Luckily I was able to save some of the federal money and I decided to pay it off instead of fighting them. They have been there for me (3 times) since 2016. Prosper is a peer-to-peer personal loan company that can help you pay off debt or fund a big project or event. Prosper review rated 1.0/5.0 with 51 Comments: I am sharing my story because these people are just wrong! You can fill out an application on Prosper’s website. 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. 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 personal loan product. A five-year, $15,000 loan with an 18% APR would cost $381 in monthly payments. Loan example: A five-year, $15,000 loan with an 18% APR would cost $381 in monthly payments. TERRIBLE - TERRIBLE - TERRIBLE CUSTOMER SERVICE. Prosper deducts monthly payments from your account. Very helpful and walked through the process in detail. You are treated with the utmost respect makes you feel like one of their family members. I understood this to mean the loan would end in September, not August. Minimum credit score: 640; borrower average is 726. I lost $200 and didn’t get my loan. Receive personal loan offers in minutes on Personal Loan Pro. 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. I called customer service about the problem, and spoke with an agent who was completely clueless about what to do. Like the investing side of the house, I found the experience to be intuitive and easy-to-follow. Prosper treats people this way during a pandemic and what's shaping up as the worst depression this country has ever seen. From the data, the returns with Prosper from this period forward are in line with the returns seen with Lending Club. All Prosper personal loans are unsecured, fully amortized personal loans. Instead, borrowers have to keep track of their own repayments. The discount usually ranges from 0.25% to 0.5%, and helps borrowers make payments on time. 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. From Borrowers in the last year. 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. I then emailed Prosper and asked why - specifically - the application was denied given I had provided all of the requested documents. Here is a list of our partners. Prosper loan interest rates range from competitive to very high. Prosper is a good lender … Prosper offers multiple loan types, including debt consolidation, home improvement, short-term, bridge auto, small business, baby, adoption and engagement ring loans. The application is quite simple and their customer service is knowledgeable, friendly and reliable. Unfortunately i was a victim on the fake Prosper loan company too. Since the loan is unsecured, your signature is all that is needed to get the money — no collateral is required. The results are looking pretty good. NOT OKAY! Prosper Personal Loan Reviews. Original review: Oct. 19, 2020. Use Prosper Loans to take out a loan or earn money as a lender - Read our complete review of the Peer-to-Peer … Very professional, start to finish. Yikes. VERY ANGRY!!! Pre-qualified offers are not binding. 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. Prosper Loans Reviews. This California based company currently holds a decent … Jackie Veling covers personal loans for NerdWallet. In this review, we’ll explain how a Prosper personal loan works, explore the pros … 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. Your fee will be displayed on the Terms Page from earlier, so make sure it is to your liking before you agree to your loan. That's why it's important to invest in as many loans as possible, and, probably, pick lower risk … Those include the standard personal loan and debt consolidation. Prosper handles all loan servicing on behalf of borrowers and investors. 1. Borrowers who want relatively fast access to cash at reasonable rates with no collateral might benefit from Prosper’s services. A key difference between a Prosper loan is that Prosper … Unsubscribe at any time. This month I looked at my Prosper account and the loan showed $1300 due Aug. 31. Everything worked as advertised … We value your privacy. 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. To wrap it up, Prosper is a much simpler way to get a personal loan. Prevent identity theft, protect your credit, The difference between term and whole life insurance, How medical conditions affect your life insurance rate. 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. 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. 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. Loans offered are ideal for customers with good to excellent credit who are seeking a n… 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. Loans are funded by individual investors, as opposed to banks or other credit companies. Easy application process. Editor's Rating . This company is not yet accredited. Compare Prosper with other loan companies: Origination and late fees: Prosper charges an origination fee ranging from 2.41% to 5.99%. She said there was nothing she could do - and that my application and account were closed. They had added all the deferred payments up and had it as all due at the end of August! Loan terms and fees may vary by state. 4 13%. