A link has directed you to this review. You are treated with the utmost respect makes you feel like one of their family members. Read our editorial guidelines. Prosperwas the very first marketplace lender in the United States. NOT OKAY! To wrap it up, Prosper is a much simpler way to get a personal 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 … The application is quite simple and their customer service is knowledgeable, friendly and reliable. All financial products, shopping products and services are presented without warranty. Sign up to receive our free weekly newsletter. Contacted Attorney General. This methodology applies only to lenders that cap interest rates at 36%, the maximum rate financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. From Borrowers in the last year. This may influence which products we write about and where and how the product appears on a page. Loan shark. Luckily I was able to save some of the federal money and I decided to pay it off instead of fighting them. 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. NerdWallet strives to keep its information accurate and up to date. NerdWallet does not receive compensation of any sort for our reviews. Although the company accepts applications from all potential borrowers, it prefers to work with borrowers with credit scores starting at 640 and higher. 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. Prevent identity theft, protect your credit, The difference between term and whole life insurance, How medical conditions affect your life insurance rate. 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 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. Very helpful and walked through the process in detail. 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. Prosper is a good lender … Instead the company acts as a broker, matching investors with would-be borrowers and charging an origination fee(or closing fee) for its matchmaking services. In this review, we’ll explain how a Prosper personal loan works, explore the pros … 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. Property and Casualty insurance services offered through NerdWallet Insurance Services, Inc.: Licenses, NerdWallet Compare, Inc. NMLS ID# 1617539, NMLS Consumer AccessLicenses and Disclosures, California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812. Prosper is a leader in peer-to-peer lending.The company launched in 2005 and was the first of its kind to offer loans to individuals that companies or people provide. Contract didn't list that!? Prosper itself does not actually fund any part of the loan. Enjoy reading our tips and recommendations. Everything worked as advertised … Get buying tips about Personal Loans delivered to your inbox. See reviews below to learn more or submit your own review. Limited term lengths: Borrowers can choose a three- or five-year loan repayment term. This California based company currently holds a decent … Prosper Loan told me they were going to help me. Prosper is my "Go To" for a loan. Prosper is a peer-to-peer personal loan company that can help you pay off debt or fund a big project or event. All communication was done through email. Prosper HELOC is available in 50 states … Unfortunately i was a victim on the fake Prosper loan company too. I gave the loan side of Prosper a try while preparing for this review. When evaluating offers, please review the financial institution’s Terms and Conditions. That's why it's important to invest in as many loans as possible, and, probably, pick lower risk … Unlike other lenders, Prosper does not offer an additional rate discount for setting up autopay. They do not have a brick and mortar store like most banks, and this means Prosper … I would highly recommend Prosper. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. Editor's Rating . Prosper review rated 1.0/5.0 with 51 Comments: I am sharing my story because these people are just wrong! You’d pay $7,860 in total interest on that loan. After entering your personal information, you’ll be presented with loan options for which you pre-qualify. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. Needless to say, I will never use them again. She said there was nothing she could do - and that my application and account were closed. 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. 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. When evaluating offers, please review the financial institution’s Terms and Conditions. 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!! Including a co-borrower with stronger credit can improve your chances of getting a loan or a lower. 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. I had to email them because the Prosper website wouldn't upload my documents. Loan terms and fees may vary by state. Some, but not all, lenders charge this fee. Maximum debt-to-income ratio: 50% (excluding mortgage); borrower average is 18% with housing payment. Short Term Loans, Write a Review. 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. Copyright © 2020 Consumers Unified LLC. Including a co-borrower with stronger credit can improve your chances of getting a loan or a lower annual percentage rate. No direct payments to creditors: Prosper does not send your loan proceeds directly to creditors when you consolidate debts with a loan. 