Prosper Personal Loans Review

Rating: 9.6 / 10 (Excellent)
Disclosure: We receive advertising revenue from this partner. 
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Since launching in 2006 as the first marketplace lending platform in the U.S., over $9 billion in loans have been funded through Prosper.  With more than 2 million members, Prosper marketplace lending platform connects consumers who want to borrow from individuals and institutions who want to invest.

How is Prosper rated?


Loan Specifics
Cost of Loan
Lender Reputation

Overall Rating: 9.6 / 10 (Excellent)

Prosper is a good option for those with good or excellent credit ratings searching for an alternative to traditional loans. Its novel approach to peer-to-peer lending, its reputation (considering the more than 2 million members), and its range of loan amounts makes it a good and flexible alternative. Obviously, lenders want to safeguard their investment by choosing individuals with the lowest risk. This is why a good credit score and sound financial history puts you in the best position not only to get your loan approved by peers, but also to get a competitive rate. Additionally, the company has been featured in publications such as Consumer Reports, the Washington Post, and on NPR.

Prosper Loan Specifics

Loan Specifics - 9.7 / 10

With Prosper, borrowers can list loan requests between $2,000 and $35,000. Individual investors can then invest as little as $25 in each loan listing they select. Through Prosper, borrowers get low, fixed rate loans with no hidden fees or prepayment penalties. Investors can also earn great returns through the platform’s data-driven underwriting for personal loans.

Loan Uses

Debt/Credit Card Consolidation
Buy Home
Major Purchase
Home Improvement
Medical Expenses
Start Business
Loan Minimum
Loan Maximum
Term Length
3-5 years
Direct Deposit
Disbursement Time
1 to 3 business days

Representative Loan Sample

A three-year $10,000 loan with a Prosper Rating of AA would have an interest rate of 5.32% and a 1% origination fee for an APR of 5.99% APR. You would receive $9,900 and make 36 scheduled monthly payments of $302.

Prosper Qualification

Qualification - 9.5 / 10

Based on credit reports and other data, Prosper assigns each potential borrower a letter grade that essentially determines what kind of rates they can qualify for. When it comes to qualification, Prosper's standards tend to be a bit higher than most. The average successful Prosper borrower has a credit score of over 700 and a annual income of $90,000. Prosper prefers those who are steadily employed and have a strong credit history.
Minimum FICO Score
Personal Income Considered
Verify Bank Account
U.S. Citizen
Hard Credit Pull

Prosper Cost of Loan

Cost of Loan - 9.6 / 10

Prosper's APRs are more or less standard for the personal loan industry right now. Beyond their interest rate, Prosper has a origination fee of 1%-5%. This is of note as many of the lenders we feature do not charge origination fees. Prosper has no prepayment penalty, and a late fee of $15 or 5%.

The origination fee is subtracted from the loan immediately, before loan proceeds are transferred to your account. If you are using your loan through Prosper to purchase something specific (like a new couch), make sure you ask for enough to cover both the couch and the closing fee.  For example, if you have a Prosper Rating of HR and take a loan for $5000.00, you will be charged a $247.50 closing fee. You will then receive $4752.50 in cash deposited directly into your bank account.
APR Range
5.99% - 35.99%
Origination Fee
Missed Payment Penalty
Greater of $15 or 5% of the payment amount

Prosper Reputation

Lender Reputation - 9.5 / 10

Prosper is a BBB accredited business with an A+ rating. Although the company's Trustpilot score is 6.0 (average), the majority of reviews (82%) are positive. Negative criticism seems to mainly center around those who were not approved for loans.
Type of Lender
Peer to Peer
Year Founded
BBB Rating
Number of BBB Positive Reviews
Number of BBB Negative Reviews
Trust Pilot Rating
6.0 out of 10
Date Collected

Company Profile

Full Name
Prosper Personal Loans
Company Website
221 Main Street 3rd Floor, San Francisco, CA, 94105

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Our Partner
9.6 / 10
  • Innovative peer-to-peer loans trusted by 250,000+ 
  • No teaser rates/ hidden fees - 5.99% to 35.99% APR 
  • Get $2,000 to $35,000 with 3 or 5 years to pay it back
  • Answer a few questions to get your lowest eligible rates instantly.
  • You can pay it off whenever without penalty.
  • Your money goes straight to your bank account via direct deposit. 
  • No prepayment penalties
  • A+ BBB rating
  • 640-740 credit score is ideal