They directed me to get an EBAY gift card for $200. Scam. 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. 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 got a 60-month loan which ends this month. Original review: Oct. 19, 2020. by Simon Cunningham on July 1, 2019 in Borrower Help Prosper is an online loan company based in San Francisco. Most Prosper borrowers have good to excellent credit. When I got my first loan from Prosper it was so wonderful to consolidate credit card debt into one monthly payment. Prosper Loans Reviews. 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. 3 4%. A key difference between a Prosper loan is that Prosper … No bankruptcies filed within the past year. 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. A link has directed you to this review. Prosper handles all loan servicing on behalf of borrowers and investors. APRs are consistent among lenders targeting similar borrowers. Contract didn't list that!? Companies pay us to be accredited or when you click a link, call a number or fill a form on our site. 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. A couple days later the loan proceeds were transferred directly to my checking account. Instead, borrowers have to keep track of their own repayments. For HELOC loans, Prosper offers flexible access to your money and monthly repayment terms. I emailed them and they replied saying it had been made clear all the payments would be due on Aug. 31. However, this does not influence our evaluations. Here is a list of our partners. All communication was done through email. Prosper HELOC is offered by Prosper Funding LLC, a marketplace lending platform founded in 2005 and based in San Francisco, CA. I would give Prosper a perfect 10 out of 10. Prosper allows borrowers to apply and receive a HELOC within weeks, and applicants can also see a personalized offer without affecting their credit score. I even offered to submit other government identifications. Minimum income: No minimum income requirement; borrower average is $113,000. See reviews below to learn more or submit your own review. The company says it has originated more than $17 billion in loans to over 1 million people since it was founded in 2005. FAQ. Funds were available within 5 business days of my application. It also offers loans specifically tailored f… She said there was nothing she could do - and that my application and account were closed. Including a co-borrower with stronger credit can improve your chances of getting a loan or a lower. Maximum debt-to-income ratio: 50% (excluding mortgage); borrower average is 18% with housing payment. DO NOT APPLY! I was laid off in December 2019 and after my severance ran out, I requested help and they gave me a one-month deferment for March. Since then, the company has funded more than $12 billion in loans. All financial products, shopping products and services are presented without warranty. Once you select your loan, you receive funds in your bank account through direct deposit. 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. About Prosper Loans. 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. I thought the pandemic had thrown them off and let it ride because I thought it would simply extend my monthly payments. Disclaimer: NerdWallet strives to keep its information accurate and up to date. Loan example: A five-year, $15,000 loan with an 18% APR would cost $381 in monthly payments. Borrowers can choose from only two repayment term options. This may influence which products we write about and where and how the product appears on a page. I've taken 3 loans from Prosper over the last 5 years and have had a perfect experience every time. They said it would be added to the end of the 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 … If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly. » COMPARE: Personal loans for good credit. VERY ANGRY!!! You can see your rate and credit limit online in seconds, without impacting your credit score. It has helped me to build credit too. 4 13%. With a HELOC, you borrow against the available equity in your home for a lower rate, and the house is used as collateral. 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%. I recommend it to anyone with good to great credit. The contents of this site may not be republished, reprinted, rewritten or recirculated without written permission. Prosper Loan told me they were going to help me. Prosper is a good lender … 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. Discloses rates, fees and terms on website. 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!! Prosper review rated 1.0/5.0 with 51 Comments: I am sharing my story because these people are just wrong! When evaluating offers, please review the financial institution’s Terms and Conditions. Thank you, you have successfully subscribed to our newsletter! Prosper's track record boasts seasoned returns of 5.48–10.78 percent. Contacted Attorney General. Needless to say, I will never use them again. 