Money, and your credit score will improve with on-time payments.
Sample Loan
| Loan Size | $20,000 |
| Origination Fee (3%) | $600 |
| Funds Received | $19,400 |
| Loan Term | 48 months |
| APR | 18.0% |
| Total Interest | $8,176 |
| Monthly Payment | $587 |
Unfortunately, you can only choose between two term lengths, 3 or 5 years. If you live in Iowa or West Virginia, you can’t apply for a Prosper personal loan. If you do choose to apply, please keep in mind there is a 2.4% to 5% origination fee. If you get approved, be well aware of Prosper’s fee schedule.
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