Prosper
FeaturedPaidPioneer peer-to-peer lending platform connecting borrowers with investors
🤝Peer-to-Peer LendingAbout 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.
What's Great
- ✓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
Watch Out For
- !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
Common Use Cases
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
Pricing Model
Paid
Paid subscription required. Check the website for current pricing and free trials.
Category
Peer-to-Peer Lending
Borrow directly from individual investors through online platforms.
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