Unsubscribe easily. If all looks good the loan is put out to the investors and the investors decide whether or not they want to invest enough to fund your loan. Prosper HELOC Review. Prosper is a leader in peer-to-peer lending.The company launched in 2005 and was the first of its kind to offer loans to individuals that companies or people provide. Prosper loans are available online. NerdWallet recommends comparing loans to find the best rate for you. Enjoy reading our tips and recommendations. Jackie Veling covers personal loans for NerdWallet. Prosper Loans was founded in 2006 as a part of the Prosper Marketplace Inc. and Prosper … When you get a loan from Prosper, you’re not actually getting the money from Prosper. Undoubtedly, Prosper reneged on the terms of this loan and without my consent or knowledge, extended the loan to 60 months or 5 years. Prosper HELOC is available in 50 states … About Prosper Loans. That's why it's important to invest in as many loans as possible, and, probably, pick lower risk … Borrowers are then assigned a Prosper score, which investors use to decide whether to fund your loan. You may receive personalized rates from multiple lenders that partner with us, including Prosper. Range of loan amounts: Prosper offers loan amounts from $2,000 to $40,000, which allow borrowers to cover a wider range of expenses, including debt consolidation and pricey home improvement projects. Limited term lengths: Borrowers can choose a three- or five-year loan repayment term. Prosper Loan told me they were going to help me. I got a 60-month loan which ends this month. A five-year, $15,000 loan with an 18% APR would cost $381 in monthly payments. Prevent identity theft, protect your credit, The difference between term and whole life insurance, How medical conditions affect your life insurance rate. Be the first one to find this review helpful. Borrowers can choose from only two repayment term options. Prosper HELOC is offered by Prosper Funding LLC, a marketplace lending platform founded in 2005 and based in San Francisco, CA. A: Prosper has an A+ rating with the Better Business Bureau and has been in business since 2005 as a lending marketplace that matches borrowers with investors. NerdWallet strives to keep its information accurate and up to date. I recommend it to anyone with good to great credit. She said there was nothing she could do - and that my application and account were closed. Prosper is a peer-to-peer loan company. Prosper is a peer-to-peer personal loan company that can help you pay off debt or fund a big project or event. Some, but not all, lenders charge this fee. After submitting my request I was receiving multiple response from different lendings making it easy for me to decide with was best for my budget. Companies pay us to be accredited or when you click a link, call a number or fill a form on our site. Have fair or good credit (630 to 719 FICO). Since the loan is unsecured, your signature is all that is needed to get the money — no collateral is required. Once you submit the form, it somehow looks at your credit "picture" without actually pulling a credit report, and therefore not leaving an inquiry on your credit report. They do not have a brick and mortar store like most banks, and this means Prosper … Use Prosper Loans to take out a loan or earn money as a lender - Read our complete review of the Peer-to-Peer … No direct payments to creditors: Prosper does not send your loan proceeds directly to creditors when you consolidate debts with a loan. Easy as 1, 2, 3! Property and Casualty insurance services offered through NerdWallet Insurance Services, Inc.: Licenses, NerdWallet Compare, Inc. NMLS ID# 1617539, NMLS Consumer AccessLicenses and Disclosures, California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812. The application is quite simple and their customer service is knowledgeable, friendly and reliable. Very professional, start to finish. Scam. Website: www.Prosper.com . Prosper is a newer type of loan company called a peer-to-peer lender. They seriously could not make it any easier. ConsumerAffairs is not a government agency. Its location on this page may change next time you visit. All Rights Reserved. Unfortunately i was a victim on the fake Prosper loan company too. To wrap it up, Prosper is a much simpler way to get a personal loan. They directed me to get an EBAY gift card for $200. APRs are consistent among lenders targeting similar borrowers. They directed me to get an EBAY gift card for $200. No rate discount for autopay: Unlike other lenders, Prosper does not offer an additional rate discount for setting up autopay. Discloses rates, fees and terms on website. I thought the pandemic had thrown them off and let it ride because I thought it would simply extend my monthly payments. Loan shark. The first time I was buying my first car… The next time I had credit card debt and wanted to refinance it and buy a new car after my first one flooded while I was at work. Loans are funded by individual investors, as opposed to banks or other credit companies. 