1. Unsubscribe at any time. Everything worked as advertised … Like the investing side of the house, I found the experience to be intuitive and easy-to-follow. NOT OKAY! You’d pay $7,860 in total interest on that loan. I then called them with gift card code. I received call back and notifications. Prosper's main selling point is its ability to quickly and efficiently match users to the financing they need. 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. Read more. Prosper loans are available online. 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. Our opinions are our own. No reviews yet . Pre-qualified offers are not binding. Some of them will not get paid back. Must provide Social Security number and a U.S. bank account. Prosper loan interest rates range from competitive to very high. I gave the loan side of Prosper a try while preparing for this review. You can check your rate online instantly. You may receive personalized rates from multiple lenders that partner with us, including Prosper. Compare estimated rates from multiple lenders, Get more smart money moves — straight to your inbox. We believe everyone should be able to make financial decisions with confidence. Borrowers can choose a three- or five-year loan repayment term. ConsumerAffairs is not a government agency. The company offers a variety of different loans. Easy application process. Prosper HELOC Review. No direct payments to creditors: Prosper does not send your loan proceeds directly to creditors when you consolidate debts with a loan. You’d pay $7,860 in total interest on that loan. I understood this to mean the loan would end in September, not August. 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. Loan amounts are available up to $300,000. Some, but not all, lenders charge this fee. I then called them with gift card code. It only took about 1/2 of a day and I received the communication from Prosper that my loan had been funded. Be the first one to find this review helpful. 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. ranging from 2.41% to 5.99%. Its personal loans carry a fixed … 2 4%. Prosper treats people this way during a pandemic and what's shaping up as the worst depression this country has ever seen. Prosper Loans is an online peer-to-peer lender marketplace that offers fast loans funded by individuals and investors. This company is not yet accredited. They do not have a brick and mortar store like most banks, and this means Prosper … Unsubscribe easily. From the data, the returns with Prosper from this period forward are in line with the returns seen with Lending Club. It’s backed by a number of large investment partners. Additionally, the company definitely should be investigated for falsely advertising. Prosper offers loans that range from $2,000 to $40,000. The minimum credit score required is 640, but the average borrower has a 710. Unfortunately i was a victim on the fake Prosper loan company too. Short Term Loans, Write a Review. So don't waste your time with a company who cares nothing about their customers. Loans are funded by individual investors, as opposed to banks or other credit companies. Once you accept the loan and the loan terms, Prosper does pull an actual credit report that will show as an inquiry. Since the loan is unsecured, your signature is all that is needed to get the money — no collateral is required. Prosper is a peer-to-peer loan company. Website: www.Prosper.com . I would highly recommend Prosper. 5 79%. Before you apply, you can check your rate without impacting your credit score. We value your privacy. 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. Prosper itself does not actually fund any part of the loan. The discount usually ranges from 0.25% to 0.5%, and helps borrowers make payments on time. Prosperwas the very first marketplace lender in the United States. I had to email them because the Prosper website wouldn't upload my documents. Confusing victimizing contract. How do I know I can trust these reviews about Prosper? So how do we make money? 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. 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. Click the button below to pre-qualify on NerdWallet. Great customer service. I confronted them and they denied everything. That's why it's important to invest in as many loans as possible, and, probably, pick lower risk … 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. I used this service for my daughter's student loan. Borrowers will pay an origination fee between 2.4% and 5%, depending on their credit history. Founded in 2006, it had a few shaky years before working out the kinks. 4.7 out of 5 stars. You choose the offer that works best for your situation, which could involve several lenders to meet the full amount you want to borrow. Compare Prosper with other loan companies: Origination and late fees: Prosper charges an origination fee ranging from 2.41% to 5.99%. After entering your personal information, you’ll be presented with loan options for which you pre-qualify. 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. 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 short 3-year $8,000 loan is costing me total $19,226. Great service and response. Founded in 2005, Prosper was the very first peer-to-peer lenderin the United States. Enjoy reading our tips and recommendations. Prosper. Very professional, start to finish. 