Prosper: 2026 Home Equity Review

Affordability: 5 stars

• APR: Prosper’s interest rates at the time of this review were lower than Bankrate’s national average HELOC rates. Still, it’s worth noting that its APRs vary widely, depending on a borrower’s credit score.
• Fees: Although $0 closing cost options are available, on Prosper’s HELOC, the total costs, origination fees or charges for items like appraisals can range from $2,112 to $8,902; a home equity loan might come with a $1,495 charge depending on the state you live in. Prosper also charges a $50 annual fee on HELOCs during the draw period, though the fee is waived for the first year.

Because of its low rates and no-closing-cost options, we gave Prosper a 5 out of 5 for affordability.

Availability: 4.3 stars

• Loan products: Prosper offers both HELOCs and home equity loans.
• Footprint: Prosper’s footprint covers 15 states across the country.
• Credit score: The company accepts credit scores as low as 640 for both types of home equity products — lower than other lenders’ minimum scores.
• Loan minimum: For home equity loans, you’ll need to borrow at least $40,000, while HELOCs have a minimum of $25,000. These minimums are on the high side for home equity loans, but about the standard for HELOCs. 
• Draw requirement: At opening, Prosper requires borrowers with variable-rate HELOCs to draw at least $50,000 or 50% of the line. That’s not unusual, though a tad high.

Because Prosper accepts credit scores as low as 640, but only offers home equity products in 15 states, the company scores a 4.3 out of 5 for availability.

Borrower experience: 3.8 stars

• Rate transparency: Like many of its competitors, Prosper displays APRs “as low as” on its site and indicates ceilings for HELOC rates in fine print. But you have to submit an online form (and provide information about yourself and your property) for a more customized rate.
• Convenience: Prosper is an online company. Its digital tool allows you to get a personalized rate estimate easily, with no ding to your credit score. You can also call a representative. If you decide to move forward and apply, you might get funds in as quickly as 11 days (HELOCs). 
• Customer service: The company offers phone-based customer support for its home equity products from Monday through Friday between 7 a.m. and 4 p.m. PT. Call 800-954-2172 for assistance.

We gave Prosper a 3.8 out of 5 for its borrower experience, taking a slight hit for its lack of physical branches and limited customer support hours. 

Prosper receives rave reviews on Trustpilot: Based on more than 13,000 reviews, the company has a 4.6 out of 5 rating with many customers commenting on the speed and ease of the application process. The company is accredited by the Better Business Bureau and has an A+ rating with the organization.