Prosper Personal Loan Reviews

4.6 out of 5 stars
328 Reviews

From Borrowers in the last year


Application Process

4.5 out of 5 stars

Customer Service

4 out of 5 stars

4.5 5

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Most Helpful Positive Review

Jan 10, 2014
Prosper Loan Was A Smooth Process
bigring66 Borrower

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.

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Most Helpful Negative Review

Apr 11, 2013
Shady billing, No credit update in 4 mon
hooeezit Borrower

I applied for and received a loan, although the APR was no lower than my cheapest credit card APR. It did help me consolidate a few open credit cards, so I took the loan. My credit score was 780, so I didn't expect there to be problems anyway. They didn't ask for too much paperwork and it was a relatively fast process to get the loan approved. This was back in May 2012 though, so I don't know how things have changed since. Most of my experience regarding the loan has been fine, except for 2 issues.

Payment Problem

I usually paid extra for each monthly payment by going to their website and setting up a manual payment. The webpage says if you set up a manual payment upto 3 days ahead of the automatic payment, the automatic payment won't be executed. I logged on 11 days before my payment date for one of the monthly cycles. I had been doing that same process for the previous 8 months. But this time, I got a message saying a payment 'has already been scheduled'. I assumed it was a software glitch, so kept trying every day for 5 days, but kept getting the same message. So, I called customer service. The agent said yes, there was a problem with the billing system. So I asked to be credited the interest for the 5 days that I couldn't make the payment. The response from the CS agent astonished me - she said I could have called to make a payment any day (mind you, I was overseas at the time). If that really was their solution to their software problem, why didn't they send out an email or at least a notice on the payment webpage saying there was a problem and to call Customer Service to make a payment instead!?

I complained formally, but never got the interest credited.

Credit Reporting

It has now been 3 months since I paid back my loan, but my credit report only has an update from 4 months ago. By law, they are required to report the status of my credit every quarter, but it's been more than a quarter and they haven't reported anything to the bureaus. This certainly affects my credit score, so I emailed them asking for the reason for the delay and when I can expect to see an update. That was a month ago, but I have received no response whatsoever. I do intend to dispute the report with the 3 bureaus now.

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These reviews were written by current and former borrowers in the last year.

May 17, 2017
Not Worth It
Anonymous Borrower

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. 

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May 17, 2017
Penalized for Extra Payments
Anonymous Borrower

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.

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May 14, 2017
Was an easy process.
Anonymous Borrower

I actually got a better rate that what is was offering me on Credit Karma!

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May 12, 2017
Fast and easy
ItsSteveMan Borrower

The apllication and approval was fast and I received my money in a week.

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May 08, 2017
Debt consolidation/ auto repair
Anonymous Borrower

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

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May 04, 2017
Save me some money
Anonymous Borrower

The process it's the way they describe it.

easy, no impact just for getting the amount info you qualified for.

although it took about 2 weeks on getting the money in the bank, I really recommend this service.

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May 02, 2017
Easy loan to get
Anonymous Borrower

Applied with Sofi but ended up getting better rates thru Prosper.

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Apr 27, 2017
There are better options
Anonymous Borrower

Look at Sofi and Lending Club first

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Apr 26, 2017
Anonymous Borrower

They take a one time fee. Other than that, everything is simple.

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Apr 26, 2017
Fast and Easy!
newcarin13 Borrower

This was the best experience ever!  Applied on a Thursday morning, they asked for 1 pay stub to be sent.  I received an email Thursday afternoon that I had been approved and the money was in my account on Tuesday!  I now have 1 payment instead of 6 for about $250 less per month.  Thank you!

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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.