Prosper is a peer-to-peer loan company. The company says it has originated more than $17 billion in loans to over 1 million people since it was founded in 2005. Prosper offers multiple loan types, including debt consolidation, home improvement, short-term, bridge auto, small business, baby, adoption and engagement ring loans. It also charges a late fee for loans that are more than 15 days past due — 5% of the monthly payment amount or $15, whichever is greater. 195 Reviews. The company offers a variety of different loans. Prosper Loans Reviews. Quick Review: Prosper personal loans are best for people with excellent credit, as they have the best chance of qualifying for Prosper’s minimum APR of 7.95%. Prosper is a newer type of loan company called a peer-to-peer lender. I even offered to submit other government identifications. updated August 11, 2020 by Madison Miller. I found it to be a very simple process of filling out a very short form on a website, including how much money I wanted to borrow and how many months/years I wanted to pay it back. Pre-qualifying will not impact your credit. Range of loan amounts: Prosper offers loan amounts from $2,000 to $40,000, which allow borrowers to cover a wider range of expenses, including debt consolidation and pricey home improvement projects. It also charges a late fee for loans that are more than 15 days past due — 5% of the monthly payment amount or $15, whichever is greater. Undoubtedly, Prosper reneged on the terms of this loan and without my consent or knowledge, extended the loan to 60 months or 5 years. Unfortunately i was a victim on the fake Prosper loan company too. It’s backed by a number of large investment partners. Home equity line of credit: In addition to its unsecured personal loans, Prosper offers a home equity line of credit for borrowers in Alabama, Arizona, Colorado, Florida, New Mexico and Texas. With its application and loan posting system, it posts completed applications for investors to review and commit funds towards your loan, helping you get funding much quicker. You can check your rate online instantly. They said it would be added to the end of the loan. I thought the pandemic had thrown them off and let it ride because I thought it would simply extend my monthly payments. Prosper is a peer-to-peer personal loan company that can help you pay off debt or fund a big project or event. Now spending $1,000+ on a lawyer. The minimum credit score required is 640, but the average borrower has a 710. Great customer service. The payments resumed in June. The bank pays closing costs on your HELOC (above $10,000) with Prosper. Two days after I sent the requested documents - I received an email from Prosper stating that my application was canceled because I didn't provide sufficient proof of identity!! When I got home I got a call saying they didn’t get the money, so I called EBay and they said the card had been redeemed. She said there was nothing she could do - and that my application and account were closed. Contract didn't list that!? » COMPARE: Personal loans for good credit. I had to email them because the Prosper website wouldn't upload my documents. The bottom line: Prosper’s wide range of loan amounts and loan types could make it an ideal fit for borrowers with fair or good credit. They sent me an email saying I was "approved" for a loan. Prosper review rated 1.0/5.0 with 51 Comments: I am sharing my story because these people are just wrong! I would highly recommend Prosper. Prosper's main selling point is its ability to quickly and efficiently match users to the financing they need. With a HELOC, you borrow against the available equity in your home for a lower rate, and the house is used as collateral. Very helpful and walked through the process in detail. NOT "pre-approved" or "pre-qualified", "APPROVED". I emailed them and they replied saying it had been made clear all the payments would be due on Aug. 31. Minimum credit score: 640; borrower average is 726. To review Prosper’s personal loans, NerdWallet collected more than 40 data points from the lender, interviewed company executives and compared the lender with others that seek the same customer or offer a similar. I was pre-approved for a loan by Prosper - and immediately sent in all of the documents they requested - including bank account information, proof of income, and a copy of my driver's license. You may receive personalized rates from multiple lenders that partner with us, including Prosper. Very professional, start to finish. A Prosper personal loan is a good … I would give Prosper a perfect 10 out of 10. The contents of this site may not be republished, reprinted, rewritten or recirculated without written permission. I had automatic debit and they didn't take the April or May payments, and didn't show it as past due. No hiccups. Prosper handles all loan servicing on behalf of borrowers and investors. Including a co-borrower with stronger credit can improve your chances of getting a loan or a lower. Then the pandemic happened. Read more. Read our editorial guidelines. So don't waste your time with a company who cares nothing about their customers. The discount usually ranges from 0.25% to 0.5%, and helps borrowers make payments on time. 4.7 out of 5 stars. Funds were available within 5 business days of my application. Jackie Veling covers personal loans for NerdWallet. It is very important to do your own analysis before making any investment based on your own personal circumstances and consult with your own investment, financial, tax and legal advisers. To qualify applicants, the company uses a risk-rating system that takes into account data points like credit history and debt-to-income ratio. Compare Prosper with other loan companies: Origination and late fees: Prosper charges an origination fee ranging from 2.41% to 5.99%. This month I looked at my Prosper account and the loan showed $1300 due Aug. 31. And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free. No bankruptcies filed within the past year. Though Prosper charges an origination fee, the peer-to-peer lender offers comparable rates to other online lenders. 4 13%. Borrowers who want relatively fast access to cash at reasonable rates with no collateral might benefit from Prosper’s services. Some of them will not get paid back. Borrowers are then assigned a Prosper score, which investors use to decide whether to fund your loan. Some, but not all, lenders charge this fee. NOT OKAY! Yikes. Loan amounts are available up to $300,000. According to investor reviews… A link has directed you to this review. Loans offered are ideal for customers with good to excellent credit who are seeking a n… Prosper Personal Loan Reviews. Prosper HELOC is offered by Prosper Funding LLC, a marketplace lending platform founded in 2005 and based in San Francisco, CA. Joint loan option: Prosper allows two borrowers to apply together as joint applicants for a loan. Although the company accepts applications from all potential borrowers, it prefers to work with borrowers with credit scores starting at 640 and higher. 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