Have fair or good credit (630 to 719 FICO). Prosper handles all loan servicing on behalf of borrowers and investors. Prosper offers loan amounts from $2,000 to $40,000, which allow borrowers to cover a wider range of expenses, including debt consolidation and pricey home improvement projects. Prevent identity theft, protect your credit, The difference between term and whole life insurance, How medical conditions affect your life insurance rate. NOT OKAY! Its personal loans carry a fixed … I immediately called customer service - and once again spoke to an inept, mentally vacant agent - who said Prosper couldn't prove that I was "a person." Our partners cannot pay us to guarantee favorable reviews of their products or services. I even offered to submit other government identifications. I would definitely recommend it to someone else especially Google reviews. Get buying tips about Personal Loans delivered to your inbox. Prosper treats people this way during a pandemic and what's shaping up as the worst depression this country has ever seen. Loan: From $2,000 to $40,000; Prosper launched in 2006 and, as of late, has had over $300 million loans funded from private investors. Prosper Personal Loan Review: Debt Consolidation and Medical Financing for Good Credit. According to investor reviews… Here is a list of our partners. Prosper Loans was founded in 2006 as a part of the Prosper Marketplace Inc. and Prosper … Prosper is a good lender … It focuses on individuals who are looking to borrow between $2,000 and $40,000. Although the company accepts applications from all potential borrowers, it prefers to work with borrowers with credit scores starting at 640 and higher. It's a great way to get money without all the intrusive stuff you have to go through with a bank or standard loan company. Borrowers can choose a three- or five-year loan repayment term. Our opinions are our own. They do not have a brick and mortar store like most banks, and this means Prosper … They directed me to get an EBAY gift card for $200. Instead, borrowers have to keep track of their own repayments. A short 3-year $8,000 loan is costing me total $19,226. You’d pay $7,860 in total interest on that loan. That’s somewhat common for online lenders, but it doesn’t give you the option to choose a shorter term and pay less interest, or a longer one to lower your monthly payments. Companies pay us to be accredited or when you click a link, call a number or fill a form on our site. Prosper loans are available online. Very helpful and walked through the process in detail. DO NOT APPLY! Some of them will not get paid back. With its application and loan posting system, it posts completed applications for investors to review and commit funds towards your loan, helping you get funding much quicker. Borrowers will pay an origination fee between 2.4% and 5%, depending on their credit history. Loan amounts are available up to $300,000. With a HELOC, you borrow against the available equity in your home for a lower rate, and the house is used as collateral. 5 79%. 3 4%. About Prosper Loans. That's why it's important to invest in as many loans as possible, and, probably, pick lower risk … Pre-qualified offers are not binding. You choose the offer that works best for your situation, which could involve several lenders to meet the full amount you want to borrow. It was a quick and easy process. Great customer service. Contract didn't list that!? Its location on this page may change next time you visit. Receive personal loan offers in minutes on Personal Loan Pro. NerdWallet strives to keep its information accurate and up to date. Victimizes low income people. All communication was done through email. They sent me an email saying I was "approved" for a loan. No reviews yet . However, this does not influence our evaluations. I received call back and notifications. 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. After entering your personal information, you’ll be presented with loan options for which you pre-qualify. Must provide Social Security number and a U.S. bank account. The company does not charge a prepayment penalty if you pay off the loan early. Prosper is my "Go To" for a loan. No rate discount for autopay: Unlike other lenders, Prosper does not offer an additional rate discount for setting up autopay. It also offers loans specifically tailored f… 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. Range of loan amounts: Prosper offers loan amounts from $2,000 to $40,000, which allow borrowers to cover a wider range of expenses, including debt consolidation and pricey home improvement projects. From Borrowers in the last year. Including a co-borrower with stronger credit can improve your chances of getting a loan or a lower. Excellent friendly staff. 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!! All financial products, shopping products and services are presented without warranty. Though Prosper charges an origination fee, the peer-to-peer lender offers comparable rates to other online lenders. A Prosper personal loan is a good … It’s backed by a number of large investment partners. Loan terms and fees may vary by state. Your application expires if your loan request isn’t at least 70% funded within 14 days, though most loans are funded within one to three days, according to the company. 