Prosper: Personal Loans vs Payday Advance

Struggling to choose between Prosper: Personal Loans and Payday Advance? Both products offer unique advantages, making it a tough decision.

Prosper: Personal Loans is a Business & Commerce solution with tags like personal-loans, p2p-lending, borrowing, investing.

It boasts features such as Peer-to-peer lending platform, Fixed rate personal loans from $2,000 to $40,000, No prepayment penalties, Competitive interest rates based on creditworthiness, Automated loan funding, Free credit score monitoring, Mobile app for account management and pros including Access to personal loans for borrowers with fair credit, Lower interest rates than payday loans or credit cards, Quick and easy online application process, No collateral required, Fixed monthly payments.

On the other hand, Payday Advance is a Business & Commerce product tagged with loans, finance, payday-loans.

Its standout features include Provides short-term loans until next paycheck, Quick and easy application process, Flexible repayment options, Accepts applicants with poor credit history, and it shines with pros like Convenient for unexpected expenses, Fast access to funds, Flexible repayment terms.

Feature	Prosper: Personal Loans	Payday Advance
Overall Score	N/A	N/A
Primary Category	Business & Commerce	Business & Commerce

Product Overview

Prosper: Personal Loans

Description: Prosper is an online marketplace for personal loans. Borrowers can apply for fixed-rate, fixed-term personal loans between $2,000 and $40,000. Loans are funded by individual and institutional investors who earn interest based on the borrower's credit risk.

Payday Advance

Description: Payday Advance is a type of small, short-term loan that is intended to cover unexpected expenses until the borrower's next paycheck. Payday loans typically have high interest rates and fees.

Key Features Comparison

Prosper: Personal Loans Features

• Peer-to-peer lending platform
• Fixed rate personal loans from $2,000 to $40,000
• No prepayment penalties
• Competitive interest rates based on creditworthiness
• Automated loan funding
• Free credit score monitoring
• Mobile app for account management

Payday Advance Features

• Provides short-term loans until next paycheck
• Quick and easy application process
• Flexible repayment options
• Accepts applicants with poor credit history

Pros & Cons Analysis

Prosper: Personal Loans

Pros

• Access to personal loans for borrowers with fair credit
• Lower interest rates than payday loans or credit cards
• Quick and easy online application process
• No collateral required
• Fixed monthly payments

Cons

• High origination fees
• Strict credit requirements
• No early payoff option
• Limited customer service availability
• Higher interest rates than traditional bank loans

Payday Advance

Pros

• Convenient for unexpected expenses
• Fast access to funds
• Flexible repayment terms

Cons

• High interest rates and fees
• Potential for debt traps
• Requires access to bank account or debit card

Pricing Comparison

Prosper: Personal Loans

• Subscription-Based

Payday Advance

• Pay-As-You-Go