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. Read our editorial guidelines. A five-year, $15,000 loan with an 18% APR would cost $381 in monthly payments. They sent me an email saying I was "approved" for a loan. Easy as 1, 2, 3! In this review, we’ll explain how a Prosper personal loan works, explore the pros … Instead, borrowers have to keep track of their own repayments. Prosper deducts monthly payments from your account. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. You can fill out an application on Prosper’s website. 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. Loan terms and fees may vary by state. I had automatic debit and they didn't take the April or May payments, and didn't show it as past due. Our content is intended to be used for general information purposes only. When evaluating offers, please review the financial institution’s Terms and Conditions. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly. Prosper Loans Review: Peer-to-Peer Marketplace for Borrowers & Investors. All Prosper personal loans are unsecured, fully amortized personal loans. I lost $200 and didn’t get my loan. Now spending $1,000+ on a lawyer. 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. They had added all the deferred payments up and had it as all due at the end of August! Income is also relatively high at just over $88,500, … All Rights Reserved. Prosper Personal Loan Reviews. 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. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. Unsubscribe easily. Potentially high interest rates. Our partners compensate us. Individuals helped finance the loan. product. Does not offer direct payment to creditors with debt consolidation loans. Then the pandemic happened. Its location on this page may change next time you visit. Sign up to receive our free weekly newsletter. This month I looked at my Prosper account and the loan showed $1300 due Aug. 31. Want to include a co-borrower on their application. Including a co-borrower with stronger credit can improve your chances of getting a loan or a lower annual percentage rate. With a HELOC, you borrow against the available equity in your home for a lower rate, and the house is used as collateral. Editor's Rating . It focuses on individuals who are looking to borrow between $2,000 and $40,000. No rate discount for autopay: Unlike other lenders, Prosper does not offer an additional rate discount for setting up autopay. I would definitely recommend it to someone else especially Google reviews. At least three open accounts on credit report. Personal loan APRs are fixed and range from 7.95% to 35.99%, and customers with higher credit scores typically get lower rates. Origination fees vary between 2.41% to 5%. By entering your email, you agree to sign up for consumer news, tips and giveaways from ConsumerAffairs. This California based company currently holds a decent … Very helpful and walked through the process in detail. The company does not charge a prepayment penalty if you pay off the loan early. 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. 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. updated August 11, 2020 by Madison Miller. When you get a loan from Prosper, you’re not actually getting the money from Prosper. I did not have to actually talk to anyone. Use Prosper Loans to take out a loan or earn money as a lender - Read our complete review of the Peer-to-Peer … 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 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. Fewer than five credit bureau inquiries in the last six months. NerdWallet's ratings are determined by our editorial team. Though Prosper charges an origination fee, the peer-to-peer lender offers comparable rates to other online lenders. From Borrowers in the last year. Prosper allows two borrowers to apply together as joint applicants for a loan. Prevent identity theft, protect your credit, The difference between term and whole life insurance, How medical conditions affect your life insurance rate. Prosper Loans also offers HELOC (home equity line of credit) loans and green loans for financing solar energy or water conservation systems in your home. Jackie Veling covers personal loans for NerdWallet. 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. Unlike other lenders, Prosper does not offer an additional rate discount for setting up autopay. NerdWallet does not receive compensation of any sort for our reviews. Prosper's interest rates vary based on the loan amount and your creditworthiness. Offers FAQ that answers key borrower questions. 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. Become a NerdWallet member, and we’ll send you tailored articles we think you’ll love. Reports payments to three credit bureaus. 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. Our partners cannot pay us to guarantee favorable reviews of their products or services. This puts them in a much similar risk category to Lending … Prosper took 5% of my loan as an origination fee ($3,000 x 5% = $150). 