Prosper Personal Loans Review

Rating: 9.6 / 10 (Excellent)
Disclosure: We receive advertising revenue from this partner. Learn more.
Since its launch 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 with individuals and institutions who want to invest.

Borrowers can list loan requests between $2,000 and $35,000 with Prosper.  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 also can earn great returns through the platform’s data-driven underwriting for personal loans.


Peer-to-peer lending marketplace

Loan Details

Unsecured Personal Loans

Minimum Loan Amount


Maximum Loan Amount


Minimum Loan Period

36 months*

Maximum Loan Period

60 Months*

Loan Rates

5.99% to 36.00% for first time borrowers. APR Interest rates are based on loan period and loan grade. Loan grades range from AA (Borrowers with the best credit ratings) to HR (high risk)

Direct Deposit

* Annual Percentage Rates for first time borrowers through Prosper vary from 5.99% to 36%. For example, a three year $10,000 loan with a Prosper rating of AA would have an interest rate of 5.32% (5.99% APR) and 36 scheduled monthly installments of $302. The APR on any given loan is based on the Prosper rating as well as other factors. Eligibility is not guaranteed, and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions. Refer to Borrower Registration Agreement for details. All loans are made by WebBank, a Utah-chartered Industrial Bank, member FDIC.


Online Application Time

A few minutes

Response Time

A few minutes


At least 18 Years Old

US Citizen or Permanent Resident

Active Bank Account

Information Used

How Much do you Need?

What is it for?

How is your Credit?



Other Fees:

  • $15 failed payment fee: A failed automated withdrawal or returned check will result in a fee of $15. Only one failed payment fee will be charged per payment period. This can be due to insufficient funds, a closed account, account changes that were not reported to Prosper, or for any other reason (other than an error by Prosper). This fee is retained by Prosper.
  • If your monthly payment is 15 days (or more) late, you'll be charged a late fee of either $15 or 5% of the unpaid portion of the late payment amount (whichever is greater). Late fees are passed on to lenders; Prosper does not retain late fees.
  • Origination Fee - The origination fee also referred to as the prepaid finance charge is a percentage of the amount borrowed and varies by Prosper Rating. These fees range from .5% to 4.95% of the loan amount and what you are charged depends on your Prosper risk rating as a borrower. 

Prosper Rating vs. Origination Fee



A, B




The origination fee is taken 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.

Prosper Summary

Obviously lenders want to safeguard their investment by choosing individuals of 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 as well. 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 loan sizes makes it a good and flexible choice.

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