Prosper Funding LLC is an online lender offering investor-funded loans and a quick online application for a variety of different uses.
Consider applying if you have good to excellent credit and have the ability to pay the money back over three or five years. Maximum on loans are up to $40,000 in funds.
If you want your loan to be approved, investors must pay at least 70% of the amount you’re requesting. If the loan is not funded at the 70% mark within 14 days, your listing will be removed, but you always have the option to reapply.
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Borrower Averages
| Credit Score | 710 |
| Credit History | 11 years |
| Annual Income | $89,000 |
Pros & Cons
- Simple application process
- Flexible fund use
- Quick funding
- No collateral required
- Soft credit check
- No prepayment penalty
- Not available in all states
- The fees
- Only 2 fixed term lengths
Eligibility Requirements
The minimum credit score for all applicants to be accepted is 640. There is no minimum annual income requirement, but you must have a minimum credit history of two years and a maximum debt-to-income ratio of 50%.
Prosper Terms & Fees
| Loan Amounts | $2,000 – $40,000 |
| Loan Terms | 3 or 5 years |
| Repayment Options | Monthly |
| Origination | 2.4% – 5%* |
| APR | 7.95% – 35.99%* |
| Prepayment Penalty | None |
| Check Processing | 5% or $15 |
| Late Payment | 5% or $15 |
| NSF/Returned Payment | $15 |
Disclosure:
*For example, a three-year $10,000 loan with a Prosper Rating of AA would have an interest rate of 5.31% and a 2.41% origination fee for an annual percentage rate (APR) of 6.95% APR. You would receive $9,759 and make 36 scheduled monthly payments of $301.10. A five-year $10,000 loan with a Prosper Rating of A would have an interest rate of 8.39% and a 5.00% origination fee with a 10.59% APR. You would receive $9,500 and make 60 scheduled monthly payments of $204.64. Origination fees vary between 2.41%-5%. APRs through Prosper range from 6.95% (AA) to 35.99% (HR) for first-time borrowers, with the lowest rates for the most creditworthy borrowers. Eligibility for loans up to $40,000 depends on the information provided by the applicant in the application form. Eligibility is not guaranteed, and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions. Refer to Borrower Registration Agreement for details and all terms and conditions. All loans made by WebBank, member FDIC.
Sample Loan
| Loan Size | $20,000 |
| Origination Fee (3%) | $600 |
| Funds Received | $19,400 |
| Loan Term | 48 months |
| APR | 18.0% |
| Total Interest | $8,176 |
| Monthly Payment | $587 |
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Conclusion
With Prosper, you can get an unsecured personal loan for up to $40,000 with rates as low as 6.95% APR for qualified borrowers. The quick and easy application process requires a soft credit check, which won’t hurt your credit score.
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