Prosper
With Prosper’s easy-to-use website, it takes only minutes to estimate your rate and monthly payment on a loan, which won’t affect your credit score. After this, you can quickly check your rate, choose loan terms, and get your funds directly deposited into your account as soon as one business day.
Over 1 million people have used Prosper to get a personal loan. Whether you are looking to consolidate debt, pay for large expenses, or unexpected burdens, Prosper can help. And there are no pre-payment penalties, helping you save money in the long run.
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Overall Rating
4/5 (Good)
Low Fixed-Rate Personal Loans
Determine monthly payment in minutes
Funds directly deposited
Flexible terms
No prepayment penalties
About Prosper
Founded in 2005 and America’s first peer-to-peer lending marketplace, Prosper has over $7 billion in funded loans. Customers request personal loans on Prosper’s website, and individual or institutional investors can fund loan requests. Investors can easily consider borrowers’ ratings, history, credit score, and category, and loan amount.
This model platform can easily connect people who can each benefit from their financial standpoint. Borrowers can get a fixed-rate loan, and investors can earn returns through Prosper’s underwriting model.
Program Options
Prosper can help consolidate debt or pay for significant expenses such as home improvements or special occasions with one of their program options.
Personal loans
Debt consolidation
Home Equity Line of Credit
Healthcare financing
Bankruptcy
Financial resources & guides
Reputation
Due to their easy-to-use model, Prosper has been mentioned and highlighted across multiple sources such as Bloomberg Businessweek, NBC, NPR, Reuters & The Wall Street Journal. They have excellent Trustpilot ratings.
A+ Better Business Bureau
No formal complaints
American Fair Credit Council Member
Cost & Other Highlights
Prosper has an upfront annual percentage rate that makes it easy to compare loan offers between businesses. It is used to provide a standard basis of comparison for the cost of credit. Their fixed rate system won’t allow your interest to rise at any time and will stay consistent throughout the length of your loan, making it simpler to plan for monthly payments.