Prosper ReviewProsper prides itself in being the first lending marketplace for Americas, and has funded loans worth more than $10 billion. Its model is to give individuals a platform through which they can invest in one another in socially and financially rewarding manner. There are loan requests ranging from US$2,000 TO US$35,000. Individual investors are allowed to make an investment of at least US$25 for any loan listing of their choice. It is the responsibility of Prosper to service the loan amount agreed between the investors and the borrowers. 

What type of funding does Prosper provide?

  • Debt consolidation 
  • Home improvement 
  • Auto and Vehicle 
  • Baby and Adoption 
  • Small business 
  • Special occasion


requirments_icon1Loan Amount
Up to $35,000  

Up to 3 or 5 years 

Fund received
Single monthly payment

What do I need in order to qualify for funding?

You will need a few things to qualify for funding: 

  • A minimum FICO credit score of 640 
  • Be a high income earner –have a yearly income of at least $76,860 
  • Have a low debt to income ratio (below 50%) 
  • Income of more than $0 
  • No bankruptcy records for the last one year
  • At least 3 open trade reports on your credit report

How do I apply to get funding?

Applying for funding is easy: You fill an online application form stating the amount you want, your credit score rating, your intended use of the loan amount, and your annual income; then wait for approval.

Getting funding here is stepwise and easy. 

The first step is to check your rate online, select the amount of loan you want, and fill your details in the application form and wait for approval.

What is the process to receive funding?

Your loan is funded by investors. Your first step is to have your loan request for potential investors to view it. It works in the same way as an advertisement. Your loan listing is active for 2 weeks. After it is funded, your money is send to your bank account.

Does Prosper run a credit check? 


Do I have to provide security or a guarantee? 


Are there fees involved? 

Yes, the following fees apply:

Origination fee of between 2-5%, and it depends on your Prosper rating.
US$15 for a bounced payment.
What are the loan rates?

The loan rates range from 6% – 31% depending on your creditworthiness

What documentation do I need to provide? 

You will need documents to verify your income such a paystubs or tax forms.

How long will it take for money to get into my account? 

The application process is easy and its approval rate is depended on the availability of investors willing to invest in your loan listing. Once approved, money send directly to your bank.

Does OnDeck run a credit check?

What happens in the case of a default?

In case you default in payment, your details are given to a collection agency for further follow up. However, Prosper makes a follow up of up to one month before they forward you details to a collection agency.

Is Prosper regulated? 

All loans given through Prosper and dispatched by the WebBank, which is subject to the Federal Deposit Insurance Corporation and Utah Department of Financial Institutions regulations