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The process was pretty straightforward. I had to submit some documentation on income. I was notified about a day later that my loan for $8,000 was fully funded, and about a week after I applied I had the funds in my bank account. Would do it again.
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!
These reviews were written by current and former borrowers in the last year.
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**Annual Percentage Rates, terms of loan, and monthly payments presented are estimated and were created based on analysis of information provided by the consumer and available rate information from lenders. While efforts have been made to maintain accurate information, the loan information is presented without warranty and the estimated APR or other terms presented do not bind any lender. Lenders generally have a range of available APRs (for example, a lender’s range might be 2% to 12%) and only borrowers with excellent credit will qualify for the lowest rate available. Your actual APR will depend upon factors evaluated at the time of application, which may include credit score, loan amount, loan term, vehicle information, credit usage and history. All loans are subject to credit review and approval. Additionally, model year, loan-to-value, minimum loan balance mileage, income, debt, etc. restrictions may apply. When evaluating offers, please review the lender’s Terms and Conditions for additional details.
Easy to do very helpful
The process was pretty straightforward. I had to submit some documentation on income. I was notified about a day later that my loan for $8,000 was fully funded, and about a week after I applied I had the funds in my bank account. Would do it again.
Easy and Quick if done properly
Great site, very easy process. Would give 5 stars if wasn’t for the fact that I had to call to get the process finished fast. I called 2 times and the first time I called the verification process was done within the hour the second time I called to ask if they needed anything I got a email 30 minutes later that the funds will be in my account within 4 business days. Over all it’s a great service if you need to use it
High interst credit cards paid!!
I am saving about 17% interest going with Prosper. I had no end in sight with the credit cards. I have an end to the means now.
There are loans out there with no fee
I have this loan and the process of getting the loan was very easy, but after I got it I realized that I could have gotten a loan at TD bank for 8.9% for 2500-50,000 and there is no origination fee!!! NO FEE!! They took there was a $500 + fee with this loan!!!
What was your credit score when you applied for this loan?
Best loan site ever
I applied twice for a loan with prosper and I have to say how easy it was to get it . Low monthly payment with no hidden fees was great for me . I will be coming back to get another loan in the future.
Not Worth It
Very high interest. No hardship program if you loose your job. No re-finance options.
It's supposed to be a soloution for those with economic hardship. I found it placed us in a situation that was more difficult to get out of than medical debt.
Penalized for Extra Payments
I paid extra during March 2017. I was way ahead on my payments. Then Prosper did not take the auto withdrawal for April 2017. Then they reported me to the Credit Bureaus as being late. Cost me 85-115 points on my credit score.
Was an easy process.
I actually got a better rate that what is was offering me on Credit Karma!
Fast and easy
The apllication and approval was fast and I received my money in a week.
Debt consolidation/ auto repair
Great service super fast , I went to wellsfargo and applied for the same amount and was denied came hhoome and tried here and next morning I woke up to an email saying funds will be available in 3 days. Don't try anythi by else for loans 10,000 or less