Prosper Review
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Prosper is an online P2P lending platform founded in 2005. It is also, America’s first peer-to-peer lending marketplace, with nearly 950,000 borrowers and loaned $15 billion between 2005 and 2019. Prosper makes it relatively easy for investors to put their money to work by allowing people to invest in each other in a way that is financially and socially rewarding.

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Prosper Fast Facts

Loan Amounts: $2,000 to $40,000
APR: 6.95% to 35.99%
Minimum Credit Score: 640

  • Loan Type: Personal Loans
  • Repayment Terms: 3 to 5 years
  • Direct Lender or Marketplace: P2P lender
  • Turnaround Time: Up to 5 business days
  • Best For: Borrowers with good credit looking for excellent rates

Prosper Complaints

Robert of Bedford, WA – June 24, 2020

I have two loans with them. The second one I took out I only had 1 payment left. And then in Feb 2020 I was affected by the covid virus pandemic!! Fix my account and update my 3 credit bureaus! Liars!!!!

Latonya of Fredericksburg, VA – May 29, 2020

During Covid19 I received a call from Prosper with some offers they were offering their customers. I accepted one of the settlement offers which is $443 a month. I have not missed a payment. Well, every month they report to the credit bureau that I am past due. They are showing on my credit 90-119 past due when I have not missed a payment. So they offer you help on your left hand and screw you on your right hand. I have 6 more payments to go. I will never get a loan or do business with Prosper. Just doesn’t make sense in a Pandemic. Why are they doing that to people – when everyone is just trying to survive.

Rick of Rockledge, FL – April 22, 2020

Here is what happened with the loans I have made. I can NOT help but to believe loaners who has LOST money borrow money to get the money they lost back. IF everyone one I loaned money to repaid the loans, there would be more than $10,000 in my account at the bottom. I have indented losses to show what has happened in my account. I am drawing out the money I have left in the account and making no more loans to any more thieves !!

The borrowers KNOW everyday folks are loaning them money with NO regards to how they hurt the loaners!! I am tired of being taken advantage of. I am sure anyone who keeps a record of their gains/losses could show the exact same results I have shown here.

Prosper Pros & Cons


  • Accepts 50% debt-to-income ratio
  • Allows co-signed and joint loans
  • Underwritten by WebBank, member FDIC
  • Excellent range of loan amounts available


  • Origination fee between 2.41% to 5%
  • Charges late fee of $15 or 5% of the unpaid loan amount
  • Lacking specific repayment term information
Prosper Personal Loans
Personal Loans Comparison Chart

Prosper Cost of Loan

Prosper will lend anywhere from $2,000 to $40,000, these loans are to be repaid over a period of either 36 or 60 months. In addition, they charge a loan origination fee of 2.41% to 5%. The origination fee is deducted directly from your loan amount before depositing your funds. On average, Prosper takes three to five days to fund a loan.

Prosper Qualifications

To get started, there is a list of criteria you need to meet:

  • Government-issued ID
  • 18 years or older
  • Social Security Number

To apply, you need to have access to the following information as well:

  • No bankruptcies filed within the past year
  • Debt-to-income ratio: 50% (excluding mortgage) 
  • Fewer than five credit bureau inquiries in the past six months

After you’ve met all the qualifications, you can get started by following these few steps:

  • Click Check my rate
  • Enter the amount you’d like to borrow and click Check your rate.
  • Fill in the required fields with basic information about yourself.
  • Financial and credit information is required.
  • Read the disclosures and check the box agreeing to them. Then hit View your offers

Once your application is processed, if pre-approved, you will be able to choose from different investors who can commit funds towards loans. Check all options carefully, if you decide on one, you can go on to complete the full application. Once the application is complete, Prosper will perform a hard credit check. Its investors will fund your loan within five business days.

Prosper Reviews and Ratings

Prosper’s BBB Rating is A+

Prosper is an accredited business by the Better Business Bureau with an excellent rating of A+. However, not all the reviews are positive, consumers do complain about the poor quality of customer service or the application or repayment process. As per reviews on Trustpilot, most consumers were happy with how quick and easy the application process was. It scores an average rating of 4.5 stars out of 5, with more than 1,600 reviews. As you can see, their online reviews are a little bit of a mix, but mostly positive.

Things to remember

  • Alaska, Idaho, Missouri, Nevada, New Hampshire, Virginia, and Washington, have financial eligibility requirements of a $70,000 annual gross income and a $70,000 net worth. Also, no residents of these states may invest more than 10% of their net worth in Prosper notes.
  • Loans can be used for nearly any purpose, including debt consolidation and home improvement. The company has a separate product for medical loans as well.
  • The loans are unsecured, so an investor has little recourse if the borrower decides not to pay. The annual default rate across all grades at Prosper is 3-4% with higher risk borrowers having a higher default rate.
  • Prosper allows borrowers to change due dates in most situations, but a loan can’t be extended, even for an emergency.
  • The company utilizes industry-standard technologies to protect data transmission and storage, including Extended Validation and Secure Socket Layer encryption methods to ensure that any information shared is encrypted and transmitted securely.
  • Make sure to keep in contact with Prosper when you have any questions

In conclusion

Prosper is a strong company that is providing great returns for p2p lending investors. The company had nearly 950,000 borrowers and loaned $15 billion between 2005 and 2019.  Their competitive interest rates and loan amounts make it an appealing option if you are looking to finance major or unforeseen expenses.

Bottom line, the loans it offers are ideal for customers with good to excellent credit who are seeking a versatile, no-frills, top personal loan without the hassle of a traditional offline loan process. 

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Prosper Review

Prosper is a strong company that is providing great returns for p2p lending investors. The company had nearly 950,000 borrowers and loaned $15 billion between 2005 and 2019. However, consumer complaints are on the rise since the pandemic.

User Review
1 (1 vote)