Personal Loan Reviews

Prosper Personal Loans

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Confirmed: Waste of Time Helpful to 78 out of 78 people

I went through the initial application process to get my rate for a loan.  The application itself is very easy.  But the rate that I was offered on a loan at the lower end of their range was higher than my credit card rates, despite the fact that I have slightly above average credit and decent income.  Thanks for wasting my time, but I think I'll just pay down my credit cards myself and save myself some money.

rdegertson's review was:    

  Sep 01, 2013 Reply

rdegertson(1, 78)

Review by rdegertson

1 Contributions 78 People Helped

Helpful to 36 out of 40 people

Thank you so much for the info. I was going to go the same route as you. Now I have changed my mind after I have seen this info. This info is very,very,very helpful to me. I will pass this on to my sisters and brothers so they will not go this route.

valgad's reply was:    

  Sep 01, 2013

valgad(1, 36)

Review by valgad

1 Contributions 36 People Helped

Helpful to 19 out of 26 people

It's crazy that you say you got bad interest rates on Prosper. They gave me 7.65% for 4,000 in debt consolidation money and my credit score is 715. You can't find a deal like that anywhere. If you have credit cards with rates below 9.99%, let me know where you got those, because mine are at least double the APR that Prosper offered me. Definitely not a waste of time for me. This is going to save me at least a thousand dollars over the next three years. Sorry it didn't work out for you.

bweazel's reply was:    

  Mar 04, 2014

bweazel(4, 57)

Review by bweazel

4 Contributions 57 People Helped

What a waste of time! Helpful to 107 out of 112 people

We got out loan funded in less than an hour which is quicker than most. After 3 days of repeatedly giving them the same requested docs over and over the said we didn't have proper documentation and we were denied?!?! What I have them exactly what they ask for several times!!  And there's no one to talk to no customer service!! They have Basicly no communication with you and once you think your done and ready to finish they ask for something else. Now some history about us so you understand how much this place is crap. We have perfect credit with no late pays or anything!! We wanted the loan for ivf to have a baby and was accepted on the spot. This place makes me very uneasy that they asked such personal info then it all fell apart at the end with no real reason. We should have gone to the bank but google led us to this piece of crap scam. 

Apr 04, 2013 Reply
Helpful to 25 out of 30 people

A scam? How do you figure? I just got a debt consolidation loan with them and everything worked out fine. They're very picky about the documents you submit to them, and as well they should be. A normal bank would be no easier on you than Prosper is. When I called to get verification for why they rejected my first submitted document, I got a representative on the phone instantly, she was friendly, and explained to me what was needed. 

I will say this though, their descriptions of why they rejected the initial document was not clear at all, and should be changed. They rejected it because the address on the voided check did not match my current address, but the message "send a complete voided check" would have never led me to guess that the address was the issue, but again, a quick call to their customer support and the problem was solved and I have my debt consolidation money now. 

No idea why so many people are ranking this site so low. You can't beat these interest rates.

bweazel's reply was:    

  Mar 04, 2014

bweazel(4, 57)

Review by bweazel

4 Contributions 57 People Helped

Helpful to 4 out of 4 people

thanks we won't be going there

jcpusmc's reply was:    

  Mar 31, 2014

jcpusmc(1, 4)

Review by jcpusmc

1 Contributions 4 People Helped

Helpful to 10 out of 36 people

We are always looking for ways to streamline our verification process and are continually investing in new technology to  improve this experience. Often times when documents are submitted through fax or scans they are difficult to read and we must ask for the document again. We understand this can be frustrating for some borrowers, which is why we are adding functionality soon that will allow borrowers to review the status of their submitted documents directly through the website. We appreciate your feedback.

ProsperRep's reply was:    

  May 28, 2013

ProsperRep(7, 54)

Review by ProsperRep

7 Contributions 54 People Helped

Waste of time Helpful to 64 out of 66 people

I was looking for a reasonable way to consolidate my credit card debt and saw I was "possibly" eligible for a loan for 20,000 @ 7.99%. My offer from them was 4,000 @ 27.99. Way higher than any of my cards...why would I do that?

dblanyer's review was:    

  Apr 24, 2013 Reply

dblanyer(1, 64)

Review by dblanyer

1 Contributions 64 People Helped

Helpful to 12 out of 17 people

7.9 is a crappy rate.  I've had offers as low a 2.35% on commercial loans

Corpscopp's reply was:    

  Mar 17, 2014

Corpscopp(3, 12)

Review by Corpscopp

3 Contributions 12 People Helped

Shady billing, No credit update in 4 mon Helpful to 143 out of 152 people

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.

hooeezit's review was:    

  Apr 11, 2013 Reply

hooeezit(1, 143)

Review by hooeezit

1 Contributions 143 People Helped

Helpful to 15 out of 38 people

@hooeezit we apologize for any delay. Your payment status will be reported to the credit bureau as soon as possible. If you have not heard back from our customer service team, there may have been an issue with the delivery of your message. Please try again at your convenience and we can manually update your report for you. Call 1-866-615-6319.

