A short 3-year $8,000 loan is costing me total $19,226. So how do we make money? Loans offered are ideal for customers with good to excellent credit who are seeking a n… The company does not charge a prepayment penalty if you pay off the loan early. Think of it like an application fee or a processing fee — a sunk cost that may or may not seem reasonable, but one that’s non-negotiable. 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. The contents of this site may not be republished, reprinted, rewritten or recirculated without written permission. You can check your rate online instantly. When you get a loan from Prosper, you’re not actually getting the money from Prosper. Like the investing side of the house, I found the experience to be intuitive and easy-to-follow. APRs are consistent among lenders targeting similar borrowers. We value your privacy. Contacted Attorney General. We also consider the number of complaints filed with agencies like the Consumer Financial Protection Bureau. The payments resumed in June. Pre-qualified offers are not binding. FAQ. Its personal loans carry a fixed … Loan terms and fees may vary by state. I then emailed Prosper and asked why - specifically - the application was denied given I had provided all of the requested documents. Additionally, the company definitely should be investigated for falsely advertising. Undoubtedly, Prosper reneged on the terms of this loan and without my consent or knowledge, extended the loan to 60 months or 5 years. Prosper Loans is an online peer-to-peer lender marketplace that offers fast loans funded by individuals and investors. Prosper Loans Review: Peer-to-Peer Marketplace for Borrowers & Investors. Prosper Loans was founded in 2006 as a part of the Prosper Marketplace Inc. and Prosper … 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. They had added all the deferred payments up and had it as all due at the end of August! This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. 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. No direct payments to creditors: Prosper does not send your loan proceeds directly to creditors when you consolidate debts with a loan. Once you select your loan, you receive funds in your bank account through direct deposit. They have been there for me (3 times) since 2016. If you decide to pay the loan off early, Prosper does not charge a penalty. 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. 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. Loan example: A five-year, $15,000 loan with an 18% APR would cost $381 in monthly payments. Prosper Loan told me they were going to help me. They directed me to get an EBAY gift card for $200. Including a co-borrower with stronger credit can improve your chances of getting a loan or a lower annual percentage rate. I received call back and notifications. product. Our partners compensate us. Great service and response. I understood this to mean the loan would end in September, not August. 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. I lost $200 and didn’t get my loan. You’re asked to provide personal information when you apply, including: After you’ve provided this information, Prosper matches you with traditional lenders or individual investors that fit your needs. Copyright © 2020 Consumers Unified LLC. Prosper does not send your loan proceeds directly to creditors when you consolidate debts with a loan. Unfortunately i was a victim on the fake Prosper loan company too. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. They seriously could not make it any easier. Prosper loans are available online. Here is a list of our partners. Borrowers will pay an origination fee between 2.4% and 5%, depending on their credit history. Prosper Personal Loan Review: Debt Consolidation and Medical Financing for Good Credit. Luckily I was able to save some of the federal money and I decided to pay it off instead of fighting them. Including a co-borrower with stronger credit can improve your chances of getting a loan or a lower. NerdWallet strives to keep its information accurate and up to date. Some, but not all, lenders charge this fee. You may receive personalized rates from multiple lenders that partner with us, including Prosper. The company offers a variety of different loans. So don't waste your time with a company who cares nothing about their customers. No hiccups. Sign up to receive our free weekly newsletter. The discount usually ranges from 0.25% to 0.5%, and helps borrowers make payments on time. I then called them with gift card code. Prosper allows borrowers to apply and receive a HELOC within weeks, and applicants can also see a personalized offer without affecting their credit score. Offers limited customer contact channels and hours. Origination fees vary between 2.41% to 5%. After submitting my request I was receiving multiple response from different lendings making it easy for me to decide with was best for my budget. They sent me an email saying I was "approved" for a loan. Confusing victimizing contract. 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. Unsubscribe at any time. Loan amounts are available up to $300,000. When evaluating offers, please review the financial institution’s Terms and Conditions. Disclaimer: NerdWallet strives to keep its information accurate and up to date. No rate discount for autopay: Unlike other lenders, Prosper does not offer an additional rate discount for setting up autopay. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly. Very professional, start to finish. Limited term lengths: Borrowers can choose a three- or five-year loan repayment term. Everything worked as advertised … When evaluating offers, please review the financial institution’s Terms and Conditions. Most Prosper borrowers have good to excellent credit. According to investor reviews… Companies pay us to be accredited or when you click a link, call a number or fill a form on our site. In this review, we’ll explain how a Prosper personal loan works, explore the pros … Prosperwas the very first marketplace lender in the United States. Prosper's main selling point is its ability to quickly and efficiently match users to the financing they need. Loans range from $2,000 to $40,000, and terms range from three to five years with a fixed interest rate. 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. Instead, borrowers have to keep track of their own repayments. Maximum debt-to-income ratio: 50% (excluding mortgage); borrower average is 18% with housing payment. Originally, the company had low underwriting standards, and many investors saw low or even negative returns. Joint loan option: Prosper allows two borrowers to apply together as joint applicants for a loan. Editor's Rating . NerdWallet's ratings are determined by our editorial team. A link has directed you to this review. Prosper. Personal loan APRs are fixed and range from 7.95% to 35.99%, and customers with higher credit scores typically get lower rates. 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. Thank you, you have successfully subscribed to our newsletter! Its location on this page may change next time you visit. TERRIBLE - TERRIBLE - TERRIBLE CUSTOMER SERVICE. 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. Easy as 1, 2, 3! Prosper is my "Go To" for a loan. Didn't take more than a week. 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. 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." With a HELOC, you borrow against the available equity in your home for a lower rate, and the house is used as collateral. However, this does not influence our evaluations. Prosper took 5% of my loan as an origination fee ($3,000 x 5% = $150). 3 4%. Very helpful and walked through the process in detail. The bank pays closing costs on your HELOC (above $10,000) with Prosper. 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. Individuals helped finance the loan. To wrap it up, Prosper is a much simpler way to get a personal loan. 2 4%. 4.7 out of 5 stars. Prevent identity theft, protect your credit, The difference between term and whole life insurance, How medical conditions affect your life insurance rate. I had to email them because the Prosper website wouldn't upload my documents. Prosper HELOC is available in 50 states … We’ll start sending you the news you need delivered straight to you. Instead, borrowers have to keep track of their own repayments. It has helped me to build credit too. Borrowers who want relatively fast access to cash at reasonable rates with no collateral might benefit from Prosper’s services. Borrowers can choose a three- or five-year loan repayment term. 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. I called customer service about the problem, and spoke with an agent who was completely clueless about what to do. Potentially high interest rates. Prosper loan interest rates range from competitive to very high. The results are looking pretty good. Must provide Social Security number and a U.S. bank account. Compare estimated rates from multiple lenders, Get more smart money moves — straight to your inbox. Excellent friendly staff. 5 79%. 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. How do I know I can trust these reviews about Prosper? I gave the loan side of Prosper a try while preparing for this review. She said there was nothing she could do - and that my application and account were closed. It only took about 1/2 of a day and I received the communication from Prosper that my loan had been funded. At least three open accounts on credit report. Prosper Loan told me they were going to help me. We believe everyone should be able to make financial decisions with confidence. The discount usually ranges from 0.25% to 0.5%, and helps borrowers make payments on time. Fewer than five credit bureau inquiries in the last six months. Discloses rates, fees and terms on website. Loan terms and fees may vary by state. 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. That's why it's important to invest in as many loans as possible, and, probably, pick lower risk … 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%. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly. Want to include a co-borrower on their application. Prosper offers multiple loan types, including debt consolidation, home improvement, short-term, bridge auto, small business, baby, adoption and engagement ring loans. Prosper Loans Reviews. Our content is intended to be used for general information purposes only. Unlike other lenders, Prosper does not offer an additional rate discount for setting up autopay. Our partners cannot pay us to guarantee favorable reviews of their products or services. Prosper offers loans that range from $2,000 to $40,000. Pre-qualifying will not impact your credit. Prosper treats people this way during a pandemic and what's shaping up as the worst depression this country has ever seen. Prosper Personal Loan Reviews. 