5 79%. It also offers loans specifically tailored f… Founded in 2006, it had a few shaky years before working out the kinks. I had to email them because the Prosper website wouldn't upload my documents. Those include the standard personal loan and debt consolidation. They directed me to get an EBAY gift card for $200. Prosper Loan told me they were going to help me. You can see your rate and credit limit online in seconds, without impacting your credit score. No reviews yet . Loan terms and fees may vary by state. I received call back and notifications. Think of it like an application fee or a processing fee — a sunk cost that may or may not seem reasonable, but one that’s non-negotiable. Then, after submitting all my documents and information needed for a hard pull, I find out I wasn't actually approved yet and that everything I submitted was not meant to verify my information, but instead meant to be used for a loan approval process. I would definitely recommend it to someone else especially Google reviews. Have fair or good credit (630 to 719 FICO). The bottom line: Prosper’s wide range of loan amounts and loan types could make it an ideal fit for borrowers with fair or good credit. It was NOT made clear! So don't waste your time with a company who cares nothing about their customers. I found it to be a very simple process of filling out a very short form on a website, including how much money I wanted to borrow and how many months/years I wanted to pay it back. Here is a list of our partners. Prosper Loans is defined by several key points, which we’ve rounded up to the top five: Founded in 2005, and headquartered in San Francisco, Prosper is recognized as the first peer-to-peer lending platform in the US, and has funded over $16 billion loans. I was laid off in December 2019 and after my severance ran out, I requested help and they gave me a one-month deferment for March. Receive personal loan offers in minutes on Personal Loan Pro. Your application expires if your loan request isn’t at least 70% funded within 14 days, though most loans are funded within one to three days, according to the company. This California based company currently holds a decent … Be the first one to find this review helpful. Easy application process. I used this service for my daughter's student loan. Loans offered are ideal for customers with good to excellent credit who are seeking a n… And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free. Prosper Loans also offers HELOC (home equity line of credit) loans and green loans for financing solar energy or water conservation systems in your home. At least three open accounts on credit report. Origination fees vary between 2.41% to 5%. We believe everyone should be able to make financial decisions with confidence. If you have what Prosper considers “excellent” credit, you’ll be more likely to qualify for better … Instead, borrowers have to keep track of their own repayments. To review Prosper’s personal loans, NerdWallet collected more than 40 data points from the lender, interviewed company executives and compared the lender with others that seek the same customer or offer a similar. NOT OKAY! You’d pay $7,860 in total interest on that loan. This month I looked at my Prosper account and the loan showed $1300 due Aug. 31. Prosper is a peer-to-peer personal loan company that can help you pay off debt or fund a big project or event. A key difference between a Prosper loan is that Prosper … Since then, the company has funded more than $12 billion in loans. Unsubscribe easily. She said there was nothing she could do - and that my application and account were closed. 195 Reviews. Instead, borrowers have to keep track of their own repayments. APRs are consistent among lenders targeting similar borrowers. All Prosper personal loans are unsecured, fully amortized personal loans. From the data, the returns with Prosper from this period forward are in line with the returns seen with Lending Club. I confronted them and they denied everything. Prosper Personal Loan Reviews. Short Term Loans, Write a Review. The bank pays closing costs on your HELOC (above $10,000) with Prosper. When you get a loan from Prosper, you’re not actually getting the money from Prosper. Some, but not all, lenders charge this fee. Limited term lengths: Borrowers can choose a three- or five-year loan repayment term. Prosper allows two borrowers to apply together as joint applicants for a loan. A short 3-year $8,000 loan is costing me total $19,226. A five-year, $15,000 loan with an 18% APR would cost $381 in monthly payments. It is very important to do your own analysis before making any investment based on your own personal circumstances and consult with your own investment, financial, tax and legal advisers. It also charges a late fee for loans that are more than 15 days past due — 5% of the monthly payment amount or $15, whichever is greater. I lost $200 and didn’t get my loan. We value your privacy. Prosper Loans was founded in 2006 as a part of the Prosper Marketplace Inc. and Prosper … Prosper's interest rates vary based on the loan amount and your creditworthiness. Prosper loan interest rates range from competitive to very high. Jackie Veling covers personal loans for NerdWallet. From Borrowers in the last year. Prosperwas the very first marketplace lender in the United States. Pre-qualified offers are not binding. Prosper deducts