Loan Uses
As with most personal loan companies, there are no set restrictions on what you must use the money you borrow for. The most common reasons people get this type of loan from Prosper is for debt consolidation, to pay for medical expenses, to cover home improvement costs, to purchase a vehicle, or to pay for a vacation. While you can use the money for anything you would like, it is important to remember that you do have to pay the loan back so it is best to only apply for loans when you really need them.
Interest Rates & Fees
The interest rates you get will depend on factors such as your credit history and other information. Prosper’s interest rates range between %6.95 to 35.99%. While still higher than many other types of loans, this is quite reasonable for an unsecured personal loan. The one downside here is that the lowest interest rate is still kind of high so if you have excellent credit, you can likely get a better deal from a traditional bank. For those with less than perfect credit, however, this is a great option.
In addition to interest, you will also have to pay a loan origination fee. This fee ranges between %2.41 and 5% of the total amount that you borrow depending on various factors. It is important to note that the origination fee is included in your APR. If you want to send a check in as a payment, you have to add either 5% of the payment, or $5, whichever is less. They also have late fees if you miss a payment, which will be either $15 or 5% of the unpaid amount due, whichever is greater. They do not have any prepayment fees, which is nice.
Credit Rating Requirements
In order to get a loan from Prosper you need to have a credit rating of at least 640. This is a little above average for these types of loans, meaning that it will be somewhat more difficult to qualify. The average credit rating of people who get loans on this site is 717. In addition to the credit rating, they also look at your credit history to see if you can qualify. You must have at least two years of history in order to get a loan (the average is 11 years for this service). Your maximum debt-to-income ratio is 50%, which is more restrictive than most other lenders we have seen. Finally, they do not allow you to get a loan if you have had a bankruptcy within the past year.
Loan Amounts
Prosper allows loans that range from $2000 all the way up to $40,000. This is quite a large range, and a higher maximum amount than many other lenders will approve. Not everyone will qualify for the maximum amount, however, so keep that in mind. You can enter in how much you hope to borrow, and then they will let you know how much you qualify for based on the information they gather on you. There is no fee to check to see how much you could get approved for, and it won’t hurt your credit score either.
Customer Service
If you need any assistance from the customer service team at Prosper you can get in touch with them Monday through Friday from 9AM-8PM EST. They can be reached by phone by dialing 1-866-615-6319. You can also send them an email through a form that they have on their website. If you would prefer, you can get answers to most types of questions that you may have by browsing through their online help pages. While not as extensive as many other lenders have, you will find good information here to get you started.
Payment Options
When it comes to repaying your loan, you will have quite a few options to choose from. The best option is to have them automatically pull the money from your account each month. This is a fast and convenient way to make sure you never miss a payment. They also allow you to send in paper checks, though that will have a fee associated with it.
Address
Prosper Funding LLC
221 Main Street, Suite 300
San Francisco, CA 94105