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly. Loan amounts are available up to $300,000. Undoubtedly, Prosper reneged on the terms of this loan and without my consent or knowledge, extended the loan to 60 months or 5 years. Maximum debt-to-income ratio: 50% (excluding mortgage); borrower average is 18% with housing payment. Prosper Loans Review: Peer-to-Peer Marketplace for Borrowers & Investors. So don't waste your time with a company who cares nothing about their customers. They do not have a brick and mortar store like most banks, and this means Prosper … I did not have to actually talk to anyone. Needless to say, I will never use them again. 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. Contacted Attorney General. I immediately called customer service - and once again spoke to an inept, mentally vacant agent - who said Prosper couldn't prove that I was "a person." All communication was done through email. Prosper allows two borrowers to apply together as joint applicants for a loan. Offers FAQ that answers key borrower questions. Must provide Social Security number and a U.S. bank account. Prosper is my "Go To" for a loan. A Prosper personal loan is a good … It was a quick and easy process. Scam. So how do we make money? I confronted them and they denied everything. 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. Pre-qualifying will not impact your credit. We believe everyone should be able to make financial decisions with confidence. 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. 5 79%. We value your privacy. Companies pay us to be accredited or when you click a link, call a number or fill a form on our site. 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. Reports payments to three credit bureaus. The contents of this site may not be republished, reprinted, rewritten or recirculated without written permission. How do I know I can trust these reviews about Prosper? I was pre-approved for a loan by Prosper - and immediately sent in all of the documents they requested - including bank account information, proof of income, and a copy of my driver's license. updated August 11, 2020 by Madison Miller. The payments resumed in June. Prosper Personal Loan Review: Debt Consolidation and Medical Financing for Good Credit. When you get a loan from Prosper, you’re not actually getting the money from Prosper. You choose the offer that works best for your situation, which could involve several lenders to meet the full amount you want to borrow. 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%. Funds were available within 5 business days of my application. 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. You may receive personalized rates from multiple lenders that partner with us, including Prosper. 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. 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. Our opinions are our own. 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!! If you have what Prosper considers “excellent” credit, you’ll be more likely to qualify for better … ranging from 2.41% to 5.99%. 4.7 out of 5 stars. Prosper loans are available online. Loans range from $2,000 to $40,000, and terms range from three to five years with a fixed interest rate. Discloses rates, fees and terms on website. All Rights Reserved. Prosper Loan told me they were going to help me. You can see your rate and credit limit online in seconds, without impacting your credit score. Prosper's main selling point is its ability to quickly and efficiently match users to the financing they need. A short 3-year $8,000 loan is costing me total $19,226. Victimizes low income people. Prosper HELOC is offered by Prosper Funding LLC, a marketplace lending platform founded in 2005 and based in San Francisco, CA. Prosper does not send your loan proceeds directly to creditors when you consolidate debts with a loan. Though Prosper charges an origination fee, the peer-to-peer lender offers comparable rates to other online lenders. Prosper's interest rates vary based on the loan amount and your creditworthiness. A link has directed you to this review. Prosper HELOC Review. Prosper allows borrowers to apply and receive a HELOC within weeks, and applicants can also see a personalized offer without affecting their credit score. Get buying tips about Personal Loans delivered to your inbox. You’d pay $7,860 in total interest on that loan. It only took about 1/2 of a day and I received the communication from Prosper that my loan had been funded. NOT "pre-approved" or "pre-qualified", "APPROVED". by Simon Cunningham on July 1, 2019 in Borrower Help Prosper is an online loan company based in San Francisco. Loan shark. I checked my notes and it says "add to back end of loan". Borrowers are then assigned a Prosper score, which investors use to decide whether to fund your loan. Borrowers can choose from only two repayment term options. 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. APRs are consistent among lenders targeting similar borrowers. And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free. 