monthly payments from your account. The company does not charge a prepayment penalty if you pay off the loan early. A: Prosper has an A+ rating with the Better Business Bureau and has been in business since 2005 as a lending marketplace that matches borrowers with investors. That’s somewhat common for online lenders, but it doesn’t give you the option to choose a shorter term and pay less interest, or a longer one to lower your monthly payments. I then called them with gift card code. It’s backed by a number of large investment partners. You can check your rate online instantly. Prosper is a peer-to-peer loan company. I called customer service about the problem, and spoke with an agent who was completely clueless about what to do. How do I know I can trust these reviews about Prosper? Prosper Loans Reviews. The discount usually ranges from 0.25% to 0.5%, and helps borrowers make payments on time. They sent me an email saying I was "approved" for a loan. I even offered to submit other government identifications. Prosper handles all loan servicing on behalf of borrowers and investors. Prosper. Prosper treats people this way during a pandemic and what's shaping up as the worst depression this country has ever seen. No direct payments to creditors: Prosper does not send your loan proceeds directly to creditors when you consolidate debts with a loan. Great service and response. Disclaimer: NerdWallet strives to keep its information accurate and up to date. No rate discount for autopay: Unlike other lenders, Prosper does not offer an additional rate discount for setting up autopay. Easy as 1, 2, 3! Prosper took 5% of my loan as an origination fee ($3,000 x 5% = $150). You may receive personalized rates from multiple lenders that partner with us, including Prosper. When evaluating offers, please review the financial institution’s Terms and Conditions. Didn't take more than a week. ConsumerAffairs is not a government agency. 4 13%. Yikes. The payments resumed in June. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Once you submit the form, it somehow looks at your credit "picture" without actually pulling a credit report, and therefore not leaving an inquiry on your credit report. NerdWallet's ratings are determined by our editorial team. Read our editorial guidelines. Prosper offers loan amounts from $2,000 to $40,000, which allow borrowers to cover a wider range of expenses, including debt consolidation and pricey home improvement projects. All financial products, shopping products and services are presented without warranty. For HELOC loans, Prosper offers flexible access to your money and monthly repayment terms. Minimum income: No minimum income requirement; borrower average is $113,000. Borrowers can choose a three- or five-year loan repayment term. Compare Prosper with other loan companies: Origination and late fees: Prosper charges an origination fee ranging from 2.41% to 5.99%. They seriously could not make it any easier. Like the investing side of the house, I found the experience to be intuitive and easy-to-follow. You can fill out an application on Prosper’s website. I then emailed Prosper and asked why - specifically - the application was denied given I had provided all of the requested documents. Great customer service. Our opinions are our own. While the primary borrower must meet Prosper’s main credit criteria, the secondary borrower can qualify with a FICO score of 600, at least one open account reported on their credit report and no bankruptcy filings within the last 12 months. The company offers a variety of different loans. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly. The discount usually ranges from 0.25% to 0.5%, and helps borrowers make payments on time. They had added all the deferred payments up and had it as all due at the end of August! 3 4%. Though Prosper charges an origination fee, the peer-to-peer lender offers comparable rates to other online lenders. This puts them in a much similar risk category to Lending … In addition to its unsecured personal loans, Prosper offers a home equity line of credit for borrowers in Alabama, Arizona, Colorado, Florida, New Mexico and Texas. They have been there for me (3 times) since 2016. In this Prosper review (for borrowers), we'll show you an alternative method for getting a loan that might save you money (and headaches) in the long run. Loan: From $2,000 to $40,000; Prosper launched in 2006 and, as of late, has had over $300 million loans funded from private investors. You choose the offer that works best for your situation, which could involve several lenders to meet the full amount you want to borrow. Prosper review rated 1.0/5.0 with 51 Comments: I am sharing my story because these people are just wrong! No hiccups. Prosper loans are available online. However, this does not influence our evaluations. Undoubtedly, Prosper reneged on the terms of this loan and without my consent or knowledge, extended the loan to 60 months or 5 years. Instead the company acts as a broker, matching investors with would-be borrowers and charging an origination fee(or closing fee) for its matchmaking services. Copyright © 2020 Consumers Unified LLC. I emailed them and they replied saying it had been made clear all the payments would be due on Aug. 31. NerdWallet recommends comparing loans to find the best rate for you. 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