• LOAN TERMS: 3-5 years
  • APR RANGE: 7.95% - 35.99%
  • FEES: Origination fee, late payment fee, check processing fee

2021’s Trustworthy Prosper Reviews [Pros, Cons, & Pricing]

  • LOAN TERMS: 3-5 years
  • APR RANGE: 7.95% - 35.99%
  • FEES: Origination fee, late payment fee, check processing fee

Best For

Best for Smaller Loans


  • Established company
  • Simple online application process
  • Option for joint loans
  • Low minimum loan amount


  • High maximum APR
  • 2.41% - 5% origination fee required
  • The maximum loan amount may be too low for some people

Online peer-to-peer loan platforms are a very convenient way to meet your financial needs, and Prosper is a veteran – it’s actually the first of its type. Founded in 2005, it’s helped over 1,060,000 people get personal loans valued at more than $18 billion. Prosper serves as a platform for investors and borrowers who can exchange both long-term and short-term loans.

If you don’t have good credit, however, it might be better to look for alternatives that work with bad credit.

Before you make your final decision, it’s important to read through some Prosper reviews first, so why not start with ours?

What Do You Need To Know About Prosper Personal Loans?

  • Prosper is a great option for those who need smaller loans – their expected loan amount ranges from $2,000 up to $40,000.
  • The annual percentage rate (APR) may vary between 7.95% and 35.99%, depending on the specifics of your loan.
  • Among Prosper’s payment offers there is a monthly payment option you can choose to optimize your loan experience.
  • Prosper’s loan term may range from 3 to 5 years.
  • Some fees and penalties (origination fee; prepayment penalty, late payment penalty, returned payment fee) are included (e.g. origination fee), and some are not likely to be (e.g. prepayment penalty). Some reviews of Prosper criticize the fact that there’s an origination fee.
  • You need a good credit score to get a Prosper loan. The minimum credit they accept is 640. If you have a lower score than this, you need to fix your credit score before applying for a Prosper loan.
  • Prosper’s personal loans are unsecured, meaning you don’t need to put up collateral to take one like you would with secured personal loans.
  • There is a default automatic withdrawal option for your payments on the platform and a $15 fee for failed payments.
  • Prosper does not offer any arbitration services.
  • According to Prosper reviews, the prepayment penalty depends on the investor/lender.
  • While it’s a reliable platform, remember that it’s always a good idea to read the fine print before using a company’s services.
  • Prosper offers a mobile app that makes your application process even easier.
  • After you verify and submit all documentation, the typical approval time shouldn’t be longer than 5 business days.
  • Although Prosper gives your loan request 14 days for processing, the typical funding time is only 1-3 days.

What Are The Prosper Personal Loan Eligibility Criteria?

Before making the decision to take on any Prosper personal loans, make sure you are eligible first. Here are the criteria for personal loan eligibility:

  • Years of age: 18 and older
  • Citizenship: US residents (except Iowa and West Virginia) with a bank account and Social Security number
  • Minimum credit score: Your credit score needs to be fair, good, or excellent to get a Prosper loan. The minimum score is 640. This means that you should look elsewhere for a guaranteed loan if you have bad credit.
  • Income threshold: There is no income threshold: you can apply regardless of how much you earn.
  • Minimum length of credit history: 2 years or longer

How to Apply for a Personal Loan With Prosper?

Prosper’s website gives you the option to check your Prosper rates before you officially submit your application. This doesn’t affect your credit score, unlike some other credit score factors.

  1. Open Prosper’s website.
  2. Select “Personal Loans” from the drop-down menu.
  3. Click “Check Your Rate” on the website’s homepage.
  4. Enter the amount you would like to borrow, ranging from $2,000 to $40,000.
  5. Select what you plan to use it on: consolidate debt, home improvement, medical or dental, big purchase, auto/motor, household expenses, special occasion, business, taxes, vacation, baby & adoption, etc.
  6. Answer whether you’re applying alone or with a cosigner. Having a cosigner can greatly reduce your Prosper interest rate.
  7. Enter basic information: first and last name, date of birth, and e-mail address.
  8. Enter your address, city, state, and ZIP code.
  9. Choose your source of income: employed, self-employed, retired, or other.
  10. Provide information about your annual and additional income, as well as your monthly rent or mortgage payment.
  11. Enter your phone number so that you can be contacted regarding your application.
  12. Think of a password for your account and agree to Prosper’s terms and conditions.
  13. Enter your Social Security number so that Prosper can check your credit history and calculate your rate.
  14. If you are happy with your rate, choose the offer that suits you best and submit your application.