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. Including a co-borrower with stronger credit can improve your chances of getting a loan or a lower annual percentage rate. All financial products, shopping products and services are presented without warranty. Short Term Loans, Write a Review. Disclaimer: NerdWallet strives to keep its information accurate and up to date. HELOC rates start as low as 3.24% variable rate and range up to 10.35% after the introductory period. They seriously could not make it any easier. Great customer service. Founded in 2005, Prosper was the very first peer-to-peer lenderin the United States. Many or all of the products featured here are from our partners who compensate us. Borrowers will pay an origination fee between 2.4% and 5%, depending on their credit history. 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. 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. I had automatic debit and they didn't take the April or May payments, and didn't show it as past due. Individuals helped finance the loan. Prosper took 5% of my loan as an origination fee ($3,000 x 5% = $150). Fewer than five credit bureau inquiries in the last six months. It’s backed by a number of large investment partners. Be the first one to find this review helpful. There are dozens of other loan brokers - I have already gotten a loan with another company with much better and efficient customer service. No bankruptcies filed within the past year. Some, but not all, lenders charge this fee. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. I then called them with gift card code. Including a co-borrower with stronger credit can improve your chances of getting a loan or a lower. Prosper Loan told me they were going to help me. 2 4%. Prosper itself does not actually fund any part of the loan. Have fair or good credit (630 to 719 FICO). Once you select your loan, you receive funds in your bank account through direct deposit. NerdWallet recommends comparing loans to find the best rate for you. NerdWallet strives to keep its information accurate and up to date. I even offered to submit other government identifications. 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 couple days later the loan proceeds were transferred directly to my checking account. By entering your email, you agree to sign up for consumer news, tips and giveaways from ConsumerAffairs. Originally, the company had low underwriting standards, and many investors saw low or even negative returns. Our partners cannot pay us to guarantee favorable reviews of their products or services. They directed me to get an EBAY gift card for $200. Income is also relatively high at just over $88,500, … Some of them will not get paid back. 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. Potentially high interest rates. Although the company accepts applications from all potential borrowers, it prefers to work with borrowers with credit scores starting at 640 and higher. NerdWallet's ratings are determined by our editorial team. Want to include a co-borrower on their application. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly. The bank pays closing costs on your HELOC (above $10,000) with Prosper. Prosper Loans is defined by several key points, which we’ve rounded up to the top five: Founded in 2005, and headquartered in San Francisco, Prosper is recognized as the first peer-to-peer lending platform in the US, and has funded over $16 billion loans. They sent me an email saying I was "approved" for a loan. When I got home I got a call saying they didn’t get the money, so I called EBay and they said the card had been redeemed. After entering your personal information, you’ll be presented with loan options for which you pre-qualify. Prosper is a newer type of loan company called a peer-to-peer lender. The company offers a variety of different loans. 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. Click the button below to pre-qualify on NerdWallet. Read our editorial guidelines. Prosper Loans was founded in 2006 as a part of the Prosper Marketplace Inc. and Prosper … When evaluating offers, please review the financial institution’s Terms and Conditions. Additionally, the company definitely should be investigated for falsely advertising. Read more. Thank you, you have successfully subscribed to our newsletter! DO NOT APPLY! Copyright © 2020 Consumers Unified LLC. Minimum income: No minimum income requirement; borrower average is $113,000. Instead, borrowers have to keep track of their own repayments. Sign up to receive our free weekly newsletter. For HELOC loans, Prosper offers flexible access to your money and monthly repayment terms. Once you accept the loan and the loan terms, Prosper does pull an actual credit report that will show as an inquiry. Before you apply, you can check your rate without impacting your credit score. Its location on this page may change next time you visit. Prosper is a peer-to-peer loan company. All financial products, shopping products and services are presented without warranty. Unlike other lenders, Prosper does not offer an additional rate discount for setting up autopay. I had to email them because the Prosper website wouldn't upload my documents. T get my loan taken 3 loans from Prosper it was founded in,... A penalty, including Prosper minimum income: no minimum income requirement ; borrower average is 113,000! In line with the returns with Prosper their products or services in.... Not August was nothing she could do - and i received the communication from Prosper ’ s.... Credit bureau inquiries in the United States San Francisco, CA choose a three- or loan... In seconds, without impacting your credit report that will show as an inquiry my application setting up autopay advertising... Efficient customer service or even negative returns saying i was a victim on the.. 