June 22, 2025 3:57 pm CDT
MoneysMyLife
SUBSCRIBE
  • Home
  • Bank Bonuses
    • Featured Bank Offers
      • BMO Bonuses
      • Chase Bonuses
      • Axos Bank Bonuses
      • KeyBank Bonuses
      • Live Oak Bank Bonuses
      • Upgrade Bonuses
    • Best Bank Bonuses
    • Best Bank Bonuses w/o Direct Deposit
    • Best Free Business Checking Accounts
    • Best Savings Rates
    • Best CD Rates
    • All Bank Bonuses
  • Investing Offers
    • Best Crypto Bonuses (Free BTC & More)
    • Best Investment Research Tools
    • Best Brokerage Offers
    • Best Real Estate Offers
    • Best Robo-Advisor Offers
    • Best Stock Brokers
    • All Investing Offers
  • Deals & Sign Up Bonuses
    • Best Referral & Sign Up Bonuses
    • Best Cash Back Shopping
      • Best Cash Back Shopping Bonuses
      • TopCashback $25 Exclusive Sign Up Bonus
      • Rakuten $30/$40 Sign Up Bonus
      • RebatesMe $45 Welcome Offer
    • Best Mattress Discounts & Coupons
    • Best Contests & Sweepstakes
    • Best Amazon Coupons & Deals
    • Best Freebie Deals
    • All Deals
  • Money Guides
    • Guide to Bank Bonuses
    • Guide to Investment Research
      • Guide to Seeking Alpha
      • Guide to Interactive Brokers
      • Guide to Investment Research Tools
    • Guide to Cash Back Shopping Apps
    • Guide to Student Loan Repayment Strategies
    • Guide to Get-Paid-To (GPT)
    • Financial Calculators
    • All Money Guides & Tips
No Result
View All Result
MoneysMyLife
  • Home
  • Bank Bonuses
    • Featured Bank Offers
      • BMO Bonuses
      • Chase Bonuses
      • Axos Bank Bonuses
      • KeyBank Bonuses
      • Live Oak Bank Bonuses
      • Upgrade Bonuses
    • Best Bank Bonuses
    • Best Bank Bonuses w/o Direct Deposit
    • Best Free Business Checking Accounts
    • Best Savings Rates
    • Best CD Rates
    • All Bank Bonuses
  • Investing Offers
    • Best Crypto Bonuses (Free BTC & More)
    • Best Investment Research Tools
    • Best Brokerage Offers
    • Best Real Estate Offers
    • Best Robo-Advisor Offers
    • Best Stock Brokers
    • All Investing Offers
  • Deals & Sign Up Bonuses
    • Best Referral & Sign Up Bonuses
    • Best Cash Back Shopping
      • Best Cash Back Shopping Bonuses
      • TopCashback $25 Exclusive Sign Up Bonus
      • Rakuten $30/$40 Sign Up Bonus
      • RebatesMe $45 Welcome Offer
    • Best Mattress Discounts & Coupons
    • Best Contests & Sweepstakes
    • Best Amazon Coupons & Deals
    • Best Freebie Deals
    • All Deals
  • Money Guides
    • Guide to Bank Bonuses
    • Guide to Investment Research
      • Guide to Seeking Alpha
      • Guide to Interactive Brokers
      • Guide to Investment Research Tools
    • Guide to Cash Back Shopping Apps
    • Guide to Student Loan Repayment Strategies
    • Guide to Get-Paid-To (GPT)
    • Financial Calculators
    • All Money Guides & Tips
SUBSCRIBE
No Result
View All Result
MoneysMyLife
No Result
View All Result
Home Banking

Prosper Personal Loans Review: Low Rate Loans Up To $40,000

Diana Mason by Diana Mason
October 26, 2022 1:08 am CDT
in Banking
2
Earn a $300 cash bonus with BlueVine!
chase-total-checking-banner-300-2024

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.

Prosper gives borrowers access to collateral-free, personal loans at low, fixed rates. We were the first online lending marketplace to launch in the United States in 2006 and have helped facilitate over $13 billion dollars in personal loans to date. Through Prosper, people with good credit can borrow up to $40,000 to help consolidate credit card debt and cover important life expenses, like remodeling their home or paying for medical expenses. With an easy online application, no hidden fees or prepayment penalties, Prosper is a smart way to get the money you need and improve your financial well-being.Prosper.com
Learn More at Prosper

See the Student Loan Refinancing and Personal Loans bonus offers from Credible here and SoFi here.

Borrower Averages

Credit Score710
Credit History11 years
Annual Income$89,000

Pros & Cons

PROSCONS

  • 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.

  • 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 Terms3 or 5 years
Repayment OptionsMonthly
Origination2.4% – 5%*
APR7.95% – 35.99%*
Prepayment PenaltyNone
Check Processing5% or $15
Late Payment5% 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.


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 Term48 months
APR18.0%
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.

Learn More at Prosper

Compare Top Personal Loan Providers
Compare all the best personal loan lenders here.
  • Posts not found

READ MORE: SEE THE BEST BANK BONUSES HERE AND THE BEST INVESTING BONUSES HERE.

Interactive Brokers Logo Click here to see why Interactive Brokers is the #1 brokerage for serious investors!

