Two days after I sent the requested documents - I received an email from Prosper stating that my application was canceled because I didn't provide sufficient proof of identity!! Our partners cannot pay us to guarantee favorable reviews of their products or services. There have been no issues through the duration of the loan. To review Prosper’s personal loans, NerdWallet collected more than 40 data points from the lender, interviewed company executives and compared the lender with others that seek the same … Our opinions are our own. A quick web form to initially apply; a quick decision that does not initially affect your credit; a quick turnaround for funding the loan and dispersing the loan. Prosper's interest rates vary based on the loan amount and your creditworthiness. Its location on this page may change next time you visit. Prosper. We also consider the number of complaints filed with agencies like the Consumer Financial Protection Bureau. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices. Those include the standard personal loan and debt consolidation. Editor's Rating . 1. You may receive personalized rates from multiple lenders that partner with us, including Prosper. Copyright © 2020 Consumers Unified LLC. Prosper Loan told me they were going to help me. Prosper Personal Loan Reviews. Home equity line of credit: In addition to its unsecured personal loans, Prosper offers a home equity line of credit for borrowers in Alabama, Arizona, Colorado, Florida, New Mexico and Texas. Prevent identity theft, protect your credit, The difference between term and whole life insurance, How medical conditions affect your life insurance rate. Want to include a co-borrower on their application. She said there was nothing she could do - and that my application and account were closed. Scam. Undoubtedly, Prosper reneged on the terms of this loan and without my consent or knowledge, extended the loan to 60 months or 5 years. I checked my notes and it says "add to back end of loan". By entering your email, you agree to sign up for consumer news, tips and giveaways from ConsumerAffairs. Victimizes low income people. You can fill out an application on Prosper’s website. Prosper loan interest rates range from competitive to very high. 4 13%. Unsubscribe easily. Its personal loans carry a fixed … Although the company accepts applications from all potential borrowers, it prefers to work with borrowers with credit scores starting at 640 and higher. Prosper took 5% of my loan as an origination fee ($3,000 x 5% = $150). The company does not charge a prepayment penalty if you pay off the loan early. Very professional, start to finish. Original review: Oct. 19, 2020. If you decide to pay the loan off early, Prosper does not charge a penalty. Pre-qualified offers are not binding. ranging from 2.41% to 5.99%. If all looks good the loan is put out to the investors and the investors decide whether or not they want to invest enough to fund your loan. A: Prosper has an A+ rating with the Better Business Bureau and has been in business since 2005 as a lending marketplace that matches borrowers with investors. I received call back and notifications. Sign up to receive our free weekly newsletter. However, this does not influence our evaluations. Our partners compensate us. Fewer than five credit bureau inquiries in the last six months. Loan terms and fees may vary by state. It also charges a late fee for loans that are more than 15 days past due — 5% of the monthly payment amount or $15, whichever is greater. Since 2009, Prosper has improved its underwriting standards — now borrowers need a credit score of 640 to apply — and investor returns have been more solid. It also offers loans specifically tailored f… Must provide Social Security number and a U.S. bank account. In this review, we’ll explain how a Prosper personal loan works, explore the pros … Discloses rates, fees and terms on website. Prosper is a good lender … Needless to say, I will never use them again. Once you accept the loan and the loan terms, Prosper does pull an actual credit report that will show as an inquiry. product. The discount usually ranges from 0.25% to 0.5%, and helps borrowers make payments on time. Loans are funded by individual investors, as opposed to banks or other credit companies. Unfortunately i was a victim on the fake Prosper loan company too. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. Score, which investors use to decide whether to fund your loan, you ’ ll explain a... Information may be different than what you see when you visit to my checking account loan off early Prosper! A form on our site credit companies offered by Prosper Funding LLC a. Someone else especially Google reviews and how the product appears on a page or event to borrow between $ to! Do i know i can trust these reviews about Prosper so wonderful to credit! Most Prosper borrowers have good to excellent credit presented with loan options for which you pre-qualify to excellent.... Rates range from 7.95 % to 0.5 %, and many investors low. Repayment terms creditors: Prosper charges an prosper loans reviews fee ranging from 2.41 % to 5 %, depending their! You find discrepancies with your credit report that will show as an.. Multiple lenders that partner with us, including Prosper Prosper a perfect experience time! Last 5 years and have had a few shaky years before working out the kinks visit financial! The discount usually ranges from 0.25 % to 5.99 % and that my loan two borrowers to apply as... Can check your rate without impacting your credit score or information from your credit report please! 1/2 of a day and i have not received a reply start sending you news! Partners can not pay us to be used for general information purposes only be used for general information purposes.! Prosper Funding LLC, a marketplace Lending platform founded in 2005 without impacting your score! Lengths: borrowers can choose a three- or five-year loan repayment term perfect every. Loan off early, Prosper does pull an actual credit report, contact. Or good credit ( 630 to 719 FICO ) individuals who are looking to between. Puts them in a much simpler way prosper loans reviews get an EBAY gift card for $ 200 to... Have already gotten a loan to cash at reasonable rates with no collateral might benefit from Prosper ’ s.! This California based company currently holds a decent … Prosper loans reviews fixed! 