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Prosper personal loans: 2023 Review

Updated on October 6, 2023
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At a glance

Rating: 4.7 stars out of 5
Bankrate Score
Caret Down
Rating: 4.8 stars out of 5
Rating: 4.3 stars out of 5
Customer Experience
Rating: 4.7 stars out of 5
Rating: 5 stars out of 5

About Bankrate Score

Prosper is a personal loan pioneer — the company became the first firm to enter the peer-to-peer lending arena when it launched in 2005. Prosper offers unsecured personal loans through WebBank to customers who have a minimum credit score of 640. It also offers home equity lines of credit (HELOCs).

Loan amount $2,000 - $50,000
APR from 6.99% – 35.99%
Clock Wait
Term lengths 24 to 60 months
Credit Good
Min Credit Score 600
Prosper is best for consolidating high-interest debt.

Prosper is best for consolidating high-interest debt

If you want to consolidate high-interest debt or apply for a personal loan with a co-borrower, Prosper loans made by WebBank gives you those options. Consolidating debt with a personal loan through Prosper could help you save money on interest, provided you receive an interest rate that’s lower than the average rate on your existing debt.

Prosper pros and cons


  • Checkmark

    Good online experience.

  • Checkmark

    Accessible to many borrowers.

  • Checkmark

    No prepayment penalties.

  • Checkmark

    Joint loan applications.


  • Close X

    Origination fee.

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    High maximum interest rate.

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    No autopay discount.

Do you qualify?

You may qualify for a personal loan through Prosper if you meet the following criteria: 

  • Credit score requirements: You have a credit score of at least 600.
  • Income requirements: The lender does not disclose its minimum income requirement.
  • Co-signers and co-borrowers: Prosper accepts applications from joint applicants (co-borrowers) and applicants with co-signers.

If you’re a first-time borrower, you must meet several criteria.

  • Debt-to-income ratio of no more than 50 percent.
  • Stated income greater than zero dollars.
  • No bankruptcies filed within the last 12 months.
  • Fewer than five credit bureau inquiries within the last six months.
  • Minimum of three open accounts on your credit report.

How this lender compares

Rating: 4.7 stars out of 5
Bankrate Score
APR from
6.99% – 35.99%
Loan Amount
$2,000 - $50,000
Term Length
24 to 60 months
Min Credit Score
Rating: 4.5 stars out of 5
Bankrate Score
APR from
Loan Amount
Term Length
24 to 60 months
Min Credit Score
Rating: 4.8 stars out of 5
Bankrate Score
APR from
6.40% – 35.99%
Loan Amount
$1,000 – $50,000
Term Length
36 to 60 months
Min Credit Score
Not disclosed

Prosper vs. Happy Money

Just like Prosper, Happy Money offers debt consolidation loans. But unlike Prosper, Happy Money does offer borrowers the option to pay their creditors directly, for a smoother process. Its minimum credit score required is 585, which is also much lower than Prosper’s minimum credit score requirement of 600. That said, Happy Money’s loans are specifically designed to pay off credit card debt, so if you have other types of unsecured debt you’d like to consolidate, then Prosper is the better choice.

Prosper vs. Upstart

Upstart offers personal loan amounts similar to those of Prosper. But, if consolidating debt is your ultimate goal and you have fair credit or better, Upstart’s loans can definitely maximize your savings with its low starting APR. Upstart’s origination fee can be on the steep side, capped at 12 percent, which is something to consider when comparing loan offers from both lenders.

Prosper: In the details

What we like and what we don’t like

What we like: 

  • Good online experience: Personal loans made by WebBank feature a streamlined online application process, and you can receive the funds in your account in just one business day. 
  • Accessible to many borrowers: The low minimum credit score requirement makes these personal loans more accessible to borrowers, even if they don’t have perfect credit. 
  • No prepayment penalties: You will not be subject to an early payment penalty if you decide to pay the loan off early. 
  • Joint loan applications: Prosper permits co-borrowers and co-signers on personal loans. 

What we don’t like: 

  • Origination fee: Borrowers pay an origination fee between 1 and 5 percent, depending on their creditworthiness. 
  • Limited repayment terms: You can choose from a repayment period of 36, 48 or 60 months, which is a bit inflexible due to the options available with other lenders. 
  • High maximum interest rate: The interest rate is capped at 35.99 percent, making the personal loans relatively costly for borrowers with lower credit scores.
  • No autopay discount: Unlike many other online lenders,Prosper does not offer a rate discount when you set your account for automatic payments.

How to contact Prosper

Representatives are available by phone at 866-615-6319, Monday through Friday from 9 a.m. to 8 p.m. ET and Saturday 9 a.m. to 5:30 p.m. ET. You can also send an email if you need assistance.

How to apply for a personal loan with Prosper

Like other online lending platforms, Prosper aims to give prospective borrowers loan information in just a few clicks. Here’s how to get started:

Features and additional perks

You’ll be able to view your FICO score directly from the mobile app. Borrowers can also change the monthly due date by logging into the online dashboard.

Fees and penalties

Prosper charges a few fees, the most significant of which is its origination fee. The origination fee varies depending on the terms of your agreement but ranges from 1 to 5 percent. For example, if you are approved to borrow $10,000 and you’re charged a 3.5 percent origination fee, you’ll only receive $9,650. Keep in mind, though, that you’ll be making payments on the entire $10,000. You should factor in the origination charge when calculating the total amount you’re looking to borrow.

You’ll also be charged $15 if you don’t have enough money in your bank account to cover your monthly installment, and you’ll be charged either $15 or 5 percent of the unpaid installment amount for a late payment, whichever is greater.

There’s also a check payment fee if you choose to remit your monthly payment using this method. It’s equal to the lesser of $5 (assuming your monthly payment is over $100) or 5 percent of your monthly payment amount. 

However, Prosper doesn’t charge a prepayment penalty, which means you can repay your loan early to avoid interest without worrying about paying an extra fee.

Prosper frequently asked questions

How Bankrate rates Prosper

Overall Score 4.7 Explanation
Availability 4.8 Prosper has a low minimum loan amount and fast approval and funding.
Affordability 4.2 Prosper has several fees, including origination fees, late fees, check payment fees and insufficient funds fees.
Customer Experience 4.7 Online access but only Mon-Friday customer service is available.
Transparency 5.0 Prosper outlines all fees and requirements.


To select the top personal loan lenders, Bankrate considers 20 factors. These factors include credit requirements, APR ranges, fees, loan amounts and flexibility to account for a wide range of credit profiles and budgets. Bankrate reviewed over 30 lenders and gave each a Bankrate rating, which consists of four categories:

  • Availability: What the minimum loan amounts are, its eligibility requirements and loan turnaround are considered in this category.
  • Affordability: The interest rates, penalties and fees are measured in this section of the score. Lower rates and fees and fewer potential penalties result in a higher score.
  • Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.
  • Transparency: This category is measured by how accessible credit requirements, rates and fees are on the lender's page. We also took into account whether prequalification was available, as all these factors are key for consumers to make an informed decision.

Editorial disclosure: All reviews are prepared by staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.