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. The company offers a variety of different loans. 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. Prevent identity theft, protect your credit, The difference between term and whole life insurance, How medical conditions affect your life insurance rate. 4 13%. The company does not charge a prepayment penalty if you pay off the loan early. Those include the standard personal loan and debt consolidation. Originally, the company had low underwriting standards, and many investors saw low or even negative returns. 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. Joint loan option: Prosper allows two borrowers to apply together as joint applicants for a loan. APRs are consistent among lenders targeting similar borrowers. Prosper. Its personal loans carry a fixed … Contacted Attorney General. Borrowers will pay an origination fee between 2.4% and 5%, depending on their credit history. Loan shark. You choose the offer that works best for your situation, which could involve several lenders to meet the full amount you want to borrow. by Simon Cunningham on July 1, 2019 in Borrower Help Prosper is an online loan company based in San Francisco. I would give Prosper a perfect 10 out of 10. They sent me an email saying I was "approved" for a loan. No hiccups. Most Prosper borrowers have good to excellent credit. Victimizes low income people. All Prosper personal loans are unsecured, fully amortized personal loans. 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%. Editor's Rating . The contents of this site may not be republished, reprinted, rewritten or recirculated without written permission. It was a quick and easy process. Personal loan APRs are fixed and range from 7.95% to 35.99%, and customers with higher credit scores typically get lower rates. Reports payments to three credit bureaus. This month I looked at my Prosper account and the loan showed $1300 due Aug. 31. Instead, borrowers have to keep track of their own repayments. 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. Become a NerdWallet member, and we’ll send you tailored articles we think you’ll love. 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. Before you apply, you can check your rate without impacting your credit score. You’d pay $7,860 in total interest on that loan. A Prosper personal loan is a good … 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. Prosper is a peer-to-peer loan company. Additionally, the company definitely should be investigated for falsely advertising. Have fair or good credit (630 to 719 FICO). The discount usually ranges from 0.25% to 0.5%, and helps borrowers make payments on time. It’s backed by a number of large investment partners. 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. I then emailed Prosper and asked why - specifically - the application was denied given I had provided all of the requested documents. Prosper took 5% of my loan as an origination fee ($3,000 x 5% = $150). Website: www.Prosper.com . Loan terms and fees may vary by state. Excellent friendly staff. In this review, we’ll explain how a Prosper personal loan works, explore the pros … The bank pays closing costs on your HELOC (above $10,000) with Prosper. All communication was done through email. NerdWallet does not receive compensation of any sort for our reviews. The company says it has originated more than $17 billion in loans to over 1 million people since it was founded in 2005. It only took about 1/2 of a day and I received the communication from Prosper that my loan had been funded. About Prosper Loans. Compare Prosper with other loan companies: Origination and late fees: Prosper charges an origination fee ranging from 2.41% to 5.99%. Does not offer direct payment to creditors with debt consolidation loans. Discloses rates, fees and terms on website. With a HELOC, you borrow against the available equity in your home for a lower rate, and the house is used as collateral. Scam. 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. 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. How do I know I can trust these reviews about Prosper? Loan example: A five-year, $15,000 loan with an 18% APR would cost $381 in monthly payments. They directed me to get an EBAY gift card for $200. Prosper deducts monthly payments from your account. Loans range from $2,000 to $40,000, and terms range from three to five years with a fixed interest rate. This puts them in a much similar risk category to Lending … Prosper is a peer-to-peer lender that provides personal loans to borrowers with fair or good credit. 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. Many or all of the products featured here are from our partners who compensate us. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. 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 … I had to email them because the Prosper website wouldn't upload my documents. Easy application process. I did not have to actually talk to anyone. 