Prosper is a lending platform that put borrows in contact with lenders, it is best for people with good credit that wants to borrow amounts up to $50.000.
Prosper is a peer-to-peer lending company, since 2005 they provided over $22 billion in personal loans. Prosper Personal loans have fixed rates, fixed loan terms and amounts starting with $2.000 up to $50.000.
PROSPER
Borrow from $2,000 to $50,000 No pre-payment penaltiesIf you want to know more information about how Prosper Personal Loan works, keep reading our article.
About Prosper
Prosper was born in 2005 as the first peer-to-peer lending platforms of the U.S. With Prosper individuals and institutions can invest in the loan market and gain attractive returns. Since 2005 they provided over $22 billion in personal loans for more than 1.35 million people.
What started only as a lending platform has become a full rounded financial company, nowadays, Prosper offer credit cards, Home Equity lines, Investments and of course, personal loans.
Prosper is proud to act as a link between borrowers and lenders, they offered personal loans between $2.000 and $50.000 with fixed rates and fixed loan terms, besides that Prosper is backed by some big lending investor, including: Francisco Partners, Sequoia Capital, Credit Suisse NEXT Fund and Institutional Venture Partners.
Prosper Personal Loan
Prosper Personal Loan is best for people with good FICO score and are looking to borrow small amounts, the minimum required to get a loan with Prosper is 600 FICO score, but you can check your rate on their website, without harming your credit score, to see if you are preapproved or not.
Prosper offer loans between $2.000 and $50.000 with loan term between three and five years and fixed rates, the rates and loan offer will vary based on the information you fill up on the “check your rate” questionnaire and your credit score, they higher your score is the better offers you get.
Extra information about Prosper
You can use the personal loan made through Prosper for multiple purposes, the most common are: debt consolidation, home improvement, healthcare financing, vehicle purchases, vehicle repair and household expenses. You cannot use your personal loan for Postsecondary education expenses, but other than that, you can use it for any personal expenses you needed it.
One amazing thing about Prosper, that most online lending platforms does not have is a calculator on their website, this way you can estimate how much will be your rate, before checking your rate, to see if you are interested to pursuing a personal loan with them.
Advantages of the Prosper Personal Loan
- Personal loans starting at $2.000 up to $50.000
- Fast-funding, they money will be deposit in your account within one business day.
- Loan terms between 3 to five years
- Does not charge prepayment fees
- Flexible payment date, you can change it one time every year.
- Allows joint applications, using a co-borrower can help you get better loan offers.
- Fixed rates, as low as 7.95% APR
Loan Request Requirements
Before applying for a Prosper Personal Loan, ensure you meet the following requirements:
- Credit Score: A minimum credit score of 640 is recommended for a Prosper Personal Loan.
- Income Verification: Provide proof of a steady income to demonstrate your ability to repay the loan.
- Debt-to-Income Ratio: Maintain a debt-to-income ratio that aligns with Prosper’s guidelines.
- Residency: Applicants must be U.S. residents or have a valid visa.
- Bank Account: Have an active bank account for loan disbursement and repayment.
How to Apply for a Prosper Personal Loan
Follow these steps to successfully apply for a Prosper Personal Loan:
- Visit Prosper’s Website:
Go to the Prosper website and navigate to the loan application page. - Create an Account:
Sign up by providing your email address and creating a secure password. - Check Your Rate:
Fill in the required information to check the loan rates available to you. - Select Loan Terms:
Choose the loan amount and terms that suit your financial needs. - Verify Information:
Complete the application by providing necessary personal and financial information. - Income and Employment Verification:
Prosper may request documentation to verify your income and employment status. - Wait for Approval:
Once your application is submitted, wait for Prosper to review and approve your loan. - Accept Loan Terms:
If approved, review and accept the loan terms presented to you. - Receive Funds:
After accepting the terms, the funds will be deposited into your bank account. - Repay the Loan:
Set up automatic payments or manually repay the loan according to the agreed-upon schedule.
Prosper Personal Loan FAQs
What is the minimum credit score required for a Prosper Personal Loan?
Prosper recommends a minimum credit score of 640 for loan eligibility.
Can I apply for a Prosper Personal Loan if I am not a U.S. resident?
No, applicants must be U.S. residents or have a valid visa to qualify for a Prosper Personal Loan.
How long does it take to receive the loan funds?
Once approved, funds are typically deposited into your bank account within a few business days.
Is there a penalty for early loan repayment?
No, Prosper does not charge a prepayment penalty, allowing you to repay the loan early without additional fees.
What happens if I miss a loan payment?
Missing a payment may result in late fees and negatively impact your credit score. It’s important to communicate with Prosper if you anticipate any issues with repayment.
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