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. 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. When I got home I got a call saying they didn’t get the money, so I called EBay and they said the card had been redeemed. Prosper HELOC is offered by Prosper Funding LLC, a marketplace lending platform founded in 2005 and based in San Francisco, CA. Prosper's track record boasts seasoned returns of 5.48–10.78 percent. 195 Reviews. Although the company accepts applications from all potential borrowers, it prefers to work with borrowers with credit scores starting at 640 and higher. Prosper reviews are generally favorable — the company is upfront about its origination fees (2.41%–5%) and its application process — but the lender can take longer than average to fully … Great customer service. I would definitely recommend it to someone else especially Google reviews. There have been no issues through the duration of the loan. Prosper is a good lender … You’d pay $7,860 in total interest on that loan. 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!! No reviews yet . The application is quite simple and their customer service is knowledgeable, friendly and reliable. They directed me to get an EBAY gift card for $200. This month I looked at my Prosper account and the loan showed $1300 due Aug. 31. Though the online application process is convenient and can be completed without visiting a bank or physical location, the Prosper loans verification process could take up to five days, which might be too much of a wait for those who need emergency funds. A key difference between a Prosper loan is that Prosper … No bankruptcies filed within the past year. Once you submit the form, it somehow looks at your credit "picture" without actually pulling a credit report, and therefore not leaving an inquiry on your credit report. Read our editorial guidelines. 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. 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. All financial products, shopping products and services are presented without warranty. This may influence which products we write about and where and how the product appears on a page. I got a 60-month loan which ends this month. Some of them will not get paid back. Become a NerdWallet member, and we’ll send you tailored articles we think you’ll love. I then called them with gift card code. Scam. It also offers loans specifically tailored f… About Prosper Loans. Founded in 2005, Prosper was the very first peer-to-peer lenderin the United States. Unsubscribe easily. Needless to say, I will never use them again. I was pre-approved for a loan by Prosper - and immediately sent in all of the documents they requested - including bank account information, proof of income, and a copy of my driver's license. Then the pandemic happened. 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. 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 … It was a quick and easy process. Since the loan is unsecured, your signature is all that is needed to get the money — no collateral is required. A five-year, $15,000 loan with an 18% APR would cost $381 in monthly payments. Does not offer direct payment to creditors with debt consolidation loans. You choose the offer that works best for your situation, which could involve several lenders to meet the full amount you want to borrow. Minimum income: No minimum income requirement; borrower average is $113,000. Prosper is a peer-to-peer lender that provides personal loans to borrowers with fair or good credit. If you have what Prosper considers “excellent” credit, you’ll be more likely to qualify for better … From three to five years with a company who cares nothing about customers... With stronger credit can improve your chances of getting a loan with an 18 % APR would cost 381! Lender … when you consolidate debts with a loan from Prosper that my application and account closed... Or `` pre-qualified '', `` approved '' i would give Prosper a perfect 10 out of.. Was the very first peer-to-peer lenderin the United States or even negative returns works explore. Provide Social Security number and a U.S. bank account through direct deposit between! To apply together as joint applicants for a loan dozens of other companies... Explore the pros … Prosper loans is an online peer-to-peer lender period forward in... Has ever seen your creditworthiness the returns with Prosper billion in loans to find this review, we ll! Their customers depression this country has ever seen content is intended to used! Victim on the fake Prosper loan told me they were going to me. Falsely advertising other loan companies: origination and late fees: Prosper does not charge penalty... Found the experience to be used for general information purposes only from our partners can not pay us be... Was nothing she could do - and i decided to pay it off of. Of complaints filed with agencies like the Consumer financial Protection bureau with borrowers with credit scores typically get lower.... 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