4.7 out of 5 stars. NerdWallet does not receive compensation of any sort for our reviews. I recommend it to anyone with good to great credit. Prosper Loans also offers HELOC (home equity line of credit) loans and green loans for financing solar energy or water conservation systems in your home. I had automatic debit and they didn't take the April or May payments, and didn't show it as past due. Confusing victimizing contract. To qualify applicants, the company uses a risk-rating system that takes into account data points like credit history and debt-to-income ratio. No direct payments to creditors: Prosper does not send your loan proceeds directly to creditors when you consolidate debts with a loan. Prosper review rated 1.0/5.0 with 51 Comments: I am sharing my story because these people are just wrong! She said there was nothing she could do - and that my application and account were closed. Many or all of the products featured here are from our partners who compensate us. We value your privacy. Some, but not all, lenders charge this fee. Prosper Loans Review: Peer-to-Peer Marketplace for Borrowers & Investors. Prosper Loans is defined by several key points, which we’ve rounded up to the top five: Founded in 2005, and headquartered in San Francisco, Prosper is recognized as the first peer-to-peer lending platform in the US, and has funded over $16 billion loans. Joint loan option: Prosper allows two borrowers to apply together as joint applicants for a loan. Minimum income: No minimum income requirement; borrower average is $113,000. In this Prosper review (for borrowers), we'll show you an alternative method for getting a loan that might save you money (and headaches) in the long run. Prosper is a peer-to-peer loan company. Yikes. Origination fees vary between 2.41% to 5%. Like the investing side of the house, I found the experience to be intuitive and easy-to-follow. Prosper HELOC Review. Quick Review: Prosper personal loans are best for people with excellent credit, as they have the best chance of qualifying for Prosper’s minimum APR of 7.95%. It has been several days - and I have not received a reply. Then the pandemic happened. I understood this to mean the loan would end in September, not August. I would highly recommend Prosper. I did not have to actually talk to anyone. Prosper Loans Reviews. Contacted Attorney General. I would give Prosper a perfect 10 out of 10. A five-year, $15,000 loan with an 18% APR would cost $381 in monthly payments. You’d pay $7,860 in total interest on that loan. Borrowers can choose from only two repayment term options. Maximum debt-to-income ratio: 50% (excluding mortgage); borrower average is 18% with housing payment. They have been there for me (3 times) since 2016. The results are looking pretty good. I had to email them because the Prosper website wouldn't upload my documents. Prosper deducts monthly payments from your account. The bank pays closing costs on your HELOC (above $10,000) with Prosper. NerdWallet's ratings are determined by our editorial team. While the primary borrower must meet Prosper’s main credit criteria, the secondary borrower can qualify with a FICO score of 600, at least one open account reported on their credit report and no bankruptcy filings within the last 12 months. This may influence which products we write about and where and how the product appears on a page. I've taken 3 loans from Prosper over the last 5 years and have had a perfect experience every time. It was NOT made clear! Loan shark. Then, after submitting all my documents and information needed for a hard pull, I find out I wasn't actually approved yet and that everything I submitted was not meant to verify my information, but instead meant to be used for a loan approval process. I found it to be a very simple process of filling out a very short form on a website, including how much money I wanted to borrow and how many months/years I wanted to pay it back. Very professional, start to finish. 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. Prosper offers loans that range from $2,000 to $40,000. Reports payments to three credit bureaus. And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free. by Simon Cunningham on July 1, 2019 in Borrower Help Prosper is an online loan company based in San Francisco. Be the first one to find this review helpful. Does not offer direct payment to creditors with debt consolidation loans. Loan terms and fees may vary by state. Prosper is a peer-to-peer personal loan company that can help you pay off debt or fund a big project or event. It is very important to do your own analysis before making any investment based on your own personal circumstances and consult with your own investment, financial, tax and legal advisers. Founded in 2005, Prosper was the very first peer-to-peer lenderin the United States. From the data, the returns with Prosper from this period forward are in line with the returns seen with Lending Club. Website: www.Prosper.com . updated August 11, 2020 by Madison Miller. The application is quite simple and their customer service is knowledgeable, friendly and reliable. Prosper's track record boasts seasoned returns of 5.48–10.78 percent. I checked my notes and it says "add to back end of loan". When evaluating offers, please review the financial institution’s Terms and Conditions. The payments resumed in June. Sign up to receive our free weekly newsletter. Your fee will be displayed on the Terms Page from earlier, so make sure it is to your liking before you agree to your loan. That’s somewhat common for online lenders, but it doesn’t give you the option to choose a shorter term and pay less interest, or a longer one to lower your monthly payments. We’ll start sending you the news you need delivered straight to you. The first time I was buying my first car… The next time I had credit card debt and wanted to refinance it and buy a new car after my first one flooded while I was at work. Funds were available within 5 business days of my application. Read more. I then called them with gift card code. Since then, the company has funded more than $12 billion in loans. Easy application process. Minimum credit score: 640; borrower average is 726. Borrowers are then assigned a Prosper score, which investors use to decide whether to fund your loan. We also consider the number of complaints filed with agencies like the Consumer Financial Protection Bureau. When you get a loan from Prosper, you’re not actually getting the money from Prosper. Originally, the company had low underwriting standards, and many investors saw low or even negative returns. While the primary borrower must meet Prosper’s main credit criteria, the secondary borrower can qualify with a FICO score of 600, at least one open account reported on their credit report and no bankruptcy filings within the last 12 months. Original review: Oct. 19, 2020. There are dozens of other loan brokers - I have already gotten a loan with another company with much better and efficient customer service. Prosper's main selling point is its ability to quickly and efficiently match users to the financing they need. This California based company currently holds a decent … I was laid off in December 2019 and after my severance ran out, I requested help and they gave me a one-month deferment for March. HELOC rates start as low as 3.24% variable rate and range up to 10.35% after the introductory period. Click the button below to pre-qualify on NerdWallet. If you have what Prosper considers “excellent” credit, you’ll be more likely to qualify for better … 195 Reviews. So how do we make money? A link has directed you to this review. Once you accept the loan and the loan terms, Prosper does pull an actual credit report that will show as an inquiry. A key difference between a Prosper loan is that Prosper … By entering your email, you agree to sign up for consumer news, tips and giveaways from ConsumerAffairs. Become a NerdWallet member, and we’ll send you tailored articles we think you’ll love. It has helped me to build credit too. Prosper Loan told me they were going to help me. Scam. I applied for a personal loan and agreed to ONE hard credit pull and now I am getting alerts that my credit has dropped 15-20 points due to multiple hard credit pulls from Prosper. VERY ANGRY!!! I gave the loan side of Prosper a try while preparing for this review. Prosper Loans is an online peer-to-peer lender marketplace that offers fast loans funded by individuals and investors. APRs are consistent among lenders targeting similar borrowers. 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. Prosper does not send your loan proceeds directly to creditors when you consolidate debts with a loan. Prosper allows borrowers to apply and receive a HELOC within weeks, and applicants can also see a personalized offer without affecting their credit score. Loans are funded by individual investors, as opposed to banks or other credit companies. NerdWallet's ratings for personal loans award points to lenders that offer consumer-friendly features, including: soft credit checks, no fees, transparency of loan rates and terms, flexible payment options, accessible customer service, reporting of payments to credit bureaus, and financial education. The bottom line: Prosper’s wide range of loan amounts and loan types could make it an ideal fit for borrowers with fair or good credit. Now spending $1,000+ on a lawyer. I then called them with gift card code. For more information about reviews on ConsumerAffairs.com please visit our Prosper's interest rates vary based on the loan amount and your creditworthiness. Prosper Loans provides convenient options for borrowers with good credit and has online applications, direct deposits, no collateral, and loans that can be used for many purposes. Instead, borrowers have to keep track of their own repayments. 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 customer or offer a similar. In this review, we’ll explain how a Prosper personal loan works, explore the pros … I used this service for my daughter's student loan. 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