Prosper Loans Review

Prosper Loans Review [Peer To Peer Personal Loans Reviews 2022]

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Prosper Loans Review

People are using personal loans more than ever these days. In some cases, consumers are borrowing money to help mitigate the economic effects of the coronavirus pandemic.

Borrowers are also using personal loans to consolidate existing debt, to improve or repair their homes, and for many other reasons.

Fortunately, there are more options than ever when it comes to finding a good personal loan. One of the more innovative lending platforms currently put there is Prosper.

Let’s take a quick look at this online peer to peer lending platform so you can determine whether or not Prosper will work for you.

Onto our Prosper Loans review!

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What is Prosper Loans?

Is Prosper Loans legit? Absolutely! Prosper is an online platform established in 2005 that specializes in peer-to-peer (P2P) lending for loan amounts between $2000 an $40,000. Individuals with money can use Prosper to invest by connecting them to people who needs loans. The investors then make money via the interest charged on the loans, which can be set based on the borrower’s perceived level of risk. Prospective borrowers with bad credit who wouldn’t otherwise be able to obtain a loan through traditional lenders often receive loans through Prosper. However, they often pay high interest rates for their loans as well.

Eligibility Requirements

To use the Prosper platform, you must be a US resident over with a valid social security number. You also need a credit score of at least 640, and to have some sort of valid income. Additionally, if you’ve had a bankruptcy in the past year, you will not be eligible to use Prosper.

Prosper loans requirements:

  • Must be a US resident
  • A minimum of a 640 FICO 08 score
  • Fewer than five credit bureau inquiries (after excluding duplicate inquiries) within the last 6 months
  • Annual income greater than $0
  • No bankruptcies within the last 12 months.
  • A debt-to-income ratio of no more than 50%
  • At least three open trades reported on your credit report
Prosper Peer To Peer Loans

How Does Prosper Loans Work?

How do Prosper loans work? Prosper Loans has an intuitive website and is easy to use. First, you need to sign up for a Prosper account, which only takes a few minutes. Then, when you’re ready, select your personal loan amount and answer a few questions about your credit, level of income, and other matters related to the loan. Then you will be provided several personal loan terms and options for you to consider. Then, if you select one of them, the funds are rapidly transferred into the bank account you provided to Prosper. 

Borrowers are charged a loan origination fee that can range between 2 to 4.5 percent. Interest rates can vary but range from 6.95 percent up to a whopping 35.99 percent APR, depending on the prospective borrower’s credit and financial situation. Prosper charges borrowers a $15 penalty on any issues with insufficient funds; they also charge either $15 or a 5 percent penalty fee, whichever is larger, for late payments as well.

Customer Service

Current customers or prospective borrowers can contact Prosper loans customer service via the following methods:

  • Phone: 1-(866) 615-6319. Hours are Monday-Friday 9am-8pm (ET)
  • Email at [email protected]
  • Mail at: Prosper Funding LLC, 221 Main Street, Suite 300, San Francisco, CA, 94105

Prosper Loans Reviews & Complaints

Let’s zero in on some key Prosper reviews. Prosper Loans has a rating  of 4.5 stars on Trustpilot based on over 1,600 reviews, which is considered excellent. Of those reviews, 80 percent of users gave Prosper Loans an excellent rating, while 7 percent issued a “bad” rating. The platform also has an “A+” rating with the Better Business Bureau (BBB) as well.

Prosper Pros and Cons

Here are some of the key pros and cons for Prosper you should consider: 


  • Speed.  Borrowers can often apply for a loan, get approved, and receive funds within 24 to 36 hours, so if you need a loan fast, Prosper is a good choice 
  • P2P Lending Increases Loan Options. Borrowers who might not otherwise be eligible for a traditional loan may be able to obtain one through Prosper
  • No Credit Impact. Applying for a loan on Prosper doesn’t have any effect on your overall credit score 


  • Cost. Borrowers who are considered higher risk will pay much higher loan rates on Prosper loans. Additionally, Prosper charges an origination fee and multiple penalty fees on late and insufficient payments as well
  • Loan Amounts. The largest personal loan you can apply for on Prosper is $40,000

Prosper Loans Alternatives

There are similar online platforms offering services comparable to Prosper Loans. 

Loans like Prosper:

  • Lending Club
  • Upstart
  • Credible
  • Kiva 
  • Peerform
  • StreetShares 
  • FundingCircle 

Each of Prosper’s rivals offers different terms and slightly different services in some cases you may be able to obtain a much larger loan than you could on other platforms, and in other cases, you may be able to obtain the loan you want for less. So, make sure you shop around before you settle on a personal loan.

Frequently Asked Questions (Faq)

Is Prosper loans legit?

Are prosper loans legitimate? Prosper is an established company offering legitimate P2P lending services to people seeking personal loans.

What is the Prosper loans minimum credit score?

The Prosper loans minimum credit FICO score is 640.

What are the Prosper loans rates?

Prosper loans rates range from 6.38% (AA) to 35.36% (HR) for first time borrowers. Repeat borrowers may be eligible for discounted rates. Check your rate here.

Prosper Loans Review: Parting Thoughts

Prosper and its P2P lending have delivered an innovative option for people who need a personal loan and need it now. So, if you’re in the market for a loan, make sure you check Prosper out.

Check Out Prosper Loans

Get a quote that won’t affect your credit score


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