Receive your Prosper personal loan approval within 5 business days.

Pros Cons
Established company 2.41% – 5% origination fee required
Simple online application process High maximum APR
Option for joint loans The maximum loan amount may be too low for some people
Low minimum loan amount

Prosper Customer Reviews

Trustpilot Prosper loan reviews are mostly positive – it has a score of 4.5/5 stars out of 4,843 reviews. Customers seem to mostly enjoy the simple and fast process of getting their loan.

The situation is different at Consumer Affairs, where the majority of the reviews are negative. Granted, the total number of reviewers is only 55, but it still is concerning. Most complaints seem to be about inconsistent interest rates and questionable advertising.

No business has a perfect review score and 100% satisfied customers. The positive feedback from the Prosper reviews on Trustpilot is overwhelming and shows the business’s dedication to working for the benefit of its customers.

Privacy & Security Policy

If you choose Prosper, you can rest assured that your privacy and security won’t be compromised. Prosper uses various safeguards to make sure your personal information is protected. All servers have a Secure Socket Layer (SSL) certificate which guarantees your privacy and the encryption of your data. They also conduct regular tests and checks to make sure everything is airtight.


Although our review of Prosper shows that it is a great choice, it’s still a good idea to look at some alternatives just to see what else is on the market and how it compares to Prosper. Let’s take a look at two of Prosper’s biggest competitors:

SoFi vs Prosper

SoFi “wins” in some categories. Its main advantage is that it doesn’t require an origination fee, unlike Prosper. It has a lower loan minimum of $5,000 but also has a lower APR range compared to Prosper. That said, its credit score minimum is higher (680).

Upstart vs Prosper

Both Upstart and Prosper are peer-to-peer lending platforms. Upstart has a slightly higher loan amount of $3,000 compared to Prosper’s $2,000, but a lower maximum of $25,000. Both platforms have a similar origination fee, but Upstart has a lower APR rate range (5.7% – 29.99%).

Wrap Up

Prosper has been around for quite some time. During this time they’ve gained a good reputation as a platform that is simple and safe to use, has a decent APR range, and realistic requirements.

One of Prosper’s downsides is its origination fee which is something that’s not common for other similar platforms. Nonetheless, we agree with the other Prosper loan reviews – the pros outweigh the cons. So, we would highly recommend choosing Prosper for any personal loan needs you may have in the future.


Does Prosper offer consolidation loans?

Yes. Prosper has one of the best credit card consolidation loans out there. It will give your financial situation some relief and you’ll have more time to deal with it. At the same time, it saves you some money.

Can I get a personal loan online?

One of Prosper’s strong points is its convenience, and the simple online submission process is part of it. By following the straightforward instructions we’ve included in this Prosper review, you can submit your application in a matter of minutes.

Why is having a poor credit score so bad?

Well, most banks or loaning platforms rely on your credit score in order to approve your loan or to give you a good interest rate. It’s harder to get out of debt when you have a bad credit score or to simply get some extra money for a special occasion. It’s also difficult to buy a house when you have bad credit and no money.

Is Prosper a good loan company?

Yes. Prosper has been on the market for a long time and has had all that time to improve and adjust in a way that serves its customers the most. Many Prosper reviews show that customers are satisfied with this peer-to-peer lending platform’s quick loan process.

Can I use Prosper if I have bad credit?

Unfortunately, Prosper only accepts borrowers with a good credit score (minimum 640). However, this doesn’t mean that you’re doomed. There are other ways you can get a loan if you have bad credit.