Prosper

Reviews: Prosper

Reviews: Prosper

Prosper

Overall lender rating

4.2
out of 5
2591 reviews
from Credit Karma members

Most helpful positive review

Jan 10, 2014
Prosper Loan Was A Smooth Process
Credit Karma member

After reading the reviews on CK, I was a bit apprehensive. It appears to be a love/hate feeling toward Prosper, but with some credit card debt at a high APR, I decided to submit my application. Ultimately, I was approved for $20,000.00 @ 11.39%. Much lower APR than what was on some of my cards. I started the process on Jan 3. Submitting the required docs was easy. I just uploaded pdf's for the W-2, bank account and utility bill. I was approved for funding on Jan 7. The funds were in my bank account on Jan 10. Some of my details: FICO = 721 DTI = 24% Prosper Rating = A So far, so good. And really happy to have a game plan to get out of debt and not to continue to pay the high APR on the cards.

447
52

Most helpful negative review

Mar 13, 2017
There are better options!
Credit Karma member

With most loans, you can pay the balance of your prinipal owed if you are able to come up with the cash all at once. For example if you owed around 11k and had about 45 payments left, then you could pay about 8 or 9k and the loan is paid off. Prosper does not allow this and you would still owe 11k, meaning there is no benefit to paying early other than total payments that you owe on the back end would would drop by your cash infusion but you still pay interest as if you borrowed the money for the full term. Go look at Lending Club or others becuase there are much better options!

924
79

Member ratings

All member reviews (2591)

1837
297
59
58
340
Jun 27, 2022
TAKES THEIR TIME. NOT A GOOD LENDER
Credit Karma member

I applied on June the 3rd. They said no more than 14 business days. It's June the 27th. Still nothing. I get put on hold for 45 at a time. Then hung up on. I've tried calling 6 times in one day. Hung up on after being out on hold. NOT good customer service either. I will find another Lender. Don't use this one.

0
0

Jun 27, 2022
Difficult to do business..
Credit Karma member

Hard to reach.. no customer service, you’re on your own.

0
0

Jun 24, 2022
Awful service
Credit Karma member

Stay away! After being approved then they start the process my credit was hit for over 50 pts. And then they called me two weeks later and denied my application.

0
0

Jun 16, 2022
Don't apply if your income is from Canada
Credit Karma member

They discriminated against me because I get paid from foreign income.

0
0

Jun 15, 2022
Horrible experience
Credit Karma member

Customer service is awful and they charge fees without telling you

0
0

Jun 15, 2022
Disappointed on being misled
Credit Karma member

They told me I was approved and then 5 minutes later loan was suspended.

0
0

Jun 15, 2022
Don’t waste your time
Credit Karma member

Will approve you with an confirmation email (not a pre-approval) then sent your loan after you have provided all of your banking information. Additionally, I was just left on hold by their lackluster customer service just to have their system disconnect my call because I was on hold past their business hours. One word: joke.

0
0

Jun 13, 2022
Save the hard inquiry for a better company
Credit Karma member

Prosper apparently has no idea how it operates. I completed the loan process and appeared to be approved. I signed the documents presented to me and confirmed my banking information. I almost immediately receive an email stating that the loan application is cancelled. I read the letter which states that my income cannot be verified. I was never asked to submit verification. I follow up with a phone call to Prosper. After waiting on hold over 20 minutes when the wait time was allegedly less than two minutes, the agent I spoke to was unable to reinstate my account, could not explain why the account was suspended, would not provide a phone number for the underwriter, WebBank, though there is an 800 number at the bottom of WebBank’s website, and repeatedly began statements with “as I said at the beginning of the call…” None of this answered my questions. Never was I asked to provide documentation regarding employment or income, I had to ask repeatedly what the agent meant by “your credit report will be updated” because she failed to define what “update” meant in this case, and now I’m unable to clear my PII from my account because it is suspended for 90 days for an undisclosed reason. I typically don’t use suggestions from sites like CreditKarma and this experience confirms my suspicions about them.

3
0

Jun 13, 2022
DON'T APPLY IF YOU USE AN ONLINE BANK
Credit Karma member

Takes a very long time to get the loans, weeks maybe. They pre-approved me and then denied me because I use an online bank and said they don't support online banks because they don't have physical branches. Why would that matter in the slightest? Do they have to go in person to the bank to talk to them? It was a pain dealing with the whole process for no reason just to get denied.

2
0

Jun 03, 2022
Very bad and disappointed so much
Credit Karma member

It’s very bad I applied with propose in first I update my documents many and have staff try to call me and ask me many thing and want my documents many I wait them about 2 weeks today they call to me they will cancel my application and not approve to my loan it’s very bad not do apply with them it’s hard inquiry in my score too

7
3

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