Related


Discover more from MoneysMyLife

Subscribe to get the latest posts sent to your email.

Tags: prosper
Tweet13Share20Share4Pin5SendShareSend
Amazon Prime Big Deal Days 2023 Amazon Prime Big Deal Days 2023 Amazon Prime Big Deal Days 2023
Diana Mason

Diana Mason

My passion for travel eventually led me away from the 9 to 5 office life and into the embrace of freelance work. Born in Cali and raised in Philly, I am a creative professional with a delightful knack for words. When I'm not gallivanting across the globe, you can find me writing (of course), teaching yoga, and dreaming of my next big adventure.

Comments 2

  1. John Elliott says:
    6 years ago

    Good Day All,

    Have you been denied by the bank or in need of an Emergency Loan/Funding, We will Loan To you and up to $500,000 in Private Lending, Bad Credit Good Credit we still Loan with Terms & Conditions To Loan – Must have Good Income, Next Day Funding – We are that Fast. We Loan when you have been denied, Contact Us Via Email: bridgewater_privatefirm@aol.com For More Info and also send in the following to Request your Loan:

    – Name
    – Phone
    – Loan Amount
    – Income
    – Pay Back Time
    – Why do you need Loan

    We will respond to you with your loan request almost immediately.
    We are on time Funding is available. Submit your Request Today.
    We will work with you.

    John Elliott
    bridgewater_privatefirm@aol.com

    Loading...
    Reply
  2. Loan Consultant says:
    6 years ago

    Good Day All,

    Have you been denied by the bank or in need of an Emergency Loan/Funding, We will Loan To you and up to $500,000 in Private Lending, Bad Credit Good Credit we still Loan with Terms & Conditions To Loan – Must have Good Income, Next Day Funding – We are that Fast. We Loan when you have been denied, Contact Us Via Email: bridgewater_privatefirm@aol.com For More Info and also send in the following to Request your Loan:

    – Name
    – Phone
    – Loan Amount
    – Income
    – Pay Back Time
    – Why do you need Loan

    We will respond to you with your loan request almost immediately.
    We are on time Funding is available. Submit your Request Today.
    We will work with you.

    John Elliott
    bridgewater_privatefirm@aol.com

    Loading...
    Reply

Leave a Reply Cancel reply

Editorial Disclaimer: Opinions expressed here are author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.
Disclaimer: These responses are not provided or commissioned by the bank advertiser, credit card issuer, hotel, airline or other entity. Responses have not been reviewed, approved or otherwise endorsed by any of the entities included within the post. It is not the bank advertiser's or any other entity's responsibility to ensure all posts and/or questions are answered.

Your email address will not be published. Required fields are marked *

Newsletter

Get new posts by email:

Featured Articles

Seeking Alpha Discount and Free Trial Promo Codes

Seeking Alpha Discount – Biggest Sale of 2025 Exclusive Promo Code (Ends July 4)

June 11, 2025 7:07 am CDT

Best Checking & Savings Account Bonuses: Earn Cash With Top Bank Promotions

June 18, 2025 10:47 am CDT

*Advertiser Disclosure: The credit card and banking offers that appear on this site are from credit card and banking companies from which MoneysMyLife.com receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MoneysMyLife.com does not include all credit card and banking companies or all available credit card and banking offers. This content is not provided or commissioned by the bank advertiser. Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post. This site may be compensated through the bank advertiser Affiliate Program.

© 2024 MoneysMyLife. All rights reserved.

  • About
  • Advertiser Disclosure
  • Disclaimer
  • Privacy
  • Terms
  • Contact
No Result
View All Result
  • Home
  • Bank Bonuses
    • Featured Bank Offers
      • BMO Bonuses
      • Chase Bonuses
      • Axos Bank Bonuses
      • KeyBank Bonuses
      • Live Oak Bank Bonuses
      • Upgrade Bonuses
    • Best Bank Bonuses
    • Best Bank Bonuses w/o Direct Deposit
    • Best Free Business Checking Accounts
    • Best Savings Rates
    • Best CD Rates
    • All Bank Bonuses
  • Investing Offers
    • Best Crypto Bonuses (Free BTC & More)
    • Best Investment Research Tools
    • Best Brokerage Offers
    • Best Real Estate Offers
    • Best Robo-Advisor Offers
    • Best Stock Brokers
    • All Investing Offers
  • Deals & Sign Up Bonuses
    • Best Referral & Sign Up Bonuses
    • Best Cash Back Shopping
      • Best Cash Back Shopping Bonuses
      • TopCashback $25 Exclusive Sign Up Bonus
      • Rakuten $30/$40 Sign Up Bonus
      • RebatesMe $45 Welcome Offer
    • Best Mattress Discounts & Coupons
    • Best Contests & Sweepstakes
    • Best Amazon Coupons & Deals
    • Best Freebie Deals
    • All Deals
  • Money Guides
    • Guide to Bank Bonuses
    • Guide to Investment Research
      • Guide to Seeking Alpha
      • Guide to Interactive Brokers
      • Guide to Investment Research Tools
    • Guide to Cash Back Shopping Apps
    • Guide to Student Loan Repayment Strategies
    • Guide to Get-Paid-To (GPT)
    • Financial Calculators
    • All Money Guides & Tips

© 2024 moneysmylife. All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
%d