Prosper review

Nowadays, when you want to request a personal loan, you have so many options at your disposal, and Prosper is one of the trendiest platforms nowadays.

This P2P lending platform was founded in 2005, and since then, it has helped people like you with personal loans, having facilitated over $15 billion USD so far now.

However, are they a good option for you? If you want to know the answer, keep reading this review especially created for you!

Summary: Pros and Cons of Prosper Personal Loans

Short on time?

Want to go straight to the point?

This is for you.


  • Say good-bye to big bank fees
  • Excellent for debt consolidation
  • Soft credit inquiries
  • Auctions for getting better interest rates
  • Loans for people who may not qualify with traditional banks
  • No early payoff penalty fees


  • The lowest interest rates are reserved for best-qualified borrowers
  • Only 3-year and 5-year loans – no customization
  • Origination and late fees


I like Prosper because they put a human face to lending because unlike the majority of services, they bring you the opportunity to explain why they should bring you a loan. This allows you to get a loan even if you don’t qualify with traditional banks.

They offer low-interest rates (6.95% – 35.99%), however, the lowest is reserved for the best-qualified borrowers. It is only logical business-wise, so, not much to complain.

It is especially good for debt consolidation, and of course, for borrowers with an excellent credit score.

They have to add more customization to their loans because being restricted to only 3 or 5 years is very limiting.

Other than that, I recommend you to use Prosper because it is a legit and solid P2P lending platform. They have a clean and strong record in the market, so, you can trust it.

What Do You Need to Get a Loan from Prosper?

Here you have all the details:

  • Loan amounts: From $2,000 to $40,000
  • Repayments: 3-5 years


  • To get approved you need:
    • Credit Score: minimum 640, but higher is better (average is 710)
    • Credit History: minimum of 2 years (average is 11 years)
    • Annual Income: none (average is $89,000 USD)
    • Debt to Income Ratio: 50% (Maximum)

    That’s why I told you that you need a good credit score and history because that is how you will get the lowest interest rates and get approved rather fast. That’s my suggestion for you.

    They will fund your account very fast after getting approved, it usually happens in only one business day, but give them up to 3.

    Therefore, if you meet their requirements, you should contact them, because chances are you will get a loan from them very fast.


    Now you have another solid solution for getting a personal loan at low-interest rates, great transparency, and no hidden fees.

    I hope that my review helps you, and if you have any doubt, just let me know!


Please enter your comment!
Please enter your name here