What Makes Prosper Great?
With over 970,000 customers, Prosper is a well-established company offering personal loans tailored to your needs. They offer loans ranging from $2,000 to $40,000 with terms of either three or five years. Prosper has an ethos of empowerment, which really makes them stand out; their loans are designed to help you improve your life and empower yourself. They offer a straightforward application process that you can complete in just minutes, and no fees or penalties if you pay off your loan early. Prosper is also backed by a number of well-renowned investors, including Sequoia Capital and Institutional Venture Partners.
Do I Qualify?
To qualify for a personal loan through Prosper, you need to meet a number of minimum eligibility requirements. You need to have a regular income, and you must not have filed for bankruptcy within the previous 12 months. Additionally, you must have a debt to income ratio of less than 50 percent; this means that if you have monthly debt, it must add up to no more than 50 percent of your monthly income. Additionally, you need to have at least three open trades reported on your credit report, and you cannot have had more than five credit bureau inquiries within the past six months.
You may not qualify for a loan if you have had problems with Prosper in the past; if you have been declined a loan through Prosper within the past four months because you were delinquent on payments, you may not be eligible to reapply yet.
How Do I Work With Prosper?
If you think you qualify for a personal loan from Prosper, you can begin your application process by checking your rates. You can do this directly from the website, and it will have no impact whatsoever on your credit score. It only takes a matter of minutes to find out your rates — just select how large you’d like your loan to be and answer a few simple questions. If you’re approved, Prosper will then offer you several loans with differing interest rates and terms. You can pick the offer that works best for your needs.
Your loan is deposited directly into your bank account approximately five business days after it has been approved. It is important to note that an origination fee of approximately 2.4 percent to five percent will be deducted from your loan deposit. The origination fee is a one-time charge used to cover the costs of processing your loan.
Prosper offers a flexible personal loan system that empowers you to pay the debts or make the purchases you want without fear of high interest or changing rates. These are just a few of our favorite things about Prosper personal loans:
- They offer fixed rates
- There are no fees for pre-payment
- You can make simple monthly payments
- There is a quick application process
For people on the go, shifting monthly payments can lead to confusion and accidental delinquency. Prosper’s fixed monthly payment ensures that you can easily budget without fear of a sudden change in your payment plan. Additionally, you never have to worry about your rates going up; whatever rates you sign up for initially are what you’ll keep throughout the duration of your loan.
Additionally, a huge benefit of Prosper is the fact that they have no penalties for pre-payment. This means that, if you’re able to, you can pay off your loan partially or in full before the end of your term, which will save you a great deal of money in interest rates over the long term. The fact that Prosper offers this option is indicative of their empowerment philosophy — you won’t get stuck in a long term loan if you have the means to pay it off early. This frees you up to take on your personal loan with significantly less stress.
OK, Let’s Get Started
If Prosper sounds like the right fit for you, your next step is to apply for your personal loan. You can do this easily through their website — simply check your rates here, and you can begin the process of getting approved and choosing the best terms for you. If you’d like to do a bit more research, try perusing Prosper’s frequently asked questions and exploring their website. Personal loans can give you an immense amount of freedom, and Prosper is there to help you reach your financial goals.