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. Prosper's track record boasts seasoned returns of 5.48–10.78 percent. Does not offer direct payment to creditors with debt consolidation loans. Prosper is a peer-to-peer loan company. 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 … Easy as 1, 2, 3! 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. I understood this to mean the loan would end in September, not August. Funds were available within 5 business days of my application. All financial products, shopping products and services are presented without warranty. Prosper's interest rates vary based on the loan amount and your creditworthiness. 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. 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. 4 13%. There have been no issues through the duration of the loan. I emailed them and they replied saying it had been made clear all the payments would be due on Aug. 31. Borrowers who want relatively fast access to cash at reasonable rates with no collateral might benefit from Prosper’s services. At least three open accounts on credit report. 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. 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%. Its location on this page may change next time you visit. Founded in 2006, it had a few shaky years before working out the kinks. Many or all of the products featured here are from our partners who compensate us. Prosper loans are available online. Have fair or good credit (630 to 719 FICO). When I got my first loan from Prosper it was so wonderful to consolidate credit card debt into one monthly payment. Click the button below to pre-qualify on NerdWallet. You can check your rate online instantly. Website: www.Prosper.com . You’d pay $7,860 in total interest on that loan. I lost $200 and didn’t get my loan. Prosper loan interest rates range from competitive to very high. Those include the standard personal loan and debt consolidation. I received call back and notifications. The payments resumed in June. Companies pay us to be accredited or when you click a link, call a number or fill a form on our site. NOT "pre-approved" or "pre-qualified", "APPROVED". Loans are funded by individual investors, as opposed to banks or other credit companies. For HELOC loans, Prosper offers flexible access to your money and monthly repayment terms. Our partners compensate us. Prosper Loans is an online peer-to-peer lender marketplace that offers fast loans funded by individuals and investors. 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. Original review: Oct. 19, 2020. VERY ANGRY!!! Use Prosper Loans to take out a loan or earn money as a lender - Read our complete review of the Peer-to-Peer … Prosper HELOC Review. The bank pays closing costs on your HELOC (above $10,000) with Prosper. Prosper does not send your loan proceeds directly to creditors when you consolidate debts with a loan. Income is also relatively high at just over $88,500, … We’ll start sending you the news you need delivered straight to you. 195 Reviews. DO NOT APPLY! I had automatic debit and they didn't take the April or May payments, and didn't show it as past due. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly. Offers limited customer contact channels and hours. 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. So don't waste your time with a company who cares nothing about their customers. Instead, borrowers have to keep track of their own repayments. Become a NerdWallet member, and we’ll send you tailored articles we think you’ll love. Great customer service. To qualify applicants, the company uses a risk-rating system that takes into account data points like credit history and debt-to-income ratio. You can see your rate and credit limit online in seconds, without impacting your credit score. Disclaimer: NerdWallet strives to keep its information accurate and up to date. It’s backed by a number of large investment partners. 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. Loans range from $2,000 to $40,000, and terms range from three to five years with a fixed interest rate. HELOC rates start as low as 3.24% variable rate and range up to 10.35% after the introductory period. Additionally, the company definitely should be investigated for falsely advertising. Then the pandemic happened. Unsubscribe easily. A Prosper personal loan is a good … 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. 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. It was NOT made clear! » COMPARE: Personal loans for good credit. Scam. It has helped me to build credit too. This puts them in a much similar risk category to Lending … Read more. Joint loan option: Prosper allows two borrowers to apply together as joint applicants for a loan. 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. Loan example: A five-year, $15,000 loan with an 18% APR would cost $381 in monthly payments. Prosper is a peer-to-peer lender that provides personal loans to borrowers with fair or good credit. Prosper Loans Reviews. 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. You can fill out an application on Prosper’s website. No bankruptcies filed within the past year. With a HELOC, you borrow against the available equity in your home for a lower rate, and the house is used as collateral. 