Although Prosper may be a decent choice for borrowers with average credit, borrowers with poor credit may find better terms from other lenders, including lower APRs and fewer fees. Personal and home equity loans are available via the peer-to-peer lending platform, which is known as Prosper. Its website brings together investors looking to lend money to those needing personal loans. Borrowers need to have an annual income higher than $0, a debt-to-income (DTI) ratio of 50% or lower, and a credit score that is at least 640 in order to qualify for a personal loan with Prosper. You can pick between a three or five-year payback period with Prosper's loans, which range from $2,000 to $40,000 and have an APR between 7.95% and 35.99%.

Borrowers with acceptable credit who wish to consolidate high-interest debt or pay for little costs may find that this particular lender is an alternative that works well for them. Your debt-to-income ratio (DTI) compares your total monthly gross income to your total monthly debt payments. To determine it, divide the total amount of your monthly debt payments by the whole amount of your monthly gross income. Your DTI ratio would be 50% if, for example, your monthly income was $2,000 and your monthly debt payments were $1,000.

An Overview of the Company

Within the realm of peer-to-peer lending, Prosper is the industry leader. It opened its doors in 2005, and its current location is in San Francisco, California. Personal loans with a fixed interest rate may be obtained via Prosper, which both private investors and institutions support. Since the company was founded, it has provided over 1.2 million customers with loans totalling more than $20 billion.

Types of Personal Loans Offered by Prosper

Personal loans from Prosper come in a wide range and may be put to use for practically anything, including the following:

• Medical expenditures
• Home Improvement
• Debt consolidation

On the other hand, the cash from a loan cannot be used to pay for education beyond the secondary level.

Although Prosper's minimum credit score requirements may be lower than some of its rivals, prospective borrowers still need to satisfy several additional eligibility standards to be considered for a loan. Borrowers need to satisfy all of the following conditions:

• A credit score of at least 640.
• A DTI ratio of 50% or less.
• An annual income that is larger than $0.

Time to Receive Funds

According to Prosper, the time it takes to examine and approve a loan might range anywhere from three to five days. After getting the final approval, it may take anywhere from one to three business days for you to receive your cash.

The Benefits of a Prosper Personal Loan

Pre-qualification Option

Prosper will run a "soft" credit check when you go through the pre-qualification process. This search does not impact your credit score and will still provide you with an estimate of your rates and terms. Evaluating the many loan alternatives offered by different lenders might be helpful in this regard if you want to obtain the best interest rates and conditions.

Adjustable Monthly Due Date

Logging into your Prosper account or giving the customer care line a call will allow you to alter the date on which your monthly payment is due. This may prevent you from making a late payment.

No Prepayment Penalty

If you want to pay off your loan with Prosper earlier than the originally agreed upon term, you will not be subject to any prepayment penalty.

Use Loan Proceeds for Almost Any Purpose

You can use the money from your loan toward nearly anything except paying for your education beyond high school.

Apply for a Prosper Personal Loan

You will need to satisfy several criteria if you want to be approved for a loan via Prosper. Before you submit your complete loan application online, you must pre-qualify for the loan.

Customer Service

The customer care department assisting borrowers may be contacted by phone Monday through Friday from 9:00 a.m. to 8:00 p.m. Eastern Standard Time (EST). Dial the following number to speak with a representative: 1-866-615-6319. In addition, borrowers may get help through email from the Prosper team. Send an email to help@prosper.com to contact the company's support staff.

Customer Satisfaction

The majority of customers who reviewed Prosper gave good feedback. It has an outstanding rating of 4.7 stars out of a possible five on Trustpilot, based on more than 8,400 customer reviews. Prosper's customer service and expedited loan procedure have received accolades from several reviews. However, the approval procedure may be difficult, and the annual percentage rates (APRs) might be expensive.

Account Management

Borrowers may monitor the specifics of their loans on Prosper's online dashboard, designed with ease of use. You can also set up an automatic payment plan, make payments via your online account, make payments over the phone, or pay with a personal check, cashier's check, or money order.