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Prosper Personal Loan Review

A peer-to-peer lending platform is an innovative financial service that allows borrowers to borrow money from people who are willing to lend money.

Prosper Personal Loans
Source: Prosper Personal Loans

Moreover, the peer-to-peer lending platform has been a popular alternative for those who need small loans and cannot get them from banks. Peer-to-peer lending platforms are important to borrowers because they help them find the right lender for their needs. They also offer an alternative way of borrowing money that is not as expensive as other alternatives such as credit cards.

Lenders, on the other hand, can get returns on their investments in a short period of time. They can also diversify their portfolio by investing in multiple loans at once, which helps them reduce risk. Indeed, peer-to-peer lending platforms are a new kind of financial service that is becoming increasingly popular – and one of them is Prosper.


Prosper Personal Loans
LOANS
PROSPER
Smarter rates Simple tools for borrowing
Hassle-Free Personal Loans
SEE HOW TO APPLY You will remain on the current site

Prosper is a peer-to-peer lending platform that offers personal loans. It allows individuals to receive funding from other people or companies who are willing to lend money on their creditworthiness. Prosper also provides an opportunity for lenders and borrowers to earn interest rates as well as tax benefits through the company’s platform.

Who is Prosper best for?

Prosper is best for borrowers who need short-term financial assistance, are self-employed, or have fair credit scores because they offer considerate interest rates of 8% to 36%. The company has also seen rapid growth in the past few years and is continuing to grow because it offers a streamlined experience for borrowers and lenders. Moreover, it is easy to apply for a loan on the site and it also has an easy repayment process that allows borrowers to make payments on time without any fuss.

What are the purposes of Prosper personal loans?

The purpose of Prosper personal loans is to provide consumers with affordable loan options at an interest rate of 36% or lower when compared to traditional lenders. The company also has a range of products to offer, all of which are designed to help borrowers who need to borrow money but don’t qualify for traditional bank loans. 

In addition, the loan amount borrowed from Prosper can be used for any, but not limited to the following:

  • Credit card consolidation
  • Debt consolidation 
  • Home improvements 
  • Medical or dental costs 
  • Vehicle purchases
  • Other large or major purchases

Because of these purposes, a lot of people are fond of acquiring Prosper personal loans tailored to their needs. But keep in mind that Prosper doesn’t allow applicants to avail their personal loans if it’s going to be used for post-secondary expenses or illegal activities.

The restriction of paying post-secondary expenses or illegal activities using borrower money from Prosper is reasonable. Because there are other online lending companies that restrict way more things than that such as investing in any stocks, bonds, or cryptocurrency. 

Prosper Personal Loan Details

Personal Loan Amount: The loan amount of Prosper can vary between $2,000 to $40,000. An individual can get the highest loan amount depending on the credit score provided. But according to Prosper, the average loan amount of their borrowers is $13,500.  

Loan Terms: Just like Upstart, Prosper personal loan offers borrowers with a loan term of three to five years.

Advantages and Features

Hardship program: Borrowers impacted by Covid-19 can avail the hardship program of Prosper. This is by getting relief in monthly reimbursement payments and one can do this by contacting the helpline of the company. Unfortunately, a lot of people are saying that Prosper’ efforts to maintain its hardship program are unsatisfactory and not everyone can get their hands on it. 

Flexible payment date: This feature of Prosper allows borrowers to change their preferred payment dates fitted depending on their needs. Just keep in mind that borrowers can only do this once every 365 days by calling Prosper customer support. 

Co-signers and co-applicants: Prosper allows borrowers to have co-applicants so they’ll have a chance to increase their creditworthiness and therefore availing a personal loan from them. To get a high chance of approval, it’s better if the co-applicant is related to the borrower, both have a high credit score, stable income, and good employment. 

Qualifying for Prosper Personal Loan

Prosper Personal Loans
Source: Prosper Personal Loans

Prosper is a company that provides personal loans to individuals with fair to good credit scores. The company is known for its transparency and satisfactory customer service. But it has an excellent reputation when it comes to repayment rates. Moreover, this peer-to-peer lending platform offers personal loans and has been in the market for years now and has helped many borrowers to get their finances back on track.


Prosper Personal Loans
LOANS
PROSPER
Smarter rates Simple tools for borrowing
Hassle-Free Personal Loans
SEE HOW TO APPLY You will remain on the current site