Prosper, much like Lending Club, relies on individual investors to fund its loans, which can make it easier to get approved for a loan. Prosper also let’s you include personal information in your application to help your loan get funded.
Best for: For those who have good personal reasons to apply for a loan.
Pros: Fast deposit, partial loans available.
Cons: Slightly higher interest rates than other online personal loan sites.
Prosper: Rates and Fees
Prosper’s rates fluctuate depending on your credit and other factors that it uses to determine your eligibility.
- APR: 6.73% to 35.97%
- Interest Rate: 6.05% to 31.90%
- Origination Fee: 1% to 5%
- Late Fee: Greater of $15 or 5%
- Check Processing: $15
Prosper: Loan Amounts
$35,000 is the maximum loan amount you can borrow from Prosper. $2,000 is the minimum amount you can borrow.
Like most other online loan services, you need at least a Good credit score, proof of income and a low (30% or below) debt-to-income ratio to get approved by Prosper.
Prosper: Loan Process
Like other online personal loan providers, Prosper’s loan process starts with a basic application that asks for simple personal and financial information. Prosper then processes your application and assigns you a rating that will help determine your interest rate. You can then list your loan request, where you can add personal information about who you are and why you want the loan. Individual investors, who Prosper screens, will have 14 days to invest in your loan. If your loan is fully funded by the end of the 14 days, the funds will be transferred to your account within the next day.
Prosper: Partial Loans
Prosper does offer partial loans. If your loan is at least 70% funded before the 14 days are up, you can choose to take the 70% of your loan or cancel the loan and apply again.