Prosper: Personal Loans

Prosper: Personal Loans

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.
Business & Commerce Loans & Lending
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Prosper: Personal Loans alternatives ➤

Prosper: Personal Loans

Borrow up to $40,000 with fixed-rate, fixed-term personal loans from individual and institutional investors. Earn interest based on credit risk.

What is Prosper: Personal Loans?

Prosper is an online peer-to-peer lending marketplace that enables borrowers to obtain personal loans between $2,000 and $40,000. Prosper connects borrowers with investors who fund the loans and earn interest based on the borrower's credit risk.

To apply for a Prosper personal loan, borrowers complete an online application where they provide details about their income, existing debts, credit score, and the loan amount they need. Prosper analyzes this information and assigns the borrower a Prosper Rating between AA (lowest risk) and HR (highest risk). Investors review loan listings and invest in those that match their risk tolerance and target rate of return.

Once enough investors commit funds to a loan listing to fulfill the borrower's requested loan amount, the loan is originated. Prosper services the loan by collecting borrower payments and distributing them to investors each month. Prosper charges lenders an annual loan servicing fee and borrowers an origination fee that is deducted from the loan proceeds.

Key features of Prosper personal loans include fixed rates, no prepayment penalties, quick funding, and the option to consolidate high-rate credit card balances. By using an online marketplace, Prosper aims to provide affordable rates for borrowers and attractive returns for investors.

Prosper: Personal Loans Features

Features

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

Pricing

  • Subscription-Based

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

Official Links

Official Website
https://www.prosper.com/

The Best Prosper: Personal Loans Alternatives

Top Business & Commerce and Loans & Lending and other similar apps like Prosper: Personal Loans

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