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Prosper Debt Consolidation Review

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Prosper is a peer to peer lending service that has helped over 250,000 people take control of their finances by providing over $3 billion in loans. A pioneer in peer to peer lending services, Prosper gives average individuals the opportunity to invest by becoming lenders. Prosper facilitates interaction between lenders and borrowers giving lenders the opportunity to fund loans as an investment opportunity and borrowers to take advantage of lower interest rates from competing lenders.  

 

Category

Peer to Peer Lending Service

 

Loan Amount

$2,000 to $35,000

Loan Period

3 to 5 years

Interest Rates

Fixed Rates start at 5.99%

Fees

No hidden fees

No Prepayment penalties

 

Qualifications

Credit rating of 640 and above

Loan rates are set by proper and based on factors including:

  • Prosper rating, which is an indicator of loss rates
  • Loan term
  • Economic environment
  • Competitive environment

 

Information Used

  • Credit Score
  • Prosper Rating
  • History of delinquencies
  • Homeownership
  • Revolving credit balance
  • Debt/ income ratio
  • Length of employment

 

Debt Consolidation at Prosper

Prosper offers one of the longest loan terms which allows you ample time to make payments. Longer loan periods makes debt payments more manageable with smaller payments. Prosper is an attractive option for taking out a loan with its comparatively low interest rates. However, Prosper may not be an ideal choice for those who wish to take a loan for debt consolidation purposes. A minimum 640 credit score is required which sadly alienates those who find themselves in a difficult financial situation. Its $35,000 loan limit is also too low for those struggling to make home payments or multiple credit card debt. This would simply be a short term solution which allows you to make a few payments for a couple of months. This only to find yourself struggling to make payments not only for your previous loans but also with your debt consolidation loan.


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Our Partner
  • Fixed rates start at 5.99%
  • Get up to $35,000 in loans
  • 5 years maximum loan period
  • No hidden fees, no prepayment penalties
  • Requires 640+ credit rating