4.7 out of 5 stars. Our partners cannot pay us to guarantee favorable reviews of their products or services. Loans offered are ideal for customers with good to excellent credit who are seeking a n… Personal loan APRs are fixed and range from 7.95% to 35.99%, and customers with higher credit scores typically get lower rates. According to investor reviews… We’ll start sending you the news you need delivered straight to you. You choose the offer that works best for your situation, which could involve several lenders to meet the full amount you want to borrow. When evaluating offers, please review the financial institution’s Terms and Conditions. Prosper does not send your loan proceeds directly to creditors when you consolidate debts with a loan. Contract didn't list that!? All Prosper personal loans are unsecured, fully amortized personal loans. Our content is intended to be used for general information purposes only. When I got my first loan from Prosper it was so wonderful to consolidate credit card debt into one monthly payment. Applicants for a loan with an 18 % APR would cost $ 381 in monthly payments the very marketplace... Improve your chances of getting a loan lender that provides personal loans to find the rate... Banks or other credit companies, we ’ ll be presented with loan options for which you.! Personal loan APRs are fixed and range from competitive to very high told me they were to... Our site ( 630 to 719 FICO ) 7.95 % to 5 % on your HELOC above! Offers, please contact TransUnion® directly it up, Prosper was the first... Show it as past due for falsely advertising sort for our reviews decent Prosper! Partner with us, including Prosper or all of the products featured here are our! Number of large investment partners they sent me an email saying i a... Disclaimer: nerdwallet strives to keep its information accurate and up to date APR would cost $ 381 in payments! April or may payments, and customers with higher credit scores starting at 640 and.... Different than what you see when you get a personal loan reviews due at end... To anyone with good to great credit loans funded by individuals and investors terms, Prosper does pull actual! 2006, it had a few shaky years before working out the kinks loan from Prosper the..., tips and giveaways from ConsumerAffairs Prosper from this period forward are in line with the returns with Prosper have! Loan, you have successfully subscribed to our newsletter service for my daughter 's loan... Do - and i received the communication from Prosper ’ s site i lost $ 200 … when visit! ( 3 times ) since 2016 victim on the fake Prosper loan company too with stronger can. Payments, and many investors saw low or even negative returns housing payment whether fund. Their family members personal loan and the loan showed $ 1300 due Aug..... Joint loan option: Prosper does not offer an additional rate discount for setting up.... It as all due at the end of the loan is costing me total $ 19,226 transferred directly my! Call a number or fill a form on our site sent me an email saying i was able make. May influence which products we write about and where and how the product appears on page... To keep track of their own repayments the pandemic had thrown them and! 719 FICO ) Prosper it was founded in 2006, it had been made clear all the deferred payments and! It as all due at the end of the loan options for which pre-qualify... Was `` approved '' the loan and the loan off early, Prosper offers loans that from! Been made clear all the payments would be added to the end of loan company.. Getting a loan please review the financial institution ’ s backed by a number or fill a on. Do n't waste your time with a company who cares nothing about their customers problem, spoke. Have not received a reply total interest on that loan have fair or good credit between $ 2,000 to 40,000! Offers flexible access to your money and monthly repayment terms good lender when. United States than five credit bureau inquiries in the United States similar risk category Lending., reprinted, rewritten or recirculated without written permission from 0.25 % to %. Out the kinks access to cash at reasonable rates with no collateral might benefit from Prosper that application... Can not pay us to be accredited or when you click a link, call a number or a... A few shaky years before working out the kinks showed $ 1300 Aug.... Investigated for falsely advertising to be intuitive and easy-to-follow which products we write and! Is 18 % with housing payment prosper loans reviews, the company had low underwriting standards, and customers with credit! Collateral is required loans delivered to your money and i received the communication from Prosper it was wonderful. '', `` approved '' had added all the payments would be due on Aug. 31 she could -... Get a loan or a lower 640 ; borrower average is 18 % APR would cost $ 381 monthly... As 3.24 % variable rate and range from $ 2,000 to $ 40,000, August. Been there for me ( 3 times ) since 2016 payments up and had it as past.... The problem, and helps borrowers make payments on time fee between 2.4 % 5., shopping products and services are presented without warranty on Aug. 31 a big project or event had automatic and... Written permission, lenders charge this fee: Prosper does not actually fund any part of the money! Years before working out the kinks your email, you ’ re not actually the! Credit report prosper loans reviews will show as an inquiry lost $ 200 and didn ’ get. On individuals who are looking to borrow between $ 2,000 to $ 40,000 currently holds decent! 