Are you looking for a personal loan? The Prosper marketplace may be the ideal solution for you.

What is Prosper?

Prosper is a financial services company offering consumers loan options as an underwriter for the loans. Prosper is not a direct lender or lends its own money out to borrowers. They are a marketplace that enables consumers to request loan amounts up to $35,000.

How does Prosper work?

You apply for a loan at Prosper. After meeting the eligibility criteria, your loan is listed for individual investors to choose to fund it. The fully invested loan is underwritten by Prosper and funded by Web Bank.

You can check your loan rate without impacting your credit score.

Prosper assigns borrowers a grade based on data they've collected on you such as credit history, scores, and debt-to-income ratios. The grades assigned to you is what determines your rate and origination fee. Then, investors can decide whether to invest in your loan. Investors are people who invest in these loans for a return.

How to Apply for  Loan at Prosper

  1. Easily check your rate without impacting your credit score. Rates currently range from 5.99-35.99% APR
  2. Choose your loan and select your amount and repayment terms between 3-5 years. You can repay your loan at any time without prepayment penalties.
  3. Receive your funds straight into your bank account through direct deposit. You'll receive it within a few days after full funding and approval.

More Info on Prosper

Prosper is based in San Francisco and has been around since 2005. They were one of the pioneers of peer-to-peer lending along with LendingClub.

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.

Prosper Loan Example:
A three-year $10,000 loan with a Prosper Rating of AA would have an interest rate of 5.32% and a 1% origination fee for an APR of 5.99% APR. You would receive $9,900 and make 36 scheduled monthly payments of $302. A five-year $10,000 loan with a Prosper Rating of A would have an interest rate of 7.69% and a 5% origination fee for an APR of 9.88% APR. You would receive $9,500 and make 60 scheduled monthly payments of $201.28. Origination fees vary between 1%-5%. Annual percentage rates (APRs) through Prosper range from 5.99% APR (AA) to 35.99% APR (HR) for first-time borrowers, with the lowest rates for the most creditworthy borrowers.

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