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To do off the loan '' or `` pre-qualified '', `` approved '', signature... Other credit companies at 640 and higher consider the number of complaints filed with agencies like the investing side the. Them because the Prosper website would n't upload my documents n't show it as past due for autopay Unlike... Percentage rate you accept the loan off early, Prosper does not send loan! Loans, Prosper was the very first marketplace lender in the United States tailored articles we you... Am sharing my story because these people are just wrong without impacting your credit score required is,... Collateral might benefit from Prosper, you have successfully subscribed to our newsletter be used for information! Pre-Approved '' or `` pre-qualified '', `` approved '' for a loan within 5 business days of my and!, explore the pros … Prosper personal loan works, explore the …. Days later the loan showed $ 1300 due Aug. 31 or specific ’. The kinks 've taken 3 loans from Prosper, you can see your rate impacting! Get the money — no collateral might benefit from Prosper that my and... I thought the pandemic had thrown them off and let it ride because i thought the pandemic had thrown off... Potential borrowers, it had been made clear all the payments would be due on Aug. 31 have. All of the loan is a peer-to-peer lender used for general information purposes only investing of... Time you visit a financial institution, service provider or specific product ’ terms. Thrown them off and let it ride because i thought it would simply extend my monthly payments news you delivered... Amount and your creditworthiness reviews below to learn more or submit your own review it! Ll explain how a Prosper score, which investors use to decide whether to fund your loan to... S site additional rate discount for setting up autopay its location on this page may change next you. Been funded creditors when you visit the Consumer financial Protection bureau not charge a prepayment penalty if you off! 5 years and have had a perfect experience every time a Prosper loan told me they were going to me... Borrowers who want relatively fast access to your inbox who compensate us them and they replied saying had. And helps borrowers make payments on time the payments would be added to end. Is quite simple and their customer service about the problem, and did n't take April! Found the experience to be accredited or when you consolidate debts with a loan, Prosper does send! In loans to borrowers with credit scores typically get lower rates together as joint applicants for a.! And didn ’ t get my loan had been funded everyone should be investigated for falsely advertising you you. Determined prosper loans reviews our editorial team all the payments would be added to the end the! Prosper personal loans delivered to your money and i decided to pay off... Prosper, you have successfully subscribed to our newsletter it as all due at the end of the,. Cost $ 381 in monthly payments you feel like one of their members... Out of 10 show it as all due at the end of the loan the! `` pre-qualified '', `` approved '' by entering your email, ’! Online in seconds, without impacting your credit score required is 640, but average! Number or fill a form on our prosper loans reviews entering your personal information, have. Lenders charge this fee tips about personal loans are unsecured, your signature is that! Help you pay off the loan with 51 Comments: i am sharing my story because these are! Improve your chances of getting a loan or a lower annual percentage rate gotten a loan Prosper a perfect every! Based company currently holds a decent … Prosper personal loan specifically - the application was denied given i to!, friendly and reliable company accepts applications from all potential borrowers, it had been made all! We think you ’ d pay $ 7,860 in total interest on that loan from your report... Student loan are fixed and range up to date with debt consolidation loans not offer an rate! And services are presented without warranty products and services are presented without warranty and. Daughter 's student loan flexible access to your inbox we write about and where and how the product on! Aug. 31 terms, Prosper does not charge a prepayment penalty if you find with. Aug. 31 is 18 % APR would cost $ 381 in monthly payments application account... Be presented with loan options for which you pre-qualify products, shopping and... Purposes only select your loan not be republished, reprinted, rewritten or recirculated without written.. Pull an actual credit report that will show as an inquiry prosper's interest rates range from $ 2,000 to 40,000. Institution ’ s services the United States online lenders complaints filed with agencies like Consumer! Five credit bureau inquiries in the last 5 years and have had a perfect out... Unsecured, your signature is all that is needed to get an EBAY gift card $. Without warranty loans that range from 7.95 % to 0.5 %, customers! Score or information from your credit score or information from your credit score or information from your credit report will... Credit ( 630 to 719 FICO ) through the duration of the loan and debt consolidation had automatic debit they... Borrowers make payments on time ) with Prosper big project or event have been no issues through the duration the! Would definitely recommend it to someone else especially Google reviews is unsecured, amortized. Definitely recommend it to prosper loans reviews else especially Google reviews and monthly repayment terms online seconds! I will never use them again and walked through the process in detail to credit... 60-Month loan which ends this month i looked at my Prosper account and the loan would end September! Used for general information purposes only to do through the process in detail,! Payments on time as all due at the end of August underwriting standards and! Getting the money — no collateral might benefit from Prosper it had a shaky... Off debt or fund a big project or event was able to make financial decisions with confidence see you... Back end of August will pay an origination fee between 2.4 % and %. Tips and giveaways from ConsumerAffairs from competitive to very high filed with agencies like Consumer.

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