Prosper Personal Loan Review

Prosper is a peer-to-peer lending platform that offers personal loans to borrowers with fair credit scores.
Prosper Loan Review
Mateo Beltroy
Author: Mateo Beltroy

Money4Loans Score


TrustPilot Score

About Prosper

Prosper is a peer-to-peer lending platform that connects borrowers and lenders to provide unsecured personal loans.

Apart from personal loans, Prosper also offers home equity lines of credit (HELOCs).

Prosper was founded in 2005 and they are currently headquartered in San Francisco, CA.



Prosper Loan Details
Minimum credit score/credit range
6.99% - 35.99%
Loan amounts
$2,000 - $50,000
36 or 60 months
Approval turnaround
1 to 3 business days
All States (Except IA, WV)
Late Fees - 5% or $15
Other fees
Origination fee - Up to 5%

Who Is Prosper Best For

Prosper is best for borrowers with fair to excellent credit scores who are looking to borrow smaller loans. 

Prosper offers a lot of flexibility in their loan amounts which can be beneficial for borrowers who know exactly the amount they need. With a minimum credit score acceptance of 600, Proper’s loans are available to a majority of borrowers.

Prosper’s loans do come with some drawbacks, however. Their loans come with an origination fee of up to 5% and they charge a late fee of $15 or 5% of the monthly payment, whichever is greater. 

On the bright side, Prosper allows joint applications that can improve the odds of acceptance for borrowers with lower credit scores.

Prosper Personal Loan Uses

Prosper allows their personal loans to be used for a variety of purposes. For example, they allow borrowers to use the loan funds for debt consolidation, credit card consolidation, home improvements, medical expenses, large purchases, and vehicle purchases. 

Prosper does not allow their loans to be used for postsecondary educational expenses, like tuition, books, room and board, etc.

How to Contact Prosper

Prosper’s customer support representatives can be reached at 866-615-6319, Monday through Friday from 9 AM to 8 PM ET and Saturday from 9 AM to 5:30 PM ET. 

Their customer support can also be reached via email.

Our Verdict

In our opinion, Prosper is a quite competitive lender for borrowers with a fair to excellent credit score. They offer loans that range from $2,000 to $50,000 to borrowers with a credit score greater than 600. This means that their loans are available to a majority of borrowers.

Prosper is a bit inflexible in their terms compared to other lenders. They only allow loans to be paid off in 3 or 5 years. Their interest rates are also quite high on the top end of the range. The maximum APR is 35.99% while the lowest is 6.99%. 

Overall, we believe that Prosper is a great option for a personal loan as it is right in line with the competition. However, you may be able to find better rates and terms with other lenders if you shop around.

Compare Top Lenders

Get cash not rejected

money loans

Compare Top Lenders

Get cash
not rejected

money loans

Get Cash Not Rejected

Get personalized offers in under 2 minutes -
with no impact on your credit score