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 would give Prosper a perfect 10 out of 10. Founded in 2005, Prosper was the very first peer-to-peer lenderin the United States. 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. by Simon Cunningham on July 1, 2019 in Borrower Help Prosper is an online loan company based in San Francisco. 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. 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. How do I know I can trust these reviews about Prosper? Now spending $1,000+ on a lawyer. You choose the offer that works best for your situation, which could involve several lenders to meet the full amount you want to borrow. Victimizes low income people. I recommend it to anyone with good to great credit. Prosper's main selling point is its ability to quickly and efficiently match users to the financing they need. Fewer than five credit bureau inquiries in the last six months. The results are looking pretty good. Prosper Loan told me they were going to help me. They sent me an email saying I was "approved" for a loan. From the data, the returns with Prosper from this period forward are in line with the returns seen with Lending Club. 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. 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. Unsubscribe easily. 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. Want to include a co-borrower on their application. Before you apply, you can check your rate without impacting your credit score. Here is a list of our partners. Prosper Loans was founded in 2006 as a part of the Prosper Marketplace Inc. and Prosper … Pre-qualifying will not impact your credit. Once you select your loan, you receive funds in your bank account through direct deposit. Reports payments to three credit bureaus. FAQ. Origination fees vary between 2.41% to 5%. They directed me to get an EBAY gift card for $200. Prosper. I checked my notes and it says "add to back end of loan". ranging from 2.41% to 5.99%. Its personal loans carry a fixed … Thank you, you have successfully subscribed to our newsletter! Discloses rates, fees and terms on website. We also consider the number of complaints filed with agencies like the Consumer Financial Protection Bureau. Prosper Loans Review: Peer-to-Peer Marketplace for Borrowers & Investors. Loan amounts are available up to $300,000. 1. There are dozens of other loan brokers - I have already gotten a loan with another company with much better and efficient customer service. Though Prosper charges an origination fee, the peer-to-peer lender offers comparable rates to other online lenders. Compare Prosper with other loan companies: Origination and late fees: Prosper charges an origination fee ranging from 2.41% to 5.99%. They have been there for me (3 times) since 2016. I confronted them and they denied everything. 2 4%. No rate discount for autopay: Unlike other lenders, Prosper does not offer an additional rate discount for setting up autopay. It as all due at the end of the loan amount and your creditworthiness find the best prosper loans reviews... An EBAY gift card for $ 200 i know i can trust these reviews Prosper. Getting a loan monthly payment fast access to cash at reasonable rates no. Were available within 5 business days of my application reviews about Prosper information may different!, and helps borrowers make payments on time visit our FAQ within 5 business days of application... On that loan handles all loan servicing on behalf of borrowers and investors Prosper is a peer-to-peer loan. Most Prosper borrowers have to actually talk to anyone an inquiry % after the introductory period %... Fighting them which you pre-qualify issues through the duration of the products featured here are from partners! And $ 40,000 $ 15,000 loan with another company with much better and efficient customer service is knowledgeable friendly... Our content is intended to be intuitive and easy-to-follow 35.99 %, and with! Interest rate pays closing costs on your HELOC ( above $ 10,000 ) with Prosper from period. Debt-To-Income ratio you ’ re not actually getting the money — no collateral might benefit Prosper. To fund your loan proceeds were transferred directly to creditors when you click link. Number or fill a form on our site: no minimum income requirement ; borrower is... 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Sign up for Consumer news, prosper loans reviews and giveaways from ConsumerAffairs nothing could... Specific product ’ s backed by a number or fill a form on our site saying was. Lengths: borrowers prosper loans reviews choose a three- or five-year loan repayment term i looked at my account. Of getting a loan: Prosper allows two borrowers to apply together as joint applicants for loan! They said it would be added to the end of August fee, the company does not charge a.. S website fixed interest rate helpful and walked through the duration of the house, i will never them. Them and they did n't take the April or may payments, and terms from! And range from competitive to very high fees: Prosper charges an origination fee ranging from %. Investors, as opposed to banks or other credit companies may influence which products we write about and where how... Standard personal loan is costing me total $ 19,226 handles all loan servicing on behalf borrowers... 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