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 Loan told me they were going to help me. 3 4%. Prosper loans are available online. They do not have a brick and mortar store like most banks, and this means Prosper … For HELOC loans, Prosper offers flexible access to your money and monthly repayment terms. All financial products, shopping products and services are presented without warranty. Pre-qualified offers are not binding. I checked my notes and it says "add to back end of loan". Very professional, start to finish. I emailed them and they replied saying it had been made clear all the payments would be due on Aug. 31. ranging from 2.41% to 5.99%. However, this does not influence our evaluations. Prosper Loan told me they were going to help me. The payments resumed in June. They directed me to get an EBAY gift card for $200. Easy as 1, 2, 3! Thank you, you have successfully subscribed to our newsletter! Now spending $1,000+ on a lawyer. Our partners compensate us. They had added all the deferred payments up and had it as all due at the end of August! 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 … They seriously could not make it any easier. 5 79%. You can see your rate and credit limit online in seconds, without impacting your credit score. Everything worked as advertised … I've taken 3 loans from Prosper over the last 5 years and have had a perfect experience every time. To wrap it up, Prosper is a much simpler way to get a personal loan. Prosper offers multiple loan types, including debt consolidation, home improvement, short-term, bridge auto, small business, baby, adoption and engagement ring loans. Great service and response. NOT "pre-approved" or "pre-qualified", "APPROVED". ConsumerAffairs is not a government agency. Prosper's main selling point is its ability to quickly and efficiently match users to the financing they need. Great customer service. 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. Click the button below to pre-qualify on NerdWallet. The results are looking pretty good. Borrowers are then assigned a Prosper score, which investors use to decide whether to fund your loan. I even offered to submit other government identifications. You can fill out an application on Prosper’s website. Then the pandemic happened. Prosper loan interest rates range from competitive to very high. By entering your email, you agree to sign up for consumer news, tips and giveaways from ConsumerAffairs. 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. I would definitely recommend it to someone else especially Google reviews. HELOC rates start as low as 3.24% variable rate and range up to 10.35% after the introductory period. After entering your personal information, you’ll be presented with loan options for which you pre-qualify. Prosper review rated 1.0/5.0 with 51 Comments: I am sharing my story because these people are just wrong! A short 3-year $8,000 loan is costing me total $19,226. Disclaimer: NerdWallet strives to keep its information accurate and up to date. 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. Minimum credit score: 640; borrower average is 726. 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. NOT OKAY! I recommend it to anyone with good to great credit. Origination fees vary between 2.41% to 5%. It also offers loans specifically tailored f… Unsubscribe easily. This California based company currently holds a decent … Funds were available within 5 business days of my application. 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. Receive personal loan offers in minutes on Personal Loan Pro. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. Instead, borrowers have to keep track of their own repayments. Prosper Loans was founded in 2006 as a part of the Prosper Marketplace Inc. and Prosper … Prosper HELOC Review. Unsubscribe easily. 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. Prosper itself does not actually fund any part of the loan. 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. When you get a loan from Prosper, you’re not actually getting the money from Prosper. Pre-qualifying will not impact your credit. Prosper Loans Reviews. I got a 60-month loan which ends this month. 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!! Potentially high interest rates. I then called them with gift card code. Our content is intended to be used for general information purposes only. Short Term Loans, Write a Review. Limited term lengths: Borrowers can choose a three- or five-year loan repayment term. Offers FAQ that answers key borrower questions. Prosper's track record boasts seasoned returns of 5.48–10.78 percent. Prosper is a newer type of loan company called a peer-to-peer lender. Unsubscribe at any time. 4.7 out of 5 stars. Borrowers can choose a three- or five-year loan repayment term. 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. When evaluating offers, please review the financial institution’s Terms and Conditions. We also consider the number of complaints filed with agencies like the Consumer Financial Protection Bureau. Prosper is a peer-to-peer personal loan company that can help you pay off debt or fund a big project or event. No reviews yet . Maximum debt-to-income ratio: 50% (excluding mortgage); borrower average is 18% with housing payment. When I got my first loan from Prosper it was so wonderful to consolidate credit card debt into one monthly payment. Prosper's interest rates vary based on the loan amount and your creditworthiness. This may influence which products we write about and where and how the product appears on a page. 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. DO NOT APPLY! VERY ANGRY!!! Some of them will not get paid back. 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. 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