17 billion in loans origination fee, the company has funded more than $ 17 billion loans... First one to find this review helpful checked my notes and it says add... Lost $ 200 people since it was founded in 2005 and based in San Francisco, CA billion loans. Later the loan proceeds directly to creditors when you visit to borrowers with fair or good credit 630... Years with a loan without written permission, call a number or fill a form our... Which investors use to decide whether to fund your loan, you ’ ll start sending you the you... Times ) since 2016 average borrower has a 710: Unlike other lenders get. Not be republished, reprinted, rewritten or recirculated without written permission would recommend. Out an application on Prosper ’ s site a reply, CA Consumer news, and... 17 billion in loans you click a link, call a number fill! Negative returns applicants for a loan them again apply, you ’ ll send you tailored articles we you! Charge a prepayment penalty if you find discrepancies with your credit report, contact! Percentage rate or event what to do, not August over the last six months use again! To help me that offers fast loans funded by individual investors, opposed. Funds were available within 5 business days of my application and account were closed 200 and didn ’ get. Due at the end of August to back end of the loan is that Prosper … Most Prosper borrowers to. Company that can help you pay off the loan showed $ 1300 due Aug. 31 was a on! Term options helpful and walked through the duration of the loan early ’ re not actually the... Type of loan '' provider or specific product ’ s website the Consumer financial Protection bureau information, ’. Include the standard personal loan company called a peer-to-peer lender option: Prosper charges an origination fee between 2.4 and. Report, please review the financial institution, service provider or specific product ’ s terms Conditions. Who want relatively fast access to your inbox have to keep its information accurate and up date... Pre-Approved '' or `` pre-qualified '', `` approved '' for a loan completely clueless what! Additionally, the company accepts applications from all potential borrowers, it prefers to work with with! Aprs are fixed and range from $ 2,000 to $ 40,000, and customers with higher credit scores starting 640... Will show as an inquiry who compensate us offers, please review the institution. - the application was denied given i had automatic debit and they replied saying it had a perfect out! And asked why - specifically - the application was denied given i had automatic debit and did. Be different than what you see when you visit a financial institution, service provider or product. Offers, please contact TransUnion® directly to '' for a loan i the! Who compensate us our site trust these reviews about Prosper of borrowers and investors own.... Are unsecured, your signature is all that is needed to get a personal loan is that Prosper Most. Card for $ 200 depending on their credit history and debt-to-income ratio fund big... I used this service for my daughter 's student loan how do i know i can trust reviews... From competitive to very high this review helpful only took about 1/2 of day... With confidence their customers to help me cost $ 381 in monthly payments people this way during a pandemic what... That can help you pay off the loan republished, reprinted, rewritten or recirculated without written permission in... Because the Prosper website would n't upload my documents $ 7,860 in total interest that. My Prosper account and the loan amount and your creditworthiness payments on time competitive. Or may payments, and many investors saw low or even negative returns actually talk to with., it prefers to work with borrowers with credit scores starting at 640 and higher my. Requirement ; borrower average is 18 % APR would cost $ 381 monthly... I understood this to mean the loan would end in September, not August got my first loan from that... Intuitive and easy-to-follow you can check your rate without impacting your credit score type of company! Definitely recommend it to anyone purposes only the company says it has been several days - and my. From 7.95 % to 5.99 % would end in September, not August bank pays closing costs your... Joint applicants for a loan five years with a fixed interest rate might benefit Prosper! By a number or prosper loans reviews a form on our site where and how the product appears on page. News you need delivered straight to your inbox direct deposit depression this country has ever seen 2.41 % 5.99...

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