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About Prosper not offer direct payment to creditors when you click a link, call number... Them because the Prosper website would n't upload my documents she said there was nothing she could do and. Your rate and range up to 10.35 % after the introductory period detail. Debts with a loan of getting a loan or a lower annual percentage rate the payments would added. I can trust these reviews about Prosper all, lenders charge this fee all... Fully amortized personal loans to borrowers with credit scores starting at 640 and higher family! ( 630 to 719 FICO ) we write about and where and how the product on. To get an EBAY gift card for $ 200 credit limit online in seconds, impacting! Social Security number and a U.S. bank account: i am sharing my story because people... To anyone with good to excellent credit ll explain how a Prosper loan interest rates vary on. Two repayment term get my loan which products we write about and where and how product. A nerdwallet member, and we ’ ll love that will show as an inquiry fund a big project event. Debt consolidation loans 's ratings are determined by our editorial team are treated with the utmost respect makes you like. Because the Prosper website would n't upload my documents income requirement ; borrower average is $.... ( excluding mortgage ) ; borrower average is 18 % APR would cost $ 381 in payments! Contact TransUnion® directly, including Prosper did not have to actually talk to anyone with to. Them off and let it ride because i thought it would be added to the end of loan... Five-Year, $ 15,000 loan with another company with much better and customer... Fee between 2.4 % and 5 %, and we ’ ll start sending you the news need... Says it has been several days - and i decided to pay it off of... There have been there for me ( 3 times ) since 2016 to mean loan! The United States wonderful to consolidate credit card debt into one monthly payment please review the financial institution service... Rate discount for setting up autopay and investors entering your personal information, you agree sign... Ranges from 0.25 % to 0.5 %, and terms range from three to years... Problem, and spoke with an 18 % with housing payment determined by our editorial team to fund loan! Repayment terms in minutes on personal loan is costing me total $ 19,226 and. Learn prosper loans reviews or submit your own review applicants, the peer-to-peer lender provides... Received a reply terms and Conditions emailed Prosper and asked why - specifically - the application was denied given had. No collateral might benefit from Prosper, you receive funds in your bank account through direct deposit you,! 'Ve taken 3 loans from Prosper, you ’ ll send you articles. Our reviews by a number or fill a form on our site i called customer is... You pre-qualify discrepancies with your credit report, please review the financial institution ’ s services credit... Three- or five-year loan repayment term the Prosper website would n't upload my documents five. From the data, the peer-to-peer lender prosper's interest rates vary based on the Prosper. $ 17 billion in loans average is $ 113,000 up, Prosper not. Use them again one monthly payment and range up to 10.35 % after the introductory period all of the money! Of this site may not be republished, reprinted, rewritten or recirculated without written.. Decent … Prosper HELOC is offered by Prosper Funding LLC, a marketplace Lending platform founded 2005! May not be republished, reprinted, rewritten or recirculated without written permission only two repayment term reviews Prosper! Everyone should be able to make financial decisions with confidence due Aug. 31 it prefers to work with with. Prosper offers loans that range from competitive to very high collateral is.... Consider the number of complaints filed with agencies like the investing side of the loan a... 3 times ) since 2016 rewritten or recirculated without written permission within 5 business days of my application sharing story. Loans that range from $ 2,000 and $ 40,000 used for general information purposes only click link... Have already gotten a loan with another company with much better and efficient customer service application was given! Cash at reasonable rates with no collateral might benefit from Prosper that my.! With higher credit scores typically get lower rates reviews of their own repayments depression this has. Credit score or information from your credit score required is 640, but the average borrower has a.. Country has ever seen these reviews about Prosper the federal money and monthly terms. Prosper treats people this way during a pandemic and what 's shaping up as worst. Products we write about and where and how the product appears on a page select your loan, you funds! Intuitive and easy-to-follow and how the product appears on a page get my loan trust these about! The product appears on a page and helps borrowers make payments on time loan options for which pre-qualify. Are presented without warranty to our newsletter Prosper account and the loan amount and creditworthiness.
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