Prosper Personal Loans Full Review

Loans of up to $50,000 with a possible deposit within 1 business day!

Prosper is considered the first American peer-to-peer personal loan platform, currently offering plans ranging from $2,000 to $50,000. Overall, repayment plans vary between 2 and 5 years for customers accessing loans in the country!

Prosper’s loans are available for a variety of needs, categorized into medical loans, home improvement, dental expenses, debt consolidation, and special expenses.

In this regard, customers can apply for Prosper loans for activities such as bariatric and cosmetic surgery, mental and behavioral health, fertility clinics, home redecoration, pool installation, energy-efficient appliances, dental treatments, debt payment, travel, and weddings.

All of Prosper’s operations comply with the country’s loan regulations. If you want to learn more about the brand’s services, continue reading the article.

Who is Prosper?

Prosper is an American company founded back in 2005, positioning itself as a major pioneer in the peer-to-peer personal loan market. Over nearly 20 years of history, more than 1.4 million people have utilized the company’s services.

To facilitate loans and credit, Prosper has partnered with companies such as Third Point, Jefferies, and Institutional Venture Partners, among others. Prosper offers various financial services and solutions, including home equity lines of credit, home acquisition, credit cards, business loans, and investment consulting.

In this way, Prosper positions itself as a company focused on personal loans while also providing other financial solutions for the public.

How do Prosper Personal Loans work?

Prosper categorizes its personal loans into six main topics: debt consolidation, home improvement, healthcare financing, household expenses, vehicle purchases, and others. The goal of categorizing loan types is to provide more information and guidance to enhance the customer experience.

In general, Prosper’s loans range from $2,000 to $50,000, with repayment terms varying between 2 and 5 years for most types of loans. Prosper’s repayments come with fixed interest rates ranging between 6.99% and 35.99% APR, based on credit history and financial situation, aiming to provide more accessible and personalized funding options.

The entire process of obtaining personal loans is conducted directly through Prosper’s platform, which features a comprehensive form for customer completion. After approval and contract signing, the customer can receive the funds directly into their account within one business day.

It’s worth noting that Prosper requires customers to have a minimum credit score of 600 points. Otherwise, obtaining approval for a personal loan with the company can be quite challenging.

What are the benefits of applying for a loan at Prosper?

• Clarity of Information: Prosper’s platform is highly effective in organizing information and topics on the website. The division and categorization of personal loans feature a dynamic blend of text and images, facilitating a pleasant navigation experience for the customer.
• Variety of Options: Prosper offers a satisfactory range between the minimum and maximum for personal loans. The focused categorization of loans allows the company to provide a more targeted proposal, saving time until approval.
• Speed in the Process: The entire application process with Prosper can be completed quickly and directly on the company’s platform. If the customer manages to swiftly complete the application and approval process, they may even receive the funds in their account on the next business day.
• Customer Service: Prosper’s platform provides various contact methods with the brand, including support emails, dedicated phone lines, and exclusive channels for personal loan issues, both for daytime and nighttime submissions. This facilitates communication with the customer, enhancing the overall customer service experience.

Possible Drawbacks

Firstly, customers with credit scores below 600 are unlikely to secure a loan with Prosper. In these cases, it will be necessary to seek another company, although it may not be as common to find those that cater to this credit profile.

Additionally, another limiting factor is the $50,000 limit itself. If a customer needs more money, they will also need to explore other lending companies in the USA.

Want to learn how to apply?

The application process for Prosper is quite clear and well-organized within the platform. Nevertheless, it is advisable to conduct a thorough review of the requirements and conditions to save time and effort during the application.

Written by

Gabriel Gonçalves