Prosper Personal Loan Review 2023 | Get $50,000 Personal Loan

Prosper Loans is a leading lending platform that provides borrowers with access to various types of loans at fixed rates and fixed terms. Whether you need funds for a car repair, medical bill, or any other emergency, Prosper offers flexible solutions to suit your financial needs. With a focus on fair credit scores and small loan amounts, Prosper is committed to helping individuals secure the financing they require. In this article, we will delve into the key aspects of Prosper Loans, including credit score requirements, loan amounts, APRs, payback periods, and more.



  •  Loan amount starting from $2,000 to $50,000
  • Prosper loan doesn’t ask you for any minimum income requirement.
  • Prosper doesn’t penalize you for prepayment


  • Prosper can charge you high-interest rate than others.
  • You will get the limited loan repayment terms
  • Prosper can charge you an origination fee and late fees.


APR of Prosper Loans

One crucial factor to consider when applying for a personal loan is the Annual Percentage Rate (APR). The APR for Prosper’s personal loans typically ranges from 7.95% to 39.99%. The specific APR you receive depends on your creditworthiness, which is determined based on your credit history and financial standing. It’s important to note that a higher APR is often associated with lower credit scores, while borrowers with excellent credit (700+) may enjoy more favorable terms, including a lower APR as low as 8%.

Minimum Credit Score Requirement

To be eligible for a Prosper personal loan, you will need a minimum credit score of 640. However, it’s essential to understand that a lower credit score may result in a higher APR, potentially reaching up to 39%. On the other hand, if your credit score is excellent, you can expect more favorable loan terms and a larger loan amount with a significantly lower APR.

Loan Amounts Offered by Prosper

Prosper provides personal loans within the range of $2,000 to $50,000. This range is particularly suitable for individuals seeking smaller loan amounts to cover immediate financial needs such as car repairs, medical bills, or other unexpected expenses. Whether you require a few thousand dollars or a larger sum, Prosper offers options tailored to your specific circumstances.

Duration of the Loan Payback Period

When borrowing from Prosper, borrowers have the flexibility to choose a loan payback period that suits their financial situation. The maximum duration for loan repayment ranges from 3 to 5 years. Prosper ensures that borrowers can repay their loans comfortably by offering fixed monthly payments throughout the loan term.

Speed and Efficiency of Prosper Loans

Prosper understands the urgency of financial needs and strives to provide efficient loan processing. According to the information provided on their website, after completing all verification steps and receiving final approval, Prosper aims to deposit the loan funds into the borrower’s bank account within one business day. However, it’s important to note that the actual time it takes to receive the funds may depend on your bank’s processing speed.

Requirements and Qualification Criteria

To qualify for a Prosper personal loan, several requirements must be met. These include:

  • Credit Score: A minimum credit score of 640 is necessary to be considered for approval.
  • Credit History: A minimum credit history of 2 years is typically required.
  • Income: While there is no specific minimum income requirement, the maximum debt-to-income ratio allowed is 50%.
  • Bankruptcy: Prosper generally requires no bankruptcy filings within the last year.
  • Credit Report: At least three open trades should be reported on your credit report.
  • Age: Borrowers must be at least 18 years old.
  • Documentation: You will need to provide identifying documents to verify your name, address, and date of birth. Prosper may also request additional documents such as a driver’s license for further verification purposes.

Example Loan Scenarios

To help you better understand how Prosper’s personal loans work, let’s explore a couple of example loan scenarios:

  1. A three-year $10,000 personal loan with an interest rate of 11.74% and a 5.00% origination fee would result in an APR of 15.34%. The borrower would receive $9,500 and make 36 scheduled monthly payments of $330.90.
  2. Alternatively, a five-year $10,000 personal loan with an interest rate of 11.99% and a 5.00% origination fee would result in an APR of 14.27%. The borrower would receive $9,500 and make 60 scheduled monthly payments of $222.39.