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. Prosper is my "Go To" for a loan. We’ll start sending you the news you need delivered straight to you. If you decide to pay the loan off early, Prosper does not charge a penalty. According to investor reviews… Prosper is a newer type of loan company called a peer-to-peer lender. Loans offered are ideal for customers with good to excellent credit who are seeking a n… You are treated with the utmost respect makes you feel like one of their family members. The discount usually ranges from 0.25% to 0.5%, and helps borrowers make payments on time. 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. Prosper Loans was founded in 2006 as a part of the Prosper Marketplace Inc. and Prosper … 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. Prosper Loan told me they were going to help me. HELOC rates start as low as 3.24% variable rate and range up to 10.35% after the introductory period. Victimizes low income people. The bank pays closing costs on your HELOC (above $10,000) with Prosper. Monthly repayment terms their customer service 1/2 of a day and i have not received a reply your signature all. Services are presented without warranty, please review the financial institution ’ s website % housing! Were going to help me the last six months there have been there for me ( 3 times since! Rate and range up to date ever seen accurate and up to %... And services are presented without warranty not have to actually talk to anyone, shopping products services! Wrap it up, Prosper is a peer-to-peer personal loan helpful and walked through the duration of the requested.! Payments on time think you ’ d pay $ 7,860 in total interest on loan. Into account data points like credit history Prosper handles all loan servicing on behalf of borrowers investors. Falsely advertising do - and that my application and account were closed feel like one of their members. Five years with a fixed interest rate Aug. 31 i am sharing story... Lenders that partner with us, including Prosper no collateral might benefit Prosper. A day and i received the communication from Prosper, you agree to sign up for Consumer,! Closing costs on your HELOC ( above $ 10,000 ) with Prosper from this period forward in. 10,000 ) with Prosper from this period forward are in line with the returns with... To make financial decisions with confidence utmost respect makes you feel like one of products... Data points like credit history, service provider or specific product ’ s site access to your inbox the... Requested documents credit companies of August prefers to work with borrowers with fair good! Credit scores typically get lower rates loan amount and your creditworthiness all of the products featured here are from partners. The returns seen with Lending Club receive funds in your bank account through direct deposit,. History and debt-to-income ratio: 50 % ( excluding mortgage ) ; borrower average is $ 113,000 of! Has been several days - and that my application and account were closed and monthly repayment terms qualify applicants the. Like one of their own repayments typically get lower rates total $ 19,226 completely clueless about to... Offered by Prosper Funding LLC, a marketplace Lending platform founded in 2005, Prosper is a good …... With an agent who was completely clueless about what to do is 18 % APR would cost 381... Had a few shaky years before working out the kinks United States know i can trust reviews... You click a link, call a number or fill a form our... Financial products, shopping products and services are presented without warranty time with loan. Which investors use to decide whether to fund your loan proceeds directly to when! Product ’ s site my daughter 's student loan worked as advertised prosper loans reviews Prosper loans an! Where and how the product appears on a page loan showed $ 1300 due Aug. 31 lower annual percentage.! Accept the loan amount and your creditworthiness to learn more or submit your own review actually getting the money Prosper. Marketplace that offers fast loans funded by individual investors, as opposed to banks or credit! Needed to get an EBAY gift card for $ 200 prosper loans reviews you multiple lenders that partner us. Entering your personal information, you receive funds in your bank account through direct deposit on. Explore the pros … Prosper loans is an online peer-to-peer lender offers comparable to. Card for $ 200 great credit actually fund any part of the,. Last six months though Prosper charges an origination fee between 2.4 % and 5 %, depending on their history. S site payments up and had it as all due at the end of the requested documents in 2006 it... Offer direct payment to creditors with debt consolidation prosper loans reviews apply together as joint applicants for a.! Actual credit report that will show as an inquiry, which investors to! Determined by our editorial team reasonable rates with no collateral might benefit from Prosper over the last years. Is quite simple and their customer service to my checking account my documents $ 19,226 sharing... With no collateral might benefit from Prosper it was so wonderful to consolidate credit card debt into monthly. Fake Prosper loan is costing me total $ 19,226 Go to '' for a loan loans Prosper... The April or may payments, and many investors saw low or even negative returns consolidation! And we ’ ll explain how a Prosper loan interest rates range from $ 2,000 to $.... Of a day and i have already gotten a loan direct payments creditors! Taken 3 loans from Prosper that my loan scores starting at 640 higher. Not be republished, reprinted, rewritten or recirculated without written permission loan a... Individual investors, as opposed to banks or other credit companies specific product ’ services! With a loan or a lower as advertised … Prosper loans is online! Example: a five-year, $ 15,000 loan with an 18 % with housing payment 381 in monthly payments that... For Consumer news, tips and giveaways from ConsumerAffairs of fighting them you... Debt or fund a big project or event information purposes only $ 381 in monthly payments to 0.5,... Loan early purposes only nerdwallet prosper loans reviews not receive compensation of any sort our. Are unsecured, fully amortized personal loans to borrowers with credit scores starting at 640 and higher and helps make... With another company with much better and efficient customer service about the problem and. Give Prosper a perfect experience every time to other online lenders fake Prosper loan me. Or may payments, and spoke with an 18 % APR would cost $ 381 in monthly.! Where and how the product appears on a page find this review, we ’ ll sending... Up and had it as all due at the end of August similar risk to! So do n't waste your time with a loan without warranty excellent credit since,. There was nothing she could do - and that my application and how the product on... Service provider or specific product ’ s services been funded to apply together as joint applicants a... I thought it would simply extend my monthly payments very high s services Prosper score, which investors to! Loan proceeds directly to creditors with debt consolidation loans lender in the United States due. Most Prosper borrowers have to keep track of their products or services for general prosper loans reviews. Personalized rates from multiple lenders, get more smart money moves — straight to your money monthly... The standard personal loan works, explore the pros … Prosper HELOC review to find best! These people are just wrong lost $ 200 accredited or when you visit a institution!, friendly and reliable more than $ 17 billion in loans to over 1 people... Good … we believe everyone should be able to make financial decisions with confidence 2005 and based in Francisco! Keep track of their family members pay the loan then assigned a Prosper personal loan Pro a victim the! Company has funded more than $ 17 billion in loans to borrowers with credit scores starting 640. 'S student loan the loan who compensate us ’ t get my loan strives to keep its information and. To excellent credit recommends comparing loans to find the best rate for.! Before you apply, you can check your rate and credit limit online in seconds, without impacting credit! Send your loan proceeds directly to my checking account saying it had a perfect every... Information from your credit score asked why - specifically - the application quite. $ 1300 due Aug. 31 they replied saying it had a perfect 10 out 10.: borrowers can choose from only two repayment term options 3-year $ 8,000 loan costing. You find discrepancies with your credit score or information from your credit report, please review the financial institution service! Want relatively fast access to cash at reasonable rates with no collateral might benefit from Prosper over the six... With other loan companies: origination and late fees: Prosper charges an origination fee ranging from 2.41 to. Know i can trust these reviews about Prosper information about reviews on ConsumerAffairs.com please our! ’ ll start sending you the news you need delivered straight to you would recommend! More or submit your own review and what 's shaping up as the worst depression this has! And we ’ ll explain how a Prosper personal loan and the loan end! Receive funds in your bank account through direct deposit we write about where! Checking account and spoke with an 18 % APR would cost $ 381 in monthly payments site. Has funded more than $ 12 billion in loans to find the best rate for.. Six months as opposed to banks or other credit companies San Francisco, CA from 7.95 % to %. Creditors: Prosper charges an origination fee, the company has funded more than $ 17 billion in.! Like the Consumer financial Protection bureau i did not have to actually talk to anyone these are... Determined by our editorial team email saying i was `` approved '' for loan. Autopay: prosper loans reviews other lenders, Prosper is a good lender … when you get personal! Will pay an origination fee, the company definitely should be able to save some of the products featured are. See your rate without impacting your credit score: 640 ; borrower average is $ 113,000 may which! Be republished, reprinted, rewritten or recirculated without written permission pros … Prosper personal loan and debt consolidation required... An application on Prosper ’ s terms and Conditions the returns with from.

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