ProsperRep's reply was:    

  May 28, 2013

ProsperRep(7, 54)

Review by ProsperRep

7 Contributions 54 People Helped

Approval process is unfair Helpful to 114 out of 122 people

I have fairly good credit (717), but after going through the whole application process, submitting a number of documents, and having my loan fully funded by investors, I was ultimately turned down just because I couldn't produce a utility bill in my name. I live with roommates and we pay together, a normal arrangement in cities. Nowhere was this requirement stated, which meant I wasted a ton of time for nothing. Customer service was also very inflexible and not understanding. Bad experience overall.

tforte202's review was:    

  Jan 01, 2013 Reply

tforte202(1, 114)

Review by tforte202

1 Contributions 114 People Helped

Helpful to 67 out of 78 people

your so right. Prosper is not interested in anything except their bottom line. The whole peer to peer lending should be made illegal. They state they have private investestors who are willing. But your crd score is the heart of their business. they are inflexible and DON'T care about customers or customer service. They are not the only company doing this either. GreenHill Financial and Ridgeway Financial both work the same exact way so do not waste your time with either.

jus1funnyguy's reply was:    

  May 17, 2013

jus1funnyguy(6, 107)

Review by jus1funnyguy

6 Contributions 107 People Helped

Helpful to 17 out of 40 people

@tforte202 We have a very thorough identity verification process which protects our borrowers from potential identity theft. If we are unable to initially match your address and other personal information through the credit bureau, then we use other possible channels for address verification, such as, a utility bill. We apologize for any inconvenience and appreciate the feedback.

ProsperRep's reply was:    

  May 28, 2013

ProsperRep(7, 54)

Review by ProsperRep

7 Contributions 54 People Helped

Who qualifies for these loans? Helpful to 26 out of 26 people

All three of my scores are over 700 and I was denied.  The email said because my scores were too low!  What??!!   Something's wrong with their calculations.  

Jul 04, 2013 Reply
Account Paid in full Helpful to 57 out of 60 people

 Account has been paid in full for a couple of months.  Reporting this to the

credit bureau is slow.

mstarnes1's review was:    

  Oct 18, 2012 Reply

mstarnes1(1, 57)

Review by mstarnes1

1 Contributions 57 People Helped

Helpful to 4 out of 22 people

@mstarnes1 We apologize for the delay. Reporting to the bureaus will be complete as soon as possible. If you still have not seen the your payment in full reported to the credit bureau, please reach out to our customer service team at your convenience  and we can submit the report manually for you. Call 1-866-615-6319. 

ProsperRep's reply was:    

  May 28, 2013

ProsperRep(7, 54)

Review by ProsperRep

7 Contributions 54 People Helped

Rate was not nearly accurate to CK offer Helpful to 35 out of 36 people

Credit Karma had a pre-approved proposed rate of 9.9% for the balance I inputted.  However, once transfering to Prosper, I was offered 17.89% instead.  Not thrilled.

joshsopczak1's review was:    

  Jan 08, 2014 Reply

joshsopczak1(1, 35)

Review by joshsopczak1

1 Contributions 35 People Helped

Helpful to 28 out of 31 people

I want to thank everyone for their input. I was interested in appling for a loan with Prosper, but I have decide not too! I would recommend Credit Karma review this company's practices.

2012Bluesky's reply was:    

  Feb 06, 2014

2012Bluesky(2, 28)

Review by 2012Bluesky

2 Contributions 28 People Helped

"Pre-Approved" is a BAIT AND SWITCH Scam Helpful to 50 out of 53 people

Was sent a letter stating I was pre approved for a Propser loan.  I had to have significant dental work done last year and the rate at Axxxxx Dxxxxx for financing is high, so I thought I could use this loan to pay that off and have a lower rate.

This is nothing more than a BAIT AND SWiTCH scam.  Filled in the blanks and when I hit the "get my rate" button, i got the "no" screen instead even though my FICO score is in the good range and they seem to accept scores from Fair/640 and up.   What they did offer me was a loan through their "partner lenders" at exorbitant interest rates.  

No thanks.  

hlclpnemtp's review was:    

  Sep 15, 2013 Reply

hlclpnemtp(1, 50)

Review by hlclpnemtp

1 Contributions 50 People Helped

SCAM ARTIST!!!! Helpful to 83 out of 94 people

Dont trust this company they will ask for all your personal information over and over then keep sending emails stating that they can read your paperwork. This company needs  to be investigated  because they are requesting a lot of your personal info knowing they are not going to give you the loan, makes you think what are they doing with your information. I will also be reporting this company to the BBB.  Do your self a favor do not deal with this company under no circumstances!!!! 

Mar 12, 2013 Reply
Helpful to 29 out of 40 people

so true they are just acquiring everyones personal info ... & for what purpose ??

jus1funnyguy's reply was:    

  May 17, 2013

jus1funnyguy(6, 107)

Review by jus1funnyguy

6 Contributions 107 People Helped

Helpful to 8 out of 29 people

Prosper does not share borrower's personal information provided during the application or verification processes. We have a very thorough identity verification process which protects our borrowers from potential identity theft.

ProsperRep's reply was:    

  May 28, 2013

ProsperRep(7, 54)

Review by ProsperRep

7 Contributions 54 People Helped

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Company Overview

Prosper is the first peer-to-peer online lending marketplace in the United States. Encouraging people to invest in each other, Prosper facilitates the loan service on behalf of borrowers and investors.

Borrowers can apply online and list loan requests ranging from $2,000 to $35,000. In return, investors can create an account and elect to loan out as little as $25 through listings that detail a borrower’s credit scores, ratings and community affiliations along with other details. All loans are unsecured with fixed rates, making monthly payments easy for borrowers to manage.

Founded in 2006, Prosper is headquartered in San Francisco, California. There are currently more than 1.7 million members, with over $500 million in loans funded on

Company Details


  • Established: 2006
  • Headquarters: San Francisco, California
  • Website:
  • Products: Personal Loans
  • Assets: N/A
  • Available: Online; select states

Rating Distribution (191)

  • 35%
  • 12%
  • 3%
  • 6%
  • 44%
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