Fees and Charges

Prosper applies origination fees ranging from 2.41% to 5%. The APRs for personal loans through Prosper span from 7.95% to 35.99%. The specific rate offered to borrowers depends on their Prosper Rating and other factors, ensuring that the most creditworthy individuals benefit from the lowest rates. It’s important to note that your actual rate may differ based on these considerations.

How To Apply For Prosper Personal Loan

Here is the full guide of how you can apply for a personal loan on Prospers Website. First, go to then Click on Products after that click on Personal Loans,


prosper loan website with kids playing on and arrow showing to click on products option


Then you will be taken to this page as shown below. Just enter the personal loan amount you want like $2,000 and click on Check your rate, 

prosper personal loan amount choose page


Now Select the reason behind you are taking this personal loan like debt consolidation, car repair, or other options.


Prosper personal loan reason choose page


Now on this page, you have the option of adding another person to your loan-taking process. But remember that another person will also be responsible for your loan so think wisely.

prosper personal loan information page


Then just add your personal information here and send the application for the pre-approval process.

personal information fill page

After that you will get a call from Prosper to confirm your loan and after you confirm it. Your Prosper personal loan application will be final approved.


Prosper loan Customer Reviews 

Here are some of the reviews by Prosper loan consumers. There are more than 7000+ reviews of the prosper loans. These reviews are from the website Trustpilot. Which is very well known for reviews of the different companies.

Its reviews are considered as best reviews in the online loan market.

So you can trust their reviews and see what customers are saying about these loans and how they are experiencing while taking and paying the loan back.


I was pleasantly surprised by Prosper’s speed and professionalism. I had a prior business relationship with Prosper, and they made it a four-business-day process from application to money in the bank. They kept me informed of my application throughout the process, and I could not have asked for any more. Thank YouJoseph James



First of ALL, I really want to thank the PROSPER TEAM for making me reach my gold, words are not enough to thank everyone. This was unbelievable, Now I am smiling, I am going to pay for these BULL credit cards. and the money was Godsend because it came when I have to pay for my wife’s surgery. Once again Thanks to PROSPER TEAM. – V. Austin


Being an already established customer the process was easy and no pain to submit. I would recommend to anyone – I have never had any issues and making extra payments is sooo easy . I have had numerous approved loans. Absolutely am a fan of Prospect. Thank you for everything.Vienna vogt



The app it’s self, is easy to utilize. Most and foremost I love that my credit score was July and take it into account because it gave me the opportunity to show that I am a good borrower. Additionally, interest rate and time frame to receive a response were made by scoring what it is. – W king

I got approved for $10,000 with a credit score of 636. I had an old repossession from 2015 and 2 collections and a 30 day late which was over two years old. It’s high interest (29.99%) but it’s lower than my other outstanding debts because my credit used to be around 550 and I only qualify for very high-interest loans. I recommend it for people who can’t obtain credit elsewhere but have at least a 630 Transunion.


Prosper Loans has established itself as a reliable lending platform, catering to individuals with fair credit scores who require smaller loan amounts. With its straightforward application process and flexible loan terms, Prosper aims to provide borrowers with access to the financing they need quickly and efficiently. By considering factors such as credit score, loan amount, APR, and payback period, you can make informed decisions and utilize Prosper’s services to meet your financial goals. Apply today and discover the possibilities with Prosper Loans!

Frequently Asked Questions

What credit score is needed for a Prosper loan?

To get approved for Prosper’s personal loan you will need a credit score of a minimum 640. But remember on this type of credit score you will get a high APR as high as 39% based on your credit history and creditworthiness. If your credit score is excellent like above 700+ then you will get a big amount of personal loan with very low APR as low as 8%.

Is prosper personal loan legit?

Yes, it is legit. As this company is A+ by BBB and was established in 2005 since then they are providing loans to thousands of people. So yes, Prosper’s personal loans are legit.

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