Discover Personal Loans vs Prosper

Discover Personal Loans

• ✓30-day money-back guarantee unique in the personal loan market
• ✓Direct payment to creditors simplifies debt consolidation
• ✓No origination fees on any loan amount or term
• ✓Next-day funding after acceptance for fast access to cash
• ✓Flexible loan amounts starting as low as $2,500

Prosper

• ✓Quick pre-qualification with no impact on credit score
• ✓Accepts borrowers with fair credit scores starting around 600
• ✓Peer-to-peer model may offer rates competitive with traditional banks
• ✓Joint applications available to potentially improve rates
• ✓Fixed-rate loans with no prepayment penalties

Discover Personal Loans

• !Maximum loan of $40,000 limits larger borrowing needs
• !Late fee charged after 10-day grace period
• !No rate discount for autopay enrollment
• !Joint applications are not supported

Prosper

• !Origination fees range from 2.41% to 5% of the loan amount
• !Maximum loan amount capped at $50,000
• !Funding can take 3-5 business days after acceptance
• !APR range extends higher than bank-based competitors for lower credit scores

Discover Personal Loans

• →Borrower wanting to try a personal loan risk-free with the money-back guarantee
• →Debt consolidator preferring direct creditor payment to handle payoffs
• →Someone needing a smaller loan amount starting at $2,500

Prosper

• →Borrower with fair credit seeking alternatives to traditional bank loans
• →Couple wanting to apply jointly for better rates
• →Individual wanting a quick rate check without affecting their credit score

Discover Personal Loans

Discover offers personal loans from $2,500 to $40,000 with competitive fixed rates and no origination fees. The company can send funds directly to your creditors for debt consolidation, simplifying the payoff process. Discover Personal Loans also provides a 30-day money-back guarantee — if you are not satisfied, you can return the funds within 30 days and owe nothing. With next-day funding and the trusted Discover brand, these loans serve a wide range of personal financing needs.

Prosper

Prosper was the first peer-to-peer lending marketplace in the United States, connecting individual investors with borrowers seeking personal loans from $2,000 to $50,000. While the platform has evolved to include institutional funding alongside individual investors, Prosper remains a viable option for borrowers who may not qualify for the lowest rates at traditional lenders. The application process is quick